Lowestoft: CRE8 on target to double turnover
12:59 22 July 2012
NORWEGIAN-based CRE8 Systems, which operates through a base in Lowestoft, is nearing completion of a joint £1.7million deal to produce two subsea production hydraulic power units for Petrobras Brazil.
In addition to the Petrobas contract, involving a partnership with fellow Norwegian company Oceaneering Rotator, CRE8 has designed and manufactured control systems for Archer and Aker/Statoil, putting it on course to double the £5m turnover it achieved during its first full year of trading in 2011.
“We’ve done extremely well, growing faster than anticipated,” said Lowestoft-based project manager Emil Svoboda. “We are proud never to have used our overdraft facility and to have posted a profit in our first year of operation.
“This was achievable through the fantastic team spirit, friendship of the partners, quality of CRE8 staff and focusing on our common goal, pride in performance.”
Although the company is controlled from Sola, near Stavanger, Mr Svoboda and fellow project manager Andy Bird are generating considerable business from the Suffolk base.
The company designs and manufactures innovative subsea and topside electro/hydraulic control systems for the oil and gas industry and was founded by a group of leading industry professionals in 2010.
The Lowestoft branch was registered in March 2011, with its arrival in the town supported by enterprise specialists NWES which operates and manages Riverside Business Centre where CRE8 UK is based.
“We cover the UK and international oil and gas sector and much of our procurement is from the UK, including suppliers in the Great Yarmouth area,” said Mr Svoboda. “We have a very good relationship with NWES and feel like part of the family here. CRE8 UK has no intention of moving anywhere else in the foreseeable future.
“Ideally, we wanted a gentle start to steadily consolidate our business but the market has not allowed it. There are big opportunities in the oil and gas sector with some clients predicting up to 40% growth in exploration over the next five years, which will bring knock-on success for us. We already have a backlog of £3m of work for 2013 so it’s looking very healthy.”