Projects boost to offshore business

Offshore engineering firm Maritime Developments said yesterday it had “milestone projects globally” helping it grow after a few challenging years.

The Aberdeen-based company has come through the oil and gas downturn to report a second consecutive year of increased turnover, though profits fell slightly during the 12 months to March 31 2018.

Finance director lan MacLeod said: “This has been another challenging year for the industry.

“However, we are pleased that we continue to grow, both internally and externally.

“This includes picking up new milestone projects globally, particularly in the Gulf of Mexico after transferring equipment to our bases in the region.

“We have subsequently delivered our first

“We are pleased that we continue to grow”

LiveWire system into the Gulf of Mexico which supports our diversification into the wire rope inspection market.

“Our rental business continues to go from strength to strength, and apart from adding another market-leading asset to the rental fleet we have also been investing heavily in strengthening and growing our internal departments, particularly our engineering division.”

The firm employed 58 people, on average, in its 2017-18 financial year, up from 52 in the previous 12 months.

Pre-tax profits for the latest period came in at £850,882, against £865,204 previously, while turnover grew by 5% to £9.9 million.

It refinanced its debt in 2017-18, with the balance sheet showing net liabilities of £2.3m at the year-end. An Orkney-based marine energy firm has clinched a multimillion investment target to build the world’s most powerful tidal turbine.

Orbital Marine Power announced it had reached the £7 million investment goal on New Year’s Day.

The investment will fund the construction of the first production model of the Orbital O2 two megawatt (MW) turbine.

Orbital Marine Power, formerly Scotrenewables, said the project had received “strong interest” from Scottish investors, who put in 50% more on average.

It has already secured a number of supporting grants and private-equity funding, with the Scottish Government also providing investment.

Andrew Scott, chief executive of Orbital Marine Power, said: “We are delighted with this funding result. It’s a terrific endorsement of our technology and a clear signal that the UK public is hugely supportive of seeing tidal energy brought into the domestic and global energy mixes.

“The whole team at Orbital Marine are excited to be moving forwards with this flagship project and deliver the first O2 unit for costs similar to offshore