Offshore wind has shown to be a fruitful field for Briggs Marine & Environmental Services in the past year, especially since the company expects further growth based on its performance in 2015.
Briggs Marine increased its turnover to GBP 62 million in the fiscal year ended 31 March, 2015, with the trend expected to continue in 2016 on the back of new contracts secured throughout 2015. Group operating profit saw an uplift from GBP 3.7 million in the previous year to GBP 6 million for the year ending March 2015, with return on capital employed increasing from 18% to 25%.
The strong financial performance in the year has been enhanced through securing new contracts throughout 2015, despite a downturn in the oil and gas markets and a variable economic climate, the company said.
Briggs Marine pointed out that the rise of the offshore wind industry is a major area of growth for the business.
In 2015, the company has been awarded an eight-year framework agreement with DONG Energy for the contingency and repair of export and array cables at their offshore wind farms in the UK and Northern Europe. In addition, the Subsea Services Division completed an OFTO cable repair on Vattenfall’s Thanet Wind Farm for Balfour Beatty.
Collieson Briggs , Managing Director of the Briggs Group, said: “It is great to see, that across the whole group, we continue to be successful in winning new contracts, as this further develops our presence and reputation in the marine services industry.”
The Group has also expanded its Aids to Navigation and Vessel Management Services divisions by winning two contracts with Peel Ports, including a contract for the supply and operation of pilot launch services from the ports of Liverpool and Heysham.