Peterson Energy Logistics posts buoyant 2023 results

Peterson Energy Logistics has announced its consolidated 2023 results which show continued strong performance as it cements its foundations to respond to the energy transition.

Reported revenues were €280million, and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) was €10m, an increase of 36% year-on-year.

There was a significant growth in Peterson’s operations at its Edzell and Shetland sites in the UK driven by major renewables and decommissioning projects, as well as long-standing partnerships with clients in the oil and gas sector.

Sarah Moore, Chief Executive of Peterson Energy Logistics, said:

The 2023 results reinforce the direction for our business and inform our ambitions, as well as position in the marketplace.  

“As a tier-one supply chain company and leading provider of third and fourth-party logistics services, as well as digital and consultancy solutions, we are committed to working with our operator clients as they journey through the energy transition, delivering market-leading solutions to support them, while growing our footprint in the renewables and nuclear sectors.” 

During the 2023 financial year, Peterson Energy Logistics focussed on optimisation of operations and embedding of efficiencies to improve the sustainability of the business, making it well placed to realise the opportunities presented by new and emerging energy markets.

Sarah Moore added:

“These strong figures and bold approach represent a story of an empowered, informed, innovative, and committed team being led by a board of directors who are seriously focussed on operational and safety excellence, high standards of customer satisfaction, and futureproofing our business.” 

The 2023 results include significant revenue associated with a contract supporting Vestas in the onshore development of the Viking Wind Farm in Shetland which was the biggest wind project in Europe that year. The contract, which was successfully completed in Q2 2023, saw Peterson’s Shetland team provide offloading, storage, and transportation services for 103 onshore wind turbines with 21 vessel deliveries made and more than 1000 turbine components safely discharged from the company’s base in Lerwick. In Q2, Peterson signed five plus year contracts with two major operators which added 80,000 marine tonnes to its Aberdeen operations and saw the appointment of 40 staff.

Contract extensions were signed with an integrated energy company, as well as with nuclear site Sellafield. There was significant work undertaken for an energy operator in the East Irish Sea, as well as with SSE Renewables for the Dogger Bank C and Sofia C Wind Farms. In Den Helder, more than 190,000 tonnes were handled and there were 12,400 lifts for clients across the energy industry including two major offshore wind projects.

The 2023 results reflect rationalisation within Peterson Energy Logistics, which included the conclusion of operations in Trinidad and Guyana, in order to better position the business for targeted international growth.

Peterson Energy Logistics employs more than 850 people globally. It is a PAS2060 Carbon Neutral company with a Goal Zero ethos, committed to protecting its people, assets, and environment. Peterson unburdens customers in the energy sectors through innovative, trusted logistics and technology solutions.

The reporting period for the results is for the 12 months ending 31st December 2023.