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Peterson delivers robust performance in challenging market

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Oilfield Technology,

Revenue was up on the previous year at €405m (2013: €363m) and operating profit decreased by 6% to €10.0m (2013: €10.6m). The group’s UK based companies, including Peterson UK Ltd and 80:20 Procurement Services Ltd contributed 45% of the group’s operating profit, down from 52% in 2013 reflecting growth in international contribution.

Commenting on the Group’s performance Erwin Kooij, CEO of Peterson Offshore Group said:

“This is a challenging time for our industry however, despite this backdrop, we remain committed to supporting our customers, the industry and our staff, to respond to the continuing low oil price by providing innovative and collaborative cost saving solutions to ensure a long term sustainable future and we continue to invest in equipment, infrastructure and our people.

“Our people are fundamental to our ability to deliver operational excellence. 50 new jobs were created within the UK including a number of key appointments to further strengthen our management team and support the next phase of the company's growth.

“As an organisation we think in generations, with a continued focus on making decisions based on the long term and working together to maximise opportunities. We made investments in technology and transport equipment totalling €3.5m across the business.

“We broadened our reach within the energy sector from our core competence in oil & gas and renewables by securing contracts in other energy industries. Our strategy to internationalise our business through the transfer of knowledge and experience from the North Sea to the international market is paying dividends, and we secured a number of international logistics projects. Internationally our specialist procurement business 80:20 began operating in Norway and the Netherlands and we opened new offices in Malta and Trinidad & Tobago to support customers in these regions.

“Our ongoing investment in technology saw us continue to build on our industry leading solutions. We expanded our suite of digital applications which includes eCargo, the first system to digitise quayside operations making them more transparent and efficient to include the handling of transport requests, container management and cost allocation for supply vessel pools. This suite of products provides customers with a friction free supply chain by identifying and creating opportunities for customers to work together by sharing resources, reducing costs and securing operational efficiencies.

“We unveiled VOR, an interactive, transformative upstream oil & gas procurement and logistics service which interrogates a multitude of systems to provide customers with a transparent and streamlined view of the supply chain, from ordering a piece of equipment quickly, to seeing what space is available on a vessel to ship it offshore. Among the many benefits that VOR provides is track and trace through a real-time view of where any goods or services are at any time, from warehouses and vessels, to pallets, helicopters, containers and trucks.

“We are confident our long term outlook together with our continued focus on helping customers increase productivity and efficiency through innovation and collaboration, while maintaining the highest standards in safety and quality, will ensure we remain well placed for future growth.”

Adapted from a press release by Louise Mulhall

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