Subsea Engineering Firm SengS Nets £1.6 Million Worth of Contracts
Friday 28 July 2017
A northeast engineering services firm, acquired by a private-equity backed manufacturer last year, has continued to build upon recent momentum with the announcement of new contracts worth £1.6 million.
SengS, part of the Pryme Group, will design, manufacture and install various test equipment for the onshore and offshore assets of several North Sea oil and gas operators and service companies.
Further afield, SengS has also been tasked with the completion of a subsea design project in Tunisia, North Africa – with all work to be carried out at the company’s Ellon facility.
These latest contract wins, secured in the past two months, follow repair and maintenance projects worth over £600,000 that were announced in May. This means that, within months of starting its new financial year, SengS has already won more than £2 million of new business.
Having increased turnover from £1.7 million in June 2016 to £2.1 million for its March 2017 year-end, the business has revised its growth projections upwards and is now projecting turnover of over £3 million by next March – nearly doubling turnover.
SengS, which currently employs 21 people, expects to recruit further personnel, having already added four new employees since the turn of the year.
Murray Kerr, who founded SengS in 2012, recently took on the role of group strategic commercial director at Pryme Group, following the Dundee-based organization's acquisition of SengS in November 2016. Murray has been succeeded at SengS by new managing director, Peter Thomson.
SengS provides engineering, testing, control and hydraulic systems and tooling to the energy industry. Since 2012, the company has successfully delivered nearly 500 projects across multiple disciplines for clients in the North Sea, Scandinavia, the Middle East and North Africa.
The business has invested £4.2 million over the past three years in developing its 9,817-ft2 test facility. This included a £250,000 investment last year to enhance its existing pressure testing capability with the addition of a custom-built 60-ft test rig and a 7.8-m diameter by 5.8-m high external water test tank.