Ramco overcomes tough times to turn profit
Oil and gas exploration and production company Ramco has revealed group operating profit of £598,000 (€893,000) in 2004 compared to an operating loss of £105m (€156m) in 2003.
Aberdeen-based Ramco operates the Seven Heads gas field and also Irish interests in the Celtic Sea and Donegal Basin.
Group turnover for 2004 totalled £36.9m (€55.1m) up from £20.8m (€31m) in 2003.
Chairman Steve Remp said: "The past 18 months have been an immensely difficult period in the company’s history as a result of the huge challenges posed by the production problems in the Seven Heads gas field offshore Ireland.
"It doesn’t really get much tougher than this and it is a tribute to our team that we have not only
managed to survive but have emerged with a turnaround plan in place based on an attractive portfolio of exploration interests, support from the Irish Government, effective agreements entered into with the Company’s lenders and £1m of additional capital invested by existing shareholders."
