Ship repair firm Dales Marine Services, which has facilities in Montrose and Grangemouth, remains buoyant despite a 4% fall in pre-tax profits.
The latest accounts for the year ending December 31 2018, show the firm had increased turnover from £17.3 million in 2017, to £19.3m 2018.
However, pre-tax profits fell from £1.9m in 2017 to £1.8m last year.
The firm are dry dock specialists providing a broad spectrum of marine services including structural steel fabrication, ship repair and vessel mobilisation and demobilisation.
In the annual report, director James Nicol said: “Notwithstanding the challenging economic climate within the oil and gas sector, the company continues to trade profitably and enjoys a strong balance sheet.
“We continually target key areas to reduce costs to maintain margin and remain competitive in the market place.”
Mr Nicol said the company’s ability to switch between operations and project to minimise downtime has allowed the firm to maintain margins.
The firm also saw an increase in staff from 96 production and administration personnel in 2017, to 104 staff last year, with 94 employed in production, and ten working in administration.
The increase saw a rise in wages, social security and pensions costs from £5.8m in 2017, to £6.5m in 2018.
Since 2017, the firm has been licensed to carry out end of life decommission and depolluting work at their site in Leith.
In 2018 the company was approved by the European Commission and placed on the EU ship recycling register, allowing Dales to both depollute and recycle vessels.
The firm offers dry dock services at its facilities in Aberdeen, Leith, Greenock, Grangemouth and Troon.