The Ferguson Group posts its 2011 results

United Arab Emirates: Thursday, August 23 - 2012 @ 15:54

Commenting on the Group’s results, Group Finance Director Mike Melville said, “2011 was another year of good growth for the Group. The rental fleet grew to in excess of 16,000 units with 75% of the units operating from overseas locations. The geographic spread of the business continued to expand, particularly in the West Africa and Caribbean markets. Production of the Group’s first Accommodation Service Vessel (ASV) was completed during the year and it had its maiden charter in the renewables sector working in the southern sector of the North Sea.”

“We also completed a number of infrastructure projects during 2011 – in addition to relocating the Group Head Office to a purpose built site in Kintore, Aberdeenshire, the Group’s Norwegian and Australian companies also moved to newly constructed facilities in Stavanger and Perth respectively. These investments are part of a strategic plan to upgrade all the facilities the business operates from, in order to support the ambitious growth objectives for the Group worldwide,” he added.

The Group’s fourth overseas subsidiary, Ferguson Group Middle East FZE, was launched in the UAE recently. We have enjoyed good growth in the region in the past few years and having our own corporate presence there cements the commitment that we are making to this market.

We are continuing to invest appropriately in our rental fleets and further base improvements are also planned including a brand new facility in Karratha, North West Australia, to support business growth in that part of the world. We have made a good start to 2012 with our first six months trading results in line with the plan which was set.

The Group recently announced that Mr Melville would be moving within the Group at the end of this year to take up the position of Group Commercial Director based in Dubai, to provide further impetus to the overseas expansion efforts. The recruitment process to find a new Finance Director is due to commence shortly.

The Ferguson Group employs more than 170 people worldwide, serving the offshore container rental and accommodation modules markets. The Group, based in Kintore, Aberdeenshire, has operations in all major global oil and gas locations.

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Thursday, August 23- 2012 @ 15:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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