Cutting Underwater Technologies, diamond wire cutting specialists based in Aberdeen, announced record revenue and completed projects for 2023, along with a very healthy outlook for 2024. Expected revenue is £5.7million, a 10% growth on last year, and a 4th consecutive year of growth. A record number of projects were completed, with operations across 6 continents.
Bruce Sinclair, Business Development Manager said “Offshore decommissioning is still our core business, but we have also successfully won renewables work, onshore work and wreck removal projects. The high ratio of bids to wins is very satisfying, and although we don’t win every project we focus on our track record, safety record and history of completing projects under budget. Clients have responded very positively to the certainty that we provide. In addition, we are the only company that can offer our patented step/castellated cutting service, and the only supplier with off-the-shelf machines that can cut up to 8m diameter targets.”
Although the press have spoken of “boom times” in the decommissioning market, Cutting Underwater Technologies are not taking anything for granted. Bruce Sinclair added “There have been significant challenges in the last few years from Covid, Brexit, the lack of joined-up decom planning, as well as strong competition. We’ve overcome these hurdles very well, and the outlook is very positive. The order book is better than ever, with 14 projects already guaranteed for 2024, and we expect many more. Boom times sound great, but they are always followed by bust, which is why CUT have ensured we are not reliant on one market or geographical area. This will allow us to maximise our services in the areas with the most potential.”
CUT continue to evolve, with new chain-cutting machines and a world record 8m machine. The recent visits to CUT’s Aberdeen HQ by Westminster MPs, the local MSP, numerous clients, and the Australian Decommissioning Roadmap Taskforce have allowed them to showcase these developments and highlight the critical part they play in the supply chain. Bruce Sinclair said “We are rightly proud of our achievements and this is a testament to the professionalism and hard work of the whole CUT team.”