Bosses at offshore energy group Acteon are predicting a fall in revenue this year following a drop in world oil prices.
The company, made up of 17 businesses providing specialist services in the offshore oil and gas sector and previously one of the UK's fastest growing firms, has seen demand fall after crude oil prices fell from a peak of more than $130 (£78) a barrel in spring 2008 to less than $40 (£24) at the end of the year.
Vice president Paul Alcock said while prices had since recovered to about $75 (£45) a barrel, the fall had led to a reduction in activity in the offshore energy sector, resulting in lower demand for Acteon's services.
But he said the company was predicting further growth by the end of 2010.
His comments come after Norwich-based Acteon, which was named the UK's eighth fastest growing company in the Sunday Times PricewaterhouseCoopers Profit Track 100 league table this year, reported a 36pc rise in profits in 2008.
The firm saw pre-tax profits increase from £25.4m in 2007 to £34.6m last year, with turnover up 59pc rise to £309.2m over the same period.
Founded in 2001, Acteon employs 1,650 at sites in Europe, the Middle East, North and South America and the Far East, including 130 in Norfolk, including Yarmouth-based subsidiary Claxton, which supplies equipment and services for offshore construction.
The company made further acquisitions in 2008, paying £19.5m for an 80pc stake in Brazilian offshore anchor and piling manufacturer Fluke Engenharia in February, followed two months later by the £3.7m acquisition of Singaporean pipeline inspection and maintenance firm Construction and Piling Equipment, renamed Cape Group.
But so far this year revenue had dropped significantly, in line with the sector as a whole.
Mr Alcock said: “With the oilfield and gas markets receding through the low oil prices we have seen a reduction in revenues for 2009 in the region of 15pc, and this is fairly typical across the sector globally.
“Oil prices have recovered during the year and has been bouncing between $70 and $80 (£42 and £48) a barrel. That is starting to stimulate new field developments which are directly linked to earnings.
“The forecast is for a flat first three quarters in 2010 with an upturn in activity by the fourth quarter.”
He added the “very low” gas prices were also suppressing the company's revenues.
