OIL and gas maintenance technology company PII has managed to reduce its losses by nearly £2m but has seen sales dip on last year.
Last year saw the Cramlington-based company cut its pre-tax losses from £5.4m to £3.9m. However, sales for the year fell from £38m in 2010 to £35.4m.
PII has bases in locations including Houston, Kuala Lumpur, Germany, Argentina and Mexico City and set up in Calgary, Canada, in 2010.
The company was previously owned entirely by GE Oil and Gas, but now forms a joint venture with Qatar Petroleum subsidiary Al Shaheen Energy Services, which took a 50% share in the firm two years ago.
PII designs inspection tools known as “intelligent pigs” that allow defects in steel pipelines to be spotted. The average number of employees at the Cramlington factory last year went from 219 to 230.
The firm’s annual accounts said: “During 2011 the focus was to continue to deliver a quality product for our customers while at the same time improving productivity and profitability.
“We still feel that new technology will be the differentiator in the market place and we have continued our focused approach to technology development.
“As we move forward, our focus will continue to be on quality and safety while delivering cost effective products to the market. We continue to invest in the highest technical developments in the pipeline inspection field and integrity services.”