STATS Group posts record trading results with further growth forecast.
Pipeline technology specialist STATS Group has increased revenue by 26 per cent compared to 2022. The company posted record trading results in 2023 with revenue increasing to £75 million ($145 million) while earnings rose to £12.1 million ($23.4 million), its latest annual accounts show.
“The group has delivered an excellent trading result for the year, reflecting our ongoing commitment to develop and invest in localised operations in key international markets,” STATS Chief Executive Officer Stephen Rawlinson said.
“With growth in the global pipeline integrity market, coupled with our clients’ preference for locally delivered products and services, we expect demand to increase over the coming year in all our markets.
“Revenue is anticipated to be higher than that achieved in 2023 and staff levels are again expected to increase to meet the anticipated growth in demand.”
As part of its localisation strategy and to help support growth in Australia and the wider Asia-Pacific (APAC) region, Hafiz Kareem recently joined STATS as Sales Manager APAC, based in Brisbane, Australia.
“I’m excited to expand STATS reach within the Australian pipeline market with a particular focus on the east coast and to be part of STATS continued growth, supporting our clients in the transition to a low carbon future,” Kareem said.
Paulo Basto has also joined the growing team as Operations Manager for the region based in Perth, Australia.
“STATS is a leading player in the pipeline intervention and isolation industry with a wide range of cutting-edge proprietary technologies, it’s an exciting time to join the company as they increase market share and grow its footprint in Australia,” Basto said.
STATS Regional Manager for APAC Gareth Campbell said the company recorded a number of important operational milestones.
“We have made significant progress establishing strong relationships in key markets, differentiated with our market leading technologies that will continue to drive future growth in market share,” he said.
The successful delivery of significant projects included a 24-inch launcher Door Plug and bespoke grabber tool for a client in the Bass Strait. The novel technology allowed the successful retrieval of an inline inspection (ILI) module from the pipeline.
The challenging project required equipment to be engineered that ensured the pipeline remained pressurised while the ILI module was recovered first time in a single deployment. The project returned the pipeline to a piggable condition, allowing essential cleaning and inspection activities to continue.
STATS recently manufactured a SureConnect subsea mechanical pipe connector for installation on a 24-inch pipeline offshore Brunei. Additionally, multiple isolation and intervention projects for onshore and offshore deployment have been conducted in Australia, Malaysia and Papua New Guinea, with the sale of BISEPs to an operator in New Zealand as part of a multi-year master service agreement.
As STATS continues to expand its presence in the region, its track record is quickly growing with work scopes also completed in Indonesia, Vietnam and China.
With global oil and gas operators looking to support the energy transition and net zero carbon emission targets, STATS is in a strong position to help clients repurpose existing assets and piping infrastructure for future use in hydrogen, carbon capture and storage (CCS) and other decarbonisation projects.
For more than 25 years, STATS has played a central role in numerous pipeline interventions, repairs and maintenance projects, giving the company a deep knowledge base of the very infrastructure that, in the future, may be repurposed.
“Like all oil and gas producing regions, APAC’s operators and contractors are looking to the future and exploring ways to meaningfully support the energy transition,” Campbell said.
“Our technology, and particularly our isolation tools, are ideally suited to projects which will look to repurpose older or redundant assets, and we are alert to playing a positive role in hydrogen and CCS projects and other innovative schemes which will emerge in the region in the not-too-distant future.”
For more information, visit the STATS Group website.
This feature also appears in the September edition of The Australian Pipeliner.