Sunday, May 22, 2022
BusinessPipeline technology company sees international boost

Pipeline technology company sees international boost

Leigh Howarth, STAT CEO

AN ABERDEENSHIRE technology company’s 2018 revenues have revealed that 80% of its income came from international markets.

STATS (UK) also repowered revenues of £43.4 million – an increase of £13.4 million since the previous year.

The company, which provides pipeline testing, repair and integrity services, including the design, supply and provision of specialised test, intervention and isolation tools, to the oil and gas industry, saw an upturn in activity across almost all of its international operations.

Group CEO, Leigh Howarth, said: “The 2018 results reflect a very strong performance across the group and with 80 per cent of revenues generated outside of the UK, this demonstrates that our strategy of internationalising the business is being delivered.

“Our aim in 2019 is to repeat the performance of 2018 and, if possible, to better it.”

The most significant growth came in the Middle East where revenues increased by almost 170 per cent.

The increase was largely attributed to winning a major isolation and intervention project in Abu Dhabi which included the completion of over 50 pipeline isolations ranging in diameter.

There was also a 51 per cent increase in revenue from Canada after a contract was secured with a major gas operator for the sale of proprietary BISEP® and Hot Tap equipment.

In the United States, STATS doubled turnover, securing onshore work with several pipeline operators and completing a number of subsea intervention projects in the Gulf of Mexico with products designed and manufactured by the company.

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