Cosalt to Supply Lifting Equipment for BP's North Sea Assets

Cosalt Offshore, a provider of lifting, tooling and marine services to the oil and gas industry, has secured work with BP worth up to £25million over five years to supply all lifting equipment requirements in both the UK and Norwegian sectors of the North Sea.

The deal is for a minimum of three years with options to extend for a further two years. Cosalt Offshore will be responsible for providing all lifting equipment to BP and all its subcontractors on all the operator's North Sea assets.

Cosalt Offshore has 300 personnel based in Aberdeen and a further 110 at its operations in Stavanger and Lowestoft, with plans to take on an additional 50 people over the next year. The company's turnover for 2007/08 (year end October) was £60million.

Cosalt Offshore Chairman Calum Melville said, "We aim to build strong relationships with our customers and continually surpass their expectations. BP is very important to us and we are delighted to have won such a major long-term contract that will have a significant impact on the ongoing growth of our business.

"Safety is paramount for Cosalt Offshore and we offer a cost-effective service that has helped us retain existing clients and win new ones throughout 2009. The North Sea sector is vital for us and the contract will be serviced by our experienced teams at our bases at Aberdeen, Stavanger and Lowestoft."

Cosalt Offshore recently won an exclusive distribution deal with Bridon for wire ropes in the UK, which has already delivered a significant increase in business. Cosalt Offshore estimates that the Bridon agreement will generate at least £30million and potentially up to £50million over the three-and-a-half year term of the agreement.

The company has an established reputation for delivering the highest standards of service. Cosalt Offshore has a pan-North Sea network of lifting and tooling facilities dedicated to serving the needs of its clients.