Flexlife has reported an increase in revenue of more than 50% for year ending 2010/11, with turnover rising from £4.8million to £7.5million.
The company has more than doubled staff numbers from 25 to 60 in the past year and, to support the rapid expansion, has moved to a new 8,000sq ft headquarters at Aberdeen Science and Energy Park in the heart of the north-east’s energy corridor.
Flexlife’s recently opened base in Brazil is also growing with plans to take on an additional 10 staff this year. With new projects also starting in Africa, Flexlife estimates its total workforce in the UK and globally will rise to 120 by the end of 2011.
With demand expected to continue to rise for its subsea services, Flexlife forecasts a 60% increase in work for 2011/12 with turnover of approximately £17.8million.
Stuart Mitchell, CEO at Flexlife, said: “Flexlife has continued to build on its reputation for offering a full subsea integrity and project management package, assisting clients to cost-effectively manage all of their subsea assets and infrastructure. Looking ahead, we plan to expand our focus on this area of work and also continue to develop more smart technology for the subsea sector.
“Over the last year, we have brought a number of new asset integrity management products to market which offer unprecedented benefits to operators, helping to improve safety, maximise recovery and avoid unplanned shut-downs.’’
He added: “Taking on extra staff as meant we have strengthened our Research & Development team and we plan to invest £1million in this area in the coming year. The integrity department has also increased in capacity with four new members of staff joining the team in the past month and we are currently recruiting for a dedicated Front End Engineering and Design (FEED) team.
“We have successfully completed work for clients including Total and Shell and have long-term contracts with Apache to provide subsea engineering and pipeline operational support, to oversee the management of Forties subsea projects and to carry out routine maintenance of subsea pipelines and subsea infrastructure.’’