Cosalt Offshore Wins Multi-Million Pound PSN Contract Extension
05 February 2010
Cosalt Offshore, a provider of lifting, tooling and marine services to the oil and gas industry, has been awarded a three-year contract extension by PSN worth up to £18million to supply all its lifting and tooling equipment requirements in the North Sea.
The renewal of the deal is one of Cosalt Offshore's biggest contract wins and runs for a minimum of three years with annual options to extend.
It involves PSN outsourcing its E-quip division to Cosalt Offshore for the purchase and supply of small plant & equipment for PSN's client base.
Cosalt Offshore Chairman Calum Melville said: "Winning such a prestigious contract renewal from a client as important to us as PSN is a fantastic start to 2010. We aim to build strong relationships with our customers and continually surpass their expectations. We have an excellent working relationship with PSN and the contract extension is the latest in a series of high-value, long-term deals we have secured as part of our ongoing growth strategy.
"Our core aims are to offer a cost-effective service in which safety is paramount and as a result we have retained existing clients and won new ones. By fulfilling the work for PSN, we will be serving its large network of offshore clients, spanning the whole of the UK sector of the North Sea.''
PSN's Procurement and Materials Manager, Cameron Marshall said: "Cosalt Offshore's proven ability to meet PSN's requirements was a determining factor in awarding this contract extension. Over the last three years of working with Cosalt Offshore we've been impressed by their track-record of consistent high standards of delivery, quality and safety.''
Cosalt Offshore has a pan-North Sea network with 300 personnel based in Aberdeen and a further 110 at its operations in Stavanger and Lowestoft. The company's turnover for 2007/08 (year end October) was £60million.
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About Cosalt Offshore
Cosalt Offshore, a division of Cosalt plc, was formed specifically to meet the exacting standards of the oil and gas operators and service companies.
Cosalt Offshore specialises in the management of client equipment and services. The portfolio of services includes supply, hire, examination and repair of lifting equipment, tooling and consumables, supply and servicing of lifejackets, liferafts, immersion suits and lifeboats and offshore examination and test services.
Cosalt acquired gtc group limited in 2007 and Myhre Maritime in 2008 as part of its strategy to set up a unique and market-leading pan-North Sea network of lifting and tooling facilities focused on client needs and has the proven ability to deliver the highest level of service.