Trac scoops Major oil contract with Chevron
According to Energy Voice Trac Oil and Gas has won a contract with oil giant Chevron worth up to £20million.
The Aberdeen firm said the inspection and integrity management contract for Chevron’s UK North Sea assets covers a three year period with an option to extend a further two years.
Trac has been supporting Chevron assets over the past 13 years.
Danny Hawthorn, Trac managing director, said: “A combination of experience, safety record and service delivery that achieve costs savings through innovative solutions has led to this award.
“We’re delighted to secure this contract as Chevron has been an important customer to us for many years now. This has been achieved through the ongoing hard work and effort of our staff and our strong working relations with Chevron, and we very much look forward to continuing to support Chevron in their North Sea operations.
“This award keeps us on track with our growth plans both here in the UK and in our overseas operations in Australia and Brazil and is great news during a period where the industry as a whole is experiencing very challenging times”.
Gregg Hector, asset integrity group lead at Chevron, said: “The successful award of this contract follows a rigorous tender process in which Chevron clearly set out our expectations and deliverables.”
Trac provides rope access inspection, repair and maintenance services to the worldwide oil & gas industry.
It grew revenues by nearly 28% to £16.7million in the year ended March 2015, although pre-tax profits declined from £546,627 to £349,086 in the period.
The UK was the source of £12million worth of revenues in the year, although international business more than doubled on the previous year, up to £4.7million, according to accounts filed at Companies House.
The group employed 69 people in its most recent financial year.
The company started in 1999 and in 2009 Trac restructured its business into a range of companies. Trac International – which is a controlling shareholder in Trac Oil and Gas as well as Trac Engineering. It also owns Trac Training, and a stake in Radio Design, a wireless communications company based in Yorkshire.