Global logistics and materials management services company ASCO has set ambitious goals, following last year’s acquisition by Endless and the appointment of Mike Pettigrew as CEO.
In a January 8 announcement, it said it wants business profitability to rise 50% over the next five years, with new energies providing the bulk of its earnings by 2030. Carbon capture, ammonia, sustainable aviation fuel and e-methanol are all part of the new picture.
Aberdeen-based Mr Pettigrew says that setting up new sites and facilities both across the UK – such as Sunderland and Lowestoft – and internationally – such as Suriname and Senegal – will extend the company’s reach in alternative energies. But it will continue to support the traditional oil and gas industry.
Mr Pettigrew said the new owner “didn’t buy us for what we’ve done; they bought us for what we can be and what they see in us.” That includes funding for expansion into new ports and territories and acquisitions “if there’s something that’s synergistic and makes sense as part of our growth.”