Offshore firm IHC hopes for return to profit

Aug 31 2010 by Karen Dent, The Journal

“The loss reflected the big investment we have made in new technology and the Port of Tyne site.”

Dr Trapp sold the offshore, marine and renewable industry engineering specialist to Dutch specialist dredging equipment maker IHC in 2008 for £30m. The parent company has a £1bn turnover and 20 companies in its brand. EB’s current financial year will now end in December to coincide with IHC’s.

Dr Trapp said: “We are predicting that we will show a profit. We are looking at a number of new markets.”

He said the company is currently looking for around 10 suitably qualified staff senior engineers and design engineers.

EB delivered its first major project to the Far East for oil and gas installation contractor Saipem in the spring – a J-Lay Tower and Technip NPV pipe laying system. The tower will be used to install rigid oil and gas pipelines in deep water from a specialist vessel.

Dr Trapp said: “We have been developing a huge amount of new technology for pipe laying systems.

“The first pipe laying system, we’ve made a big investment in that. That has been installed in the vessel in Korea and that will operational in March next year.

“We are now in the middle of a second system which will be delivered next summer and we’re in negotiations for a third similar system.

The company is also looking at the potential of the offshore wind industry.