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Peterson SBS Lodges 2010 Accounts Showing 60% Increase In Net Profit and 30% Increase in Turnover

The accounts for Peterson SBS Ltd have been lodged today (Monday 26 September 2011) at Companies House.

The accounts show a 30% increase in company turnover and a 60% increase in net profit for the 2010 financial period, which ended 31st December. Turnover rose from £93m in 2009 to £120m in 2010 and net profit increased from just under £1m to £1.6m. Peterson SBS offers a comprehensive logistics solution, including logistics management, for the energy sector. Peterson SBS employs 346 people in the UK, 195 of which are based at its offshore supply bases in Aberdeen. The company also has bases in Shetland, which has a staff of 47 people, Heysham which employs 26 personnel, Edzell employs 42 people and 36 people are based in the firm’s Great Yarmouth office. Peterson SBS operates in the Dutch and UK sectors of the North Sea.

Commenting on Peterson SBS’s 2010 performance, managing director, Mike Porter says, “The increase in turnover is attributable to increased product values and volumes from the marine fuels division, supported by some growth in most of our logistics hubs around the UK. Against a backdrop of rising diesel prices and local authority rates which impact on our property and distribution costs, we have seen an improvement in the efficiency of our Aberdeen and Great Yarmouth sea cargo handling operations. A review of our operating locations in Aberdeen in 2009 led to an improvement in our utilisation of warehouses throughout 2010 which helped to improve margins. However, it is the fact that we have achieved this level of performance with the majority of our sites being able to record ‘incident free operations in 2010 which is particularly pleasing for us all.”

The performance of the Shetland base improved throughout 2010 against 2009 figures and Peterson SBS has noted operators increasingly favouring Shetland as a forward supply base for the supply of marine gas oil to drilling rigs and platforms in the East Shetland Basin and West Shetland. Property rental income and marine fuel supply performed well at the Heysham logistics hub, which supports oil and gas production in the Irish Sea, offsetting a decrease in deck cargo tonnage related to a reduction in drilling activity in the sector. Volumes within our cargo handling operations have been sustained at 2010 levels, a trend which is set to continue until the end of 2011 when drilling activity will recommence and tonnages will increase. Peterson SBS is recognised for its expertise in land, sea and air logistics for the upstream oil and gas industry.

Mike continues, “We continued our capital investment strategy in 2010 with a £1.6m investment in new property plant and equipment. This investment supports our Peterson SBS ethos of ensuring that all operations are carried out safely and with optimal efficiency. We also advanced our Business Management System which made recognisable improvements in the areas of training and competency.

“To meet customer demand, in the last year we have increased our warehouse space, adding 60,000 square feet at our base in Edzell. A further 80,000 square feet will be added by the last quarter of 2011, this represents a £6 million lease commitment over the next 18 years and will bring our total warehouse capacity, in the UK, to 800,000 square feet.

“Decommissioning is set to be a major growth area for the business and earlier this year we worked alongside Veolia Environmental Services (UK) Plc on the onshore dismantling of structures from the Inde gas field, on behalf of Shell UK. This was a significant project for us and involved the safe transfer of eight gas field jackets and eight topside structures with a total weight of 10,500 tonnes. Our facility in Shetland has recently been awarded a significant a three year contract handling 15,000 tonnes of subsea structures and we have plans in place to increase the number of sites in our portfolio, which are capable of handling these structures.

“Our infrastructure and resource network spans over 60 countries and this provides us with the ability to provide our clients in the upstream oil and gas sector with a range of added value logistics services. As a result, we have been successful in delivering international contracts in India, Qatar, Saudi Arabia this year and are pursuing opportunities in Tanzania and Brazil.”

Peterson SBS offers a comprehensive range of safe, reliable and value added logistics solutions to the Energy Industry in the Dutch and UK sectors of the North Sea from strategic locations. Established 40 years ago, the organisation has expanded throughout the UK with facilities at a number of prominent ports including a major integrated asset base in Aberdeen. In 2008, Peterson SBS was incorporated into the Dutch logistics group Peterson Control Union, a global organisation in the field of inspection, quality management and logistics.

More about Peterson SBS can be found at www.pcugroup.com or by calling 01224 288100.

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