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Marine technology solution provider, Kittiwake Developments Ltd has recorded a 25 percent growth in income to $13.8 million for the financial year ending September 2008.

The strong figures were supported by continued growth from Kittiwake's offices in the Asia and Americas markets and underpinned by "continued and successful product innovation," the company said.

Despite tough global economic conditions, Kittiwake forecasts continued growth across its regional profile in the marine, water, and offshore oil and gas markets through 2008 / 2009 as it continues to develop solutions for key ship assets.

In an era of high oil prices and environmental scrutiny, ship owners are facing previously unseen pressures from spiralling fuel costs and stringent maritime regulations and legislation. This is coupled with the increasing importance of maximising vessel performance to increase efficiencies and prevent unwanted downtime as a priority in ship operation.

Martin Lucas, Managing Director for Kittiwake, said: “Kittiwake continues to deliver significant growth through its provision of innovative technology solutions that make a real difference to our customer’s operations. Moreover, our continued reach into new regions has facilitated expansion into new markets, and we anticipate similar growth levels for 2008 / 2009.

“We see the offshore oil and gas markets as key for future growth as well as significantly investing in research and development to increase and improve our range of products for the marine industry. This will be underpinned by our strategic partnerships with leading industry organisations, and planned global expansion. It is clear that amid recent high fuel costs and economic uncertainty, assuring reliability and durability can result in huge cost savings, and Kittiwake has a critical part to play in achieving this,” added Lucas.

In a company statement, Kittiwake said that it continues to work and develop its relationship with its partners - which include Shell Marine Products, ExxonMobil and Wilhelmsen Ship Services - whilst also nurturing new partnerships.

"As a long time technology provider to these partners, they have come to rely upon Kittiwake’s ability to research, develop and manufacture innovative technology solutions for the demanding world of ship based condition monitoring," the company said. Commenting on the recent acquisition of BP Marine's majority stake in Krystallon Ltd., the company said: "The recent acquisition by Kittiwake of Krystallon, the global leading provider of seawater scrubbing technology to reduce ship sulphur oxide emissions, also further strengthens Kittiwake's development as leading technology providers to the marine market".