Balmoral Offshore Engineering, a division of Balmoral Comtec Ltd, has been presented with the UK Queen’s Award for Enterprise. It is the second time the company has won the International Trade award, the first success coming in 2010.
Established only in 2006, Balmoral Offshore Engineering provides technology-led buoyancy, insulation and elastomer products for the global subsea and deepwater oil and gas industry.
The company’s overseas earnings growth over the last three years has been an outstanding 202%. Export sales account for 95% of turnover which is three times that of the industry average.
Balmoral has seen considerable success as a result of its strategic development of the deepwater markets offshore West Africa, the Gulf of Mexico, Asia Pacific and Brazil.
Along with record profits, the company has doubled its workforce over the last three years and is committed to supporting its local community by contributing extensively through its CSR activities.
Led by Balmoral’s chairman and managing director, Jim Milne CBE, Balmoral Group overall currently employs approximately 360 people.
Mr Milne said: “To receive a second Queen’s Award in such a short period of time is enormously satisfying. This honour recognises the huge effort everyone involved at Balmoral Offshore Engineering has made over the past six years. To come from a standing start and achieve what we have is nothing short of remarkable.
“We are not complacent, however, and recognise that we still have a lot of work to do. We are excited at the prospect of our new manufacturing facility in Brazil coming on stream in the first quarter of 2013 which will help us develop our presence in the South American market considerably.
“We also continue to invest in our R+D programme, our manufacturing plant and, most importantly, our people. Without such a dedicated team we would not be able to sustain our industry-leading performance.”
Balmoral Group was also recently named as one of Britain’s top 100 private companies achieving 20th place in the Sunday Times PwC Profit Track 100 listing.
[mappress] Subsea World News Staff , April 24, 2012; Image: Balmoral