{"id":9759,"date":"2020-08-19T10:44:30","date_gmt":"2020-08-19T10:44:30","guid":{"rendered":"https:\/\/loc-group.com\/?p=9759"},"modified":"2020-08-19T10:44:30","modified_gmt":"2020-08-19T10:44:30","slug":"loc-group-trading-update-first-half-of-2020","status":"publish","type":"post","link":"https:\/\/abl-group.com\/abl\/all-media\/news\/loc-group-trading-update-first-half-of-2020\/","title":{"rendered":"LOC Group Trading Update &#8211; First Half of 2020"},"content":{"rendered":"<p><a href=\"https:\/\/loc-group.com\/\">LOC Group<\/a>, the premier international marine and engineering consulting firm, is pleased to provide the following trading update, for the first half of the year to 30 June 2020.<\/p>\n<p>The year to date has seen a strong performance, despite the testing macro environment. This performance is reflected in the growing orderbook, innovation in the service offer and delivery, and careful management of operations, which combined maintains and strengthens the bottom line.<\/p>\n<p>This performance also demonstrates the Company\u2019s underlying-strength, with exposure to multiple revenue streams, <a href=\"https:\/\/loc-group.com\/our-people\/\">a highly skilled, versatile workforce<\/a> with an expanding global presence, and an entrepreneurial culture that allows it to adapt to rapid changes in the market. This is underpinned by over 40 years&#8217; of building a trusted and well recognised brand across our markets. Combined, these factors support LOC\u2019s continued ability to drive long-term cashflows and EBITDA growth.<\/p>\n<p>The strong performance in <a href=\"https:\/\/loc-group.com\/renewable-services\/\">Renewables<\/a> comes on the back of investments made to build momentum in that sector, combined with continued growth in that market as the transition to renewable forms of energy gathers pace. It is also a reflection of the continued development of the industry in Asia.<\/p>\n<p>In April, LOC opened a further <a href=\"https:\/\/loc-group.com\/news\/loc-firms-up-commitment-to-renewables-market-in-taiwan-with-a-local-branch\/\">office in Taiwan<\/a>, bringing the Group\u2019s total representation in the region to 11 offices. The Taiwanese office was opened on the back of a series of contract wins in recent years, to support projects in the Taiwanese offshore windfarm market. Having an international footprint has also allowed the Company to combine the experience and contacts gained in the European offshore wind market, with local expertise and understanding.<\/p>\n<p>Recent key contract wins in the offshore wind market include the provision of Marine Warranty Survey support to the <a href=\"https:\/\/loc-group.com\/news\/jieyang-shenquan-1-offshore-windfarm-contract-win-a-2nd-recent-renewables-contract-win-for-loc-china\/\">Jieyang I<\/a> and <a href=\"https:\/\/loc-group.com\/news\/loc-china-contract-win-for-jieyang-ii-offshore-windfarm\/\">II<\/a> and <a href=\"https:\/\/loc-group.com\/news\/contract-win-for-zhanjiang-wailuo-offshore-windfarm\/\">Zhanjiang Wailuo Offshore Windfarms<\/a> in China. In Vietnam, LOC also won contracts to provide MWS support on the<a href=\"https:\/\/loc-group.com\/news\/contract-win-on-vietnamese-wind-power-plant-dong-hai-1\/\"> Dong Hai I<\/a> and <a href=\"https:\/\/loc-group.com\/news\/contract-win-to-support-hoa-binh-1-owf-development\/\">Hoa Binh Phase 1<\/a> offshore windfarm developments.<\/p>\n<p>Alongside windfarms, <a href=\"http:\/\/innosea.co.uk\/\">Innosea<\/a>, an LOC Group company focused on marine renewable energies, has built expertise in <a href=\"https:\/\/loc-group.com\/renewable-technology\/floating-pvs\/\">floating solar energy<\/a>, which has the potential to be a significant growth market. Work has included contributing engineering and design support to 15 projects, across six countries in Europe and Asia, involving more than 690MWp.<\/p>\n<p>LOC\u2019s <a href=\"https:\/\/loc-group.com\/sector\/oil-gas\/\">Oil &amp; Gas<\/a> activities continued with vigour, which is a solid achievement, coming on the back of significant volatility in the price of oil. Projects included supporting INPEX Operations Australia P\/L, to provide <a href=\"https:\/\/loc-group.com\/news\/loc-australia-building-on-strong-momentum-gained-in-the-oil-gas-market-with-ichthys-lng-contract-award\/\">MWS work on Ichthys LNG<\/a>, and ongoing support to Equinor\u2019s development of the <a href=\"https:\/\/loc-group.com\/news\/loc-norway-awarded-new-scope-of-work-on-johan-sverdrup-field-by-equinor\/\">Johan Sverdrup field<\/a> in the North Sea. A contract to support the <a href=\"https:\/\/loc-group.com\/news\/new-uk-north-sea-contract-award-for-loc-as-mws-on-blythe-vulcan-satellites-development\/\">North Sea Blythe &amp; Vulcan Satellites Development<\/a> also reflects the Group\u2019s ability to work with different operators and newer entrants to a region.<\/p>\n<p>In April this year, LOC announced the expansion of its operation in the Middle East, developing its footprint in <a href=\"https:\/\/loc-group.com\/offices\/middle-east\/doha\/\">Qatar<\/a>, with the recent appointment of <a href=\"https:\/\/loc-group.com\/our-people\/jaimie-jones\/\">Captain Jaimie Jones<\/a> as Marine Manager to LOC Doha. This investment saw a rapid return with contract wins, including a <a href=\"https:\/\/loc-group.com\/news\/loc-qatar-awarded-master-service-agreement-by-seafox-qatar-llc\/\">Master Service Agreement by Seafox Qatar LLC<\/a>, to provide <a href=\"https:\/\/loc-group.com\/sector\/oil-gas\/rig-moving\/\">Rig Move<\/a> Master Services and <a href=\"https:\/\/loc-group.com\/renewable-service\/geoscience\/\">Geotechnical Services<\/a>.<\/p>\n<p>With significant experience, LOC is well placed to provide independent support to <a href=\"https:\/\/loc-group.com\/sector\/oil-gas\/offshore-decommissioning\/\">decommissioning<\/a>, allowing operators to make the most cost-effective solution, while meeting required safety and environmental standards. Recent <a href=\"https:\/\/loc-group.com\/news\/is-the-decommissioning-era-finally-approaching-the-reverse-oil-cycle\/\">decommissioning<\/a> work has centred on the North American market, but we expect to see development across other markets, including Asia and India.<\/p>\n<p>In the <a href=\"https:\/\/loc-group.com\/sector\/shipping\/\">shipping<\/a> sector, LOC has continued to innovate, with the application of technology, where it creates cost, efficiency, environmental and risk benefit to clients. This approach resulted in the launch of <a href=\"https:\/\/loc-group.com\/news\/remote-extension-to-existing-dynamic-positioning-inspection-service\/\">remote surveying, including for DP trials<\/a>, that have allowed vessel operators to meet their compliance requirements regardless of circumstance, including the complications of COVID-19. In Canada, LOC has developed 3D scanning tools for the risk assessment and vessel inspection training of vessels of concern, while in Australia, remote training for port pilots is being developed, using imaging and drone technology.<\/p>\n<p>In response to the increased focus on shipping emissions and the introduction of the Poseidon Principles, LOC, has developed the <a href=\"https:\/\/loc-group.com\/news\/loc-group-set-to-launch-loc-digital-supporting-signatories-to-the-poseidon-principles-as-a-preferred-service-provider\/\">Trit\u2126n platform<\/a>. Trit\u2126n is a simple and secure means for vessel owners and financiers to track the carbon footprint of multi-vessel fleets, allowing the reporting requirements of the <a href=\"https:\/\/www.poseidonprinciples.org\/\">Poseidon Principles<\/a> to be easily met.<\/p>\n<p>Alongside these innovations, the shipping team has also expanded its in-house expertise in decarbonisation and alternative fuels, <a href=\"https:\/\/loc-group.com\/news\/diesel-electric-battery-hybrid-vessels-is-it-for-every-vessel\/\">hybrid-propulsion systems<\/a> and fuel-cell technology, with the recent appointment of <a href=\"https:\/\/loc-group.com\/our-people\/julius-partridge\/\">Dr Julius Partridge<\/a> as Snr. Electrical Engineer. LOC, along with its group company, Longitude, continues to develop their work in the engineering of green power systems in new-build vessel design or in vessel modifications.<\/p>\n<p>Engineering &amp; design, represented by Group companies <a href=\"https:\/\/www.longitude-engineering.com\/\">Longitude<\/a> and <a href=\"http:\/\/innosea.co.uk\/\">Innosea<\/a>, has had an encouraging start to the year, with revenue ahead of budget and considerably up on the prior year period.<\/p>\n<p>Longitude has continued to develop its specialist capabilities in various engineering and design fields this year, expanding its\u00a0<a href=\"https:\/\/www.longitude-engineering.com\/services\/marine-design-upgrade-conversion\/geotechnical-design\/\">geoscience<\/a> team in Newcastle and with the placement of one of its engineers in the Norwegian market. Longitude\u2019s expertise in customised design work for the renewable energy sector and for clean oceans initiatives is also reflected in recent vessel design and conversion work. These include concept design for the <a href=\"https:\/\/www.longitude-engineering.com\/news\/longitude-singapore-worked-on-the-basic-design-for-a-new-build-cable-lay-ship-for-taiwans-offshore-wind-industry\/\">Woen Jinn Cable Lay vessel<\/a> and a custom design for a <a href=\"https:\/\/www.longitude-engineering.com\/news\/vessel-concept-design-to-remove-floating-plastic\/\">vessel to recover plastics from rivers<\/a>, supporting <a href=\"https:\/\/sevencleanseas.com\/\">Seven Clean Seas<\/a>.<\/p>\n<p>The Group\u2019s shipping teams have also been bolstered with a series of strategic hires in <a href=\"https:\/\/loc-group.com\/services\/loss-management\/marine-casualties\/hull-machinery\/\">Hull &amp; Machinery<\/a>, Dynamic Positioning and <a href=\"https:\/\/loc-group.com\/services\/loss-management\/marine-casualties\/\">Marine Casualty Investigation<\/a> in Middle East, North America and China.<\/p>\n<p><strong>Commenting, <\/strong><strong><a href=\"https:\/\/loc-group.com\/our-people\/rv-ahilan\/\">R V Ahilan<\/a>, CEO of LOC Group, commented:<\/strong><\/p>\n<p><em>\u201cThe Company\u2019s performance in the first half of the year reflects its underlying strength. We have shown our ability to continue to deliver sales and strong cashflows, despite headwinds presented by the pandemic, commodity price volatility and geopolitical uncertainty. We have managed to deliver an unparalleled service for our clients by being flexible, seeking innovative solutions and having a long-standing track record of excellence which I believe augurs well for the future.\u201d <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LOC Group, the premier international marine and engineering consulting firm, is pleased to provide the following trading update, for the first half of the year to 30 June 2020. The year to date has seen a strong performance, despite the testing macro environment. This performance is reflected in the growing orderbook, innovation in the service [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":9760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[],"sector":[],"service":[],"company":[],"class_list":["post-9759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.6 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>LOC Group Trading Update - First Half of 2020 - ABL<\/title>\n<meta name=\"description\" content=\"LOC Group, the premier international marine and engineering consulting firm, provides the following trading update, for the first half 2020.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abl-group.com\/abl\/all-media\/news\/loc-group-trading-update-first-half-of-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LOC Group Trading Update - First Half of 2020\" \/>\n<meta property=\"og:description\" content=\"LOC Group, the premier international marine and engineering consulting firm, provides the following trading update, for the first half 2020.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/abl-group.com\/abl\/all-media\/news\/loc-group-trading-update-first-half-of-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"ABL\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-19T10:44:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2020\/08\/World-2-scaled-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1610\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Katie Tunkina\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@george.lenox@aqualisbraemar.com\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Katie Tunkina\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/all-media\\\/news\\\/loc-group-trading-update-first-half-of-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/all-media\\\/news\\\/loc-group-trading-update-first-half-of-2020\\\/\"},\"author\":{\"name\":\"Katie Tunkina\",\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/#\\\/schema\\\/person\\\/564f5d10eb1fcb96a466fb0d06016dfd\"},\"headline\":\"LOC Group Trading Update &#8211; 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