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8th Apr 2004                                                 
 

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Year 2 Marks Solid Progress

Today marks two years since impROV began trading. We entered our second year having slightly exceeded our order intake budget for Year 1, with a significant part of that intake having been booked late that year, giving us a healthy backlog entering Year 2. Our primary objective entering the year was to perform well on that backlog of work, justifying our Customers in their selection of impROV, while securing enough new business to allow us to finish the year with a good backlog going forward. That has been achieved and the year included the following notable highlights:

bullet On time delivery of a complete suite of Remote Intervention Tools to support a Mediterranean Subsea Gas Field, our largest single order to date.
bullet Booking of further equipment orders for another Mediterranean Subsea Gas Field, this time in deep water.
bullet Penetration of the significant West African region with rental tooling having gone to Nigeria for deep water service and an order having been booked for equipment to support deep water activities offshore Ivory Coast.
bullet A proving of our ability to support our Customers’ own testing requirements with quality personnel in multiple locations simultaneously, often mobilised at short notice.
bullet Key Customers placing repeat business with us, vindicating our performance on previous workscopes.
bullet Some excellent feedback on our equipment and services with comments such as “tremendous attitude” and “best sub-contracting experience” having come from Customers.
bullet Achieving profitability since start-up during the year and building on that position since.
bullet Being selected as one of three nominees in the “Most Promising Company” category at the Scottish Offshore Achievement Awards. We didn’t take home the ”OSCAR” but it was an honour to be nominated at this stage in our development.
bullet Most importantly of all having worked SAFELY throughout what was a very busy year.

Our targets entering Year 3 therefore are unsurprisingly to perform well (and safely) again on our current backlog, consolidating the good work that has gone before, while stepping up our growth efforts now that we have established confidence in our capabilities among our Customer base. Having bedded down our Quality Management System over the last year we plan to achieve ISO accreditation over the next few months, the process for doing so having started.

At the end of Year 2 we thank our Customers for continuing to place your business with impROV and assure you that we intend to continue and, where possible, improve upon the level of quality and service that we provide for you in the area of subsea intervention.

Our relationships with Vendors and Service Providers have also been very important to the continued development of our business and we are grateful for the type of support and open, communicative attitudes we have experienced from our supply chain. We intend to play our part in keeping those relationships healthy.

The personnel we have brought into the company over the last year, both on a temporary and permanent basis, have performed excellently and deserve particular credit for their attitudes to workshop and off-site safety.

Alan Duncan

Managing Director

 

© 2006 impROV Ltd, Silverfield House, Claymore Drive, Bridge of Don, Aberdeen, AB23 8GD, UK
Last modified: 01/10/06