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Augean targets further growth in North Sea decom market

Bosses at hazardous waste management company Augean said today that they are targeting further growth in the North Sea decommissioning market.

Yorkshire-headquartered Augean said first-half adjusted sales had increased by 43% to £13.7m for its North Sea Services (NNS) subsidiary.

NSS was launched in 2012 and has operations in Aberdeen, Dundee, Great Yarmouth and Lerwick.

It is currently cleaning up Shell’s Curlew vessel in the Port of Dundee before it heads to Turkey for scrapping.

Augean said the North Sea division continued to “gain traction” and identify new opportunities as it “moves up the supply chain”, dealing directly with oil and gas operators and top-tier customers.

A spokesman said: “The opportunity remains for Augean to continue to service this growing North Sea decommissioning market, worth multi-billion pounds for many years to come.

“NSS actively markets these facilities alongside other operators at the port, which in turn cements its international position as a decommissioning facility for the North Sea.”

The group’s first half revenues increased by 45% to £52.4 million, while pre-tax profits rose to £9m from £6.1m.

Executive chairman Jim Meredith said: “The group has delivered strong results in all areas of the business with cash generation especially pleasing.

“We remain confident in the group’s prospects for a full year result and anticipate results ahead of market expectations”.

 

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