Share

OFFSHORE EQUIPMENT RENTAL SPECIALIST ANNOUNCES 2010 RESULTS

The Ferguson Group, specialists in the rental of containers, accommodation modules and engineering modules to the offshore energy industry around the world, has posted its 2010 results, showing turnover and pre tax profit both up by 8% on 2009 to £38.5million and £14.6million respectively.

Commenting on the Group's results Group Finance Director Mike Melville said:

"All of our operations continue to perform strongly and our growth strategy has a clear focus on international expansion. We have continued to invest significantly in our rental asset fleets both in the UK and at our overseas locations. At the end of 2010 our asset rental fleet exceeded 14,000 units with a replacement value in excess of £150million.

“We have made a good start to 2011 with our first 6 months ahead of expectations. We have recently moved into a new purpose built Headquarters in Kintore, Aberdeenshire, which as well as housing our Group staff will also be the new base for our module rental business.”

Other current business initiatives at the Group have seen its Accommodation Service Vessel win its first charter and the launch of a new company, IceBlue Refrigeration Offshore, to meet growing demand for offshore refrigeration containers.

Mr Melville added: “As well as strong demand generating higher levels of business with existing customers, we are winning new work at all our international bases which represents around 75% of Group turnover. Our main focus will continue to be the provision of a wide range of containers, engineering modules and accommodation modules at the key logistics hubs that we operate from around the world. While we will continue to focus on the oil & gas industry, we have identified major opportunities in the renewables sector, and increasing demand coming through in all the markets we operate in which continues to underpin the ambitious growth plans we have in place for the company.’’

The Ferguson Group employs more than 150 people worldwide through its Ferguson Modular, Ferguson Seacabs and IceBlue divisions serving the offshore container rental and accommodation modules markets. The Group, based in Kintore, Aberdeenshire, has operations in all major global oil and gas locations.

77 views