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STATS Group post 17% revenue increase to £49.7 million

Pipeline technology specialist STATS (UK) Ltd increased revenues to just under £50 million while EBITDA* earnings rose to £7.8 million from £6.5 million, its latest annual accounts show.

Revenues increased by £7.2 million to £49.7 million (up 17% from £42.5 million) while earnings rose by £1.3 million according to trading results for the year to 31 December 2021. The group’s pre-tax profits rose from £1 million to £1.5 million.

Headquartered in Kintore, near Aberdeen, STATS principal activity is the provision of pressurised pipeline isolation, hot tapping and plugging services to the energy industry.

STATS Group Chief Executive Officer, Leigh Howarth, said the company had delivered “an excellent trading result for the year” despite the ongoing impact of the Coronavirus pandemic.

Mr Howarth said: “Internationalisation remains a key strategic objective for the group with 87% of revenue in the year derived from contracts executed outside of the United Kingdom.

“The Middle East was one of the strongest performing regions with revenues increasing from £7.9 million in 2020 to £11.6 million, while in Malaysia income rose sharply to £1.4 million. The group consolidated growth in its domestic UK market with revenues up from £5.1 million to £6.7 million, while the Canadian market grew from £6.7 million to £7.8 million.”

STATS recorded a number of important operational milestones, including its continued expansion in the North American market and development of new client relationships in the US. In the Saudi Arabian market, the company strengthened its position with the award of a major subsea intervention project, while in Australia the completion of several major intervention projects using STATS’ patented BISEP tools built on the firm’s excellent track record.

In Nigeria, STATS completed a long-term isolation project on a FPSO on behalf of a major oil and gas operator, whilst in the UKCS, the company completed the largest number of simultaneous pipeline isolation projects in its 24 year history, delivering six concurrent North Sea pipeline shutdown campaigns on behalf of several clients.

Mr Howarth added: “Notwithstanding the continuing impacts of Covid-19, we’re expecting to see a further rise in revenue over the coming year and in support of our strategy to further internationalise, we’ll be considering plans to increase our local presence in both Saudi Arabia and Australia.”

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STATS Group post £50 million revenues and increased profits

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Notes to editors

Note to Editors * EBITDA – earnings before interest, taxes, depreciation and amortisation before charges for foreign exchange, exceptional items, and share based payments. STATS Group provides specialist engineering services for the maintenance, integrity and repair of oil, gas and petrochemical installations and infrastructure. STATS have gained an excellent reputation for providing a responsive, client-centred approach combined with expertise and innovative products which enhance safety and environmental performance, reduce system or plant downtime, improve asset performance, and support decommissioning and abandonment. The group operates from its UK headquarters in Kintore, Aberdeenshire; Edmonton, Canada; Houston, USA; Abu Dhabi, Oman and Qatar in the Middle East; Kuala Lumpur in Malaysia and Perth, Australia. STATS Group employs 311 people, up from 258 in 2020. STATS Group announced in April that an agreement to sell 100% of the issued share capital of the company to SRJ Technologies plc would no longer go ahead but that both organisations would continue to collaborate at an operational level.

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