A Stonehaven-based oil and gas firm said it had “bounced right back” from the downturn as it looks to expand into Montrose this year.
Recently published accounts show that Whittaker Engineering’s sales dropped from £16.2 million in 2015 to £10m in 2016 as the impact of the falling oil price was felt across the industry.
The company, which was founded in 1983 by Kenneth and Janet Whittaker, recorded a pre-tax loss of £382,286 for the year ending December 31 2016 compared to a pre-tax profit of £1.1m in 2015.
However, Mr Whittaker said the firm recovered last year.
He said: “2016 was a very difficult year — everyone in the oil and gas sector felt the pain — but we were able to not pay off any skilled workers and we survived unscathed.
“In the long run it may have done us some good as we’ve become more efficient and we broadened our customer base.
“In this year we have bounced right back.
“Oil companies are a bit more savvy and they are moving away from tier one contractors and are going into the tier two contractors like us who can get the job done quicker and cheaper.”
Mr Whittaker said the company was optimistic about 2018 with plans including opening a large fabrication unit at Montrose.
He said: “We are in the process of setting up in Montrose on the north pier of the harbour.
“It will be a big fabrication shop and offices. It will be starting this coming year. It may take a while to build up.
“The machine shop will still be in Stonehaven as we have all the machines here.
“Montrose will give us access to the sea for big jobs as currently we are constricted by the width of the road.
“We are optimistic going into 2018.”
During the downturn in 2016, Whittaker Engineering was able to maintain its cash position of £2.5m.
The company continued to invest in research and development, spending £270,000 in 2016 to identify new or improved engineering ideas and procedures for its customers.
