Financial
TCO GROUP YEAR END RESULTS 2011
TCO had a significant increase in revenue during 2011, the positive trend is expected to continue during 2012. The tunover for 2011 was NOK 115.7 million. TCO's customer base, comprised mainly of major oil and gas companies, has been steadily increasing, which attests to the confidence they place in TCO's products and services. In early 2011 TCO entered the Plug and Abandonment (P&A) Tubing Convayed Perforating (TCP) market and later that year was awarded the full TCP P&A scope of work for ConocoPhillips' Norwegian assets.
As a part of TCO's increased focus on R&D and innovation, the company aquired Bergen CNC in Q1 2011. Through this aquisition a seperate R&D division was established in Ytre Arna. Today this division has 11 full time employees exclusively working on R&D projects. In 2011 TCO invested NOK 13 million into R&D projects compared to NOK 6 million in 2010.
TCO did not capitalize any of the R&D costs incurred in 2011.
Downloads:
TCO Group End of Year Results 2011
