Aberdeenshire energy industry equipment manufacturer and service provider Flowline Specialists plans to grow its turnover by a fifth in the coming year after a multimillion pound investment in its fleet.
The Oldmeldrum-headquartered firm reported a record turnover of £6million for the financial year ended 31 March 2014, a fifth higher than the year previous. This was the second consecutive year of 20% growth and based on this it anticipates to turnover more than £7million this year.
Flowline Specialists, which was established in 2001 and employs around 50 staff, designs, engineers and manufactures tensioners, reel drive systems, under-rollers, powered reels, shears and hydraulic power packs for the global oil, gas and renewable industries.
Commissioned and operated by experienced technicians, its range of equipment is designed to ensure the safe and efficient handling of reels, flexible pipes, umbilicals and power cables, onshore and offshore.
In February, the firm announced that it was investing £2.5million in purchasing a 300Te reel drive system and manufacturing a four-track 50Te tensioner. Both new assets enable the business to tender for far larger projects, opening up many new opportunities.
The 300Te reel drive system, which can accommodate reels with a flange diameter of up to 9.8m, recently completed a project to collect and lay power cables for an offshore wind farm in UK waters. With many new offshore wind farms planned in the coming years the firm sees great potential in this sector.
Flowline Specialists manufactures the majority of its equipment itself at its manufacturing facility in Fyvie, where its four-track tensioner is being built. The tensioner can handle umbilicals, flexible pipe and cables, installing them at a speed of 1,200m per hour and recovering them at 600m per hour.
Growing its business in overseas markets is a key priority for Flowline Specialists. To support this it has recently established a presence in both Holland and Dubai, complementing existing overseas bases in Norway and Singapore.
“We have grown our turnover steadily in recent years, aided by continual fleet investment and establishing a base in Norway. The investments we are making in new equipment this year have significantly increased our capabilities, allowing us to take on larger projects. We are already seeing the positive benefits of this investment.
“Increasing the volume of business that we undertake overseas – in both the oil and gas and renewable industries – will contribute significantly to our growth this year. This has driven our decision to establish a presence in Dubai and in Holland to be better positioned to meet client needs.”
Pictured are (r) a Wheel Driving System and (l) Managing Director Jim Smith