The group, which has a global presence, said it had made significant investment in its people and innovation to increase efficiency and reduce carbon emissions for its customers.
Newly filed accounts for the year to 31 December 2021 reveal a £72m increase in turnover, from £347m to £419m. Operating profit, before exceptional items, more than doubled from £4.7m in 2020 to £13.1m last year.
The bosses said that despite the backdrop of the ongoing Covid-19 pandemic and pressure on the energy sector, the group’s continued investment had resulted in significant growth.
During the year, the firm established a new operating location in Senegal. As the sole provider of dock management services to the newly established Senegalese oil and gas industry, this base presents “significant scope” for future growth across the region, Asco added. Initial success in Senegal has led to expansion plans in other regions later this year.
The group also expanded its presence in Canada, opening a third site, in New Brunswick, to strengthen its downstream capabilities in North America.
To support continued growth, the company has hired staff at its new and existing locations, bringing the total global workforce to more than 1,400.
Group Chief Executive Peter France said: “It has been a challenging time for the sector, amid the global pandemic and industry challenges as the sector strives to achieve net zero targets, but I am very pleased to report that Asco has delivered a solid financial performance.
“While coronavirus travel restrictions have proven challenging for over 18 months, we were still able to open two successful new operating locations in Senegal and Canada and continue to grow our established sites and networks around the world.
“Our core obsessions of safety, service excellence and sustainability are well ingrained in the business and are the cornerstones of our offering to customers.”
The group said it was committed to net zero greenhouse gas emissions by 2040 and was actively implementing business changes to reduce its carbon output.
It has successfully supported new energy operations for multiple wind projects in the UK and Norway, as well as work in carbon capture, utilization and storage (CCUS) and blue ammonia.
France added: “Our new operating models and innovation have improved our service and supported our retention and extension of several key contracts, notably increasing our UK market share.
“After a successful first quarter in 2022, we are exceptionally well placed for continued growth. Through expanding our international operations and diversifying our service into new sectors, including carbon capture and offshore wind, we will accelerate not only our own energy transition but also that of our customers.”
Headquartered in Aberdeen, Asco operates from more than 70 locations around the world. Asco Group Ltd is owned by Zander Topco.
The firm said the push to decarbonise its operations with the latest technology was underway, improving sustainability standards in the industry and “exemplifying best practice”.
Aberdeen’s Asco goes live with new Vestas wind farm contract
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