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Great Yarmouth firm DSL predicts 40 new jobs

08:00 23 July 2014

.
Mike Smith - MD of DSL

 Picture: James Bass

. Mike Smith - MD of DSL Picture: James Bass

Archant Norfolk Photographic © 2012

The boss of Great Yarmouth oil and gas company Derrick Services (DSL) expects to hire nearly 40 extra staff this year to cope with a worldwide surge in demand for its products and services.

The buoyant prediction of managing director Mike Smith comes as group turnover for 2014 looks poised to reach £30m - exceeding financial forecasts by £5m.

Mr Smith said the exceptional growth was the result of a “combination of both new customers and increased business from established customers”.

He said: “In the last few years we have built upon our reputation of consistency and reliability in the industry. Customers look to us to take the risk out of their short term upgrade or refurbishment of rigs as DSL is now recognised as being a reliable contractor to get their work done on time and within budget and without compromising safety and quality.”

The privately owned drilling structures and construction specialist, based in Faraday Road on Harfreys Industrial Estate, has seen turnover rise more than 40pc on the same time last year, driven by a string of overseas contracts.

Recent contract awards include the upgrade of the derrick on a drill ship in Vietnam, two drill ship upgrades for ONGC of India plus a 15 rig inspection and recertification contract for ENTP in Algeria.

The firm which has bases around the globe is seeing very strong growth in both its UK and Singapore operations; the Singapore operation growth is due to investment in new fabrication facilities and infrastructure in 2013 which has helped increase revenue streams more than 10 fold.

The company currently employs 200 people across the group with 50 in Yarmouth; Mr Smith is predicting the creation of another 10 to 12 management and administration jobs and a further 20 to 25 offshore/site positions.

He sai9d: “In 2012 we experienced a very steep increase in work during the second half of the year which resulted in our full year turnover increasing by around 50pc. This year it is the first five months that have driven the figures up, so we will have to wait to see where the second half of the year takes us.

“But based on the current order book and recent contract awards all the signs are that the growth can be sustained over the rest of the year and beyond. As a group we have issued over 500 proposals this year and we are now having to establish a dedicated proposals department in the UK to cope with demand.”

The recent growth spurt follows a restructuring period for Derrick Services in 2007 when it went through a high-profile pre-pack administration, which saved 73 jobs.

4 comments

  • Maybe they're just trying to hide the trolls. From what I've seen of your comments 'V', they rarely contain anything close to the truth.

    Report this comment

    Tea&Biscuits

    Friday, July 25, 2014

  • You cant hide the truth Mercury, by removing comments

    Report this comment

    "V"

    Friday, July 25, 2014

  • It says why at the end of the article. "follows a restructuring period for Derrick Services in 2007 when it went through a high-profile pre-pack administration". That's legally fine, so they did nothing wrong. Always unfortunate when a company ends up in that situation, but it obviously allowed the company to rebuild and become successful, rather than just closing down. Either way, unsecured creditors would've got nothing.

    Report this comment

    Tea&Biscuits

    Wednesday, July 23, 2014

  • A very interesting topic has been raised by "V", Does anyone have an answer to his question? Well Mr. Mike Smith, over to you.

    Report this comment

    Edmund Earle

    Wednesday, July 23, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

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