Aberdeen-based Balmoral Offshore Engineering, a division of Balmoral Comtec Ltd, has been presented with The Queen’s Award for Enterprise. It is the third time the company has won the International Trade award, the first success coming in 2010.
Established in 2006, privately owned Balmoral Offshore Engineering (BOE) provides technology-led buoyancy, insulation and elastomer products for the global subsea and deepwater oil and gas industry.
BOE saw overseas income increase by £20 million in the period 2012-14 with profits doubling. Since Balmoral’s previous award in 2012 international sales increased by 61% accounting for an impressive 80% of turnover to year ending March 2014.
This success has been achieved as a result of the company’s strategic development of the deepwater markets offshore West Africa, the Gulf of Mexico and Brazil.
In line with this level of growth the company has substantially increased its workforce over the last three years and continues to support 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 600 people.
Mr Milne said: “We are thrilled and honoured to receive our third Queen’s Award in five years. It is particularly satisfying to see our international efforts being recognised as we invest so much resource into providing the highest quality products to our market on a global basis.
“This award is gratefully received on behalf of the whole BOE team; from our R&D technologists, engineering design colleagues and project managers to production, testing, despatch and installation personnel; to achieve the highest business award in the country, if not the world, for the third time means a great deal to us all.
“Although the industry is experiencing tough times at the moment we continue to deliver added value project experience and products to our clients. We have always adopted the collaborative approach and know that this means significant cost savings for our customers around the world and they appreciate that.
“We will 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 Balmoral’s industry-leading performance.”