A subsea services subsidiary of Dundee’s Pryme Group has uprated its growth projections after winning more than £2 million in new work.
Ellon-based multi-discipline engineer SengS has secured a series of contracts to design, manufacture and install various test equipment for offshore and onshore assets in the North Sea.
The group has also won work to complete a subsea installation off the coast of Tunisia in North Africa.
The new contract wins are in addition to more than £600,000 of new repair and maintenance work the firm picked up in May.
The spike in new work orders has led the firm to uprate its revenue guidance for the current financial year to March to in excess of £3m.
The upgrading means that SengS is on track to more than double its turnover within the space of just two years.
The company was founded in 2012 by Murray Kerr and was acquired by private equity backed Pryme Group late last year.
Mr Kerr said its recent success in securing new work was partially down to the fabricating, machining, coating and painting capabilities of the wider group.
He said: “This unique service offering has been a major contributing factor in our recent success and has allowed us to develop extremely cost-effective and innovative solutions that enable clients to stay on budget while still receiving a premium product.”
Pryme Group chief executive Angus Gray said he was delighted to see new work being secured by SengS.
He said: “These significant contract awards are testament to the hard work put in by all of the team at SengS over the past few years, with the business becoming increasingly well-known for completing larger, more complex projects for oil and gas operators and tier-one service companies.”
In May, Pryme Group revealed its own ambitious growth targets, with a plan to increase turnover from £16m to in excess of £19m in the current financial year.
The West Pitkerro Industrial estate based group acts as an umbrella over seven distinct trading companies including Dundee’s GA Engineering operation.
Pryme is majority-owned by Simmons and Company International’s private equity fund, which was established in 2008 to support the growth of small to medium-sized energy service businesses.
The fund currently has assets with a value of £160m under its management.