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Permasense reports increase in 2015 revenue

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World Pipelines,

Permasense, the leading provider of remote corrosion and erosion monitoring solutions to the global energy industry, has announced stellar growth results for 2015 with revenues totalling US$10 million – a 35% y/y increase.

The company, which delivers asset integrity monitoring solutions to both the upstream and downstream oil and gas industries, has now supplied its specialist sensor systems to 114 facilities in 26 countries – from Alaska to Australia.

“We have been able to realise our ambitious growth plans despite turbulent times in the global oil and gas sector,” said Dr Peter Collins, CEO at Permasense.

“Our performance in 2015 is testament to the benefits of Permasense technology. At a time when the industry is under immense strain, our innovative monitoring solutions are providing operators with the data and insight to make safe, informed decisions that have a significant impact on the bottom line. Our solutions are enabling customers to optimise their operations, sustain production and reduce inspection and maintenance costs from their existing assets.”

Permasense’s geographic reach has expanded significantly over the last year, with the company opening new offices in Aberdeen, Houston to more fully support the growing upstream and downstream customer base across all time zones. As a direct result of this expansion, the company’s global headcount has increased by a third to 40 people globally.

Permasense expects its growth to accelerate in 2016. The company has forecasted 70% of its revenue to come from existing customers, as they see the bottom line benefits of Permasense systems and roll them out across their operations.

Permasense is also experiencing increasing demand in Asia, which will see the company further expand its footprint in 2016.

Adapted from press release by Rosalie Starling

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