CTC’s target to double revenue

Oct 9 2009 by Jez Davison, Evening Gazette

DARLINGTON-based CTC Marine Projects is aiming to almost double revenues after starting its first project in the Middle East.

The subsea trenching and installation firm has clinched a seven-figure contract to work on a power cable project led by US engineering giant McDermott International.

The work is expected to be finished this year and will see the largest power cable ever laid in the Persian Gulf.

It follows hot on the heels of several contract wins for CTC, which last year completed projects in Brazil, China and offshore Africa.

The company has just completed a £33m contract on a subsea construction project for oil and gas firm Petrobel in the North Bardawil Field offshore Egypt.

Tony Stokes, CTC’s commercial director, said the firm was looking to maintain record growth in 2008-09, which saw sales almost doubling to £109.2m and profits soaring to £10.2m.

He said: “In 2008-09 we were focused on geographical expansion. Now we are pushing different sectors.

“Renewable energy offers us some good opportunities going forward.”

He said the company was hoping to capitalise on the growing UK demand for offshore wind power and to add to its 330-strong staff base - around 200 in the UK.

CTC is also keen to continue its graduate recruitment programme and this year will have around 30 graduates on board.

Its interest in offshore wind comes as the Conservatives outlined proposals to extend the National Grid offshore to make the most of wind, wave and tidal power generation.