Aberdeen, Scotland -- Balmoral Offshore Engineering, a division of Balmoral Comtec Ltd, has been presented with the UK Queen's Award for Enterprise, having won the award previously in 2010.
Balmoral Offshore Engineering provides technology-led buoyancy, insulation and elastomer products for the global sub-sea and deep-water oil and gas industry, and uses polyurethane in many of its products.
The company's overseas earnings growth over the last three years has been "an outstanding 202 percent," said Balmoral's statement.
Export sales account for 95 percent of turnover which is three times that of the industry average, the company added.
Balmoral said it has seen considerable success as a result of its strategic development of the deep-water markets offshore West Africa, the Gulf of Mexico, Asia Pacific and Brazil.
Along with record profits, the company has doubled its workforce over the last three years and is committed to supporting its local community by contributing extensively through its CSR activities.
Led by chairman and managing director, Jim Milne CBE, Balmoral Group currently employs about 360 people.
Milne said: "To receive a second Queen's Award in such a short period of time is enormously satisfying. This honour recognises the huge effort everyone involved at Balmoral Offshore Engineering has made over the past six years. To come from a standing start and achieve what we have is nothing short of remarkable.
"We are not complacent, however, and recognise that we still have a lot of work to do. We are excited at the prospect of our new manufacturing facility in Brazil coming on stream in the first quarter of 2013 which will help us develop our presence in the South American market considerably," Milne added.