STATS Group post revenue increase of £49.7m

STATS (UK) Ltd increased revenues to just under GBP 50M while EBITDA earnings rose to GBP 7.8M from GBP 6.5M, its latest annual accounts show. Revenues increased by GBP 7.2M to GBP 49.7M (up 17% from GBP 42.5M) while earnings rose by GBP 1.3M according to trading results for the year to 31 December 2021. The group’s pre-tax profits rose from GBP 1M to GBP 1.5M. 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.

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.

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