Port of Cromarty Firth in Invergordon posts £2m surplus as annual figures revealed; Cruise line business and offshore wind boom contribute to bottom line for major Easter Ross employer
Register for free to read more of the latest local news. It's easy and will only take a moment.
THE offshore wind boom has helped blow in a healthy profit for the Port of Cromarty Firth, along with a best ever year in cruise boat visits.
It recorded another excellent year in 2019, according to its annual review released today with a turnover of £10.6 million achieved.
The port generated a surplus (profit after tax) figure of £2 million of which 100 per cent, as a trust port, will be reinvested in future development of the port for the benefit of the local area and its stakeholders.
The port said the rapidly growing source of revenue was renewables, with Port of Cromarty Firth developing a hugely valuable track record in offshore wind.
It supported the 588MW Beatrice Offshore Windfarm installed last year, as well as the construction of the 950MW Moray East Offshore Windfarm, with whom the port secured a contract which paved the way for a £31 million investment in a new quayside and laydown area. Construction started early 2019, bringing jobs and opportunities to the area.
Further offshore wind work for the port is also on the horizon, with Crown Estate Scotland launching the next leasing round for Scottish offshore wind developments, with up to 10GW of capacity up for grabs.
The port is being proactive to ensure the Cromarty Firth is well positioned to capitalise on these opportunities, which are predicted to be worth as much as £26 billion over the next 50 years.
The annual review said oil and gas activity continued throughout the Cromarty Firth last year, with major oil rig inspection, repair and maintenance projects helping to secure and safeguard jobs locally. This industry continues to be a vital employer within the Highland region.
“The cruise sector has been a tremendous success story for the region, and the record season represented 26 per cent of the port’s income in 2019." - Bob Buskie
The port enjoyed also its best ever cruise season since the first luxury vessels sailed into the Cromarty Firth over 40 years ago. It welcomed 104 ships and more than 167,000 passengers in 2019, with some of the world’s largest cruise ships taking advantage of the firth’s deep water and local attractions the Highlands has to offer.
This activity has boosted the Highland economy by an estimated £18 million, with many businesses in the region reaping the benefits from cruise passenger visits.
Bob Buskie, chief executive of Port of Cromarty Firth, said: “I am delighted that our business performed well throughout 2019 and once again surpassed our forecasted targets. Our turnover and surplus was excellent, allowing us to look at further reinvestment and development.
“The cruise sector has been a tremendous success story for the region, and the record season represented 26 per cent of the port’s income in 2019.
“With the installation of the Beatrice offshore windfarm complete, construction of the £31 million new berth and laydown area started at the beginning of the year. This is in preparation to host the turbine components for EDP Renewable’s 950MW Moray East offshore windfarm, which is a substantial project for the entire Cromarty Firth and, when complete, will be one of the largest constructed offshore wind farms in the world."
Related: Port in line for awards
Cromarty Firth Free Trade plan 'could generate 50 years of jobs'
Massive wind farm components arrive at ports
Port reacts to Nigg nuisance concerns
