Cyberhawk reports 51% increase in turnover in 2020
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Cyberhawk reports 51% increase in turnover in 2020

By Yoana Cholteeva 16 Dec 2020 (Last Updated December 17th, 2020 11:44)

Scottish power and offshore drone and data visualisation firm Cyberhawk increased its turnover by more than 50% in 2020, despite the challenging market conditions brought on by Covid-19.

Cyberhawk reports 51% increase in turnover in 2020
Cyberhawk’s growth is provoked by this year’s global demand for drone-based inspection, surveying, and data visualisation services. Source: Cyberhawk

Cyberhawk, mostly known for its cloud-based asset visualisation software iHawk, increased its yearly revenue by 51% over 2020 after strategic growth plans saw the company expand its headcount and grow its footprint in more international regions.

Established in 2014, iHawk allows asset teams to view up-to-date visual data securely in a cloud. The software improves asset management and decision-making by allowing managers to intuitively access inspection data that highlights where they can monitor defects and degradation, before deciding what action should be taken.

Provoked by this year’s global demand for drone-based inspection, surveying, and data visualisation services, Cyberhawk has doubled its headcount, with over 100 new staff members in the UK, India, Qatar, and its three offices in the US states of Texas and Colorado.

Cyberhawk CEO Chris Fleming said: “Although we can all agree it has been a challenging year, our business has proven to be resilient. We have continued to help our customers take a proactive, cost-effective, and environmentally sound approach to asset inspection through our drone-based services.

“We’ve also seen demand grow for our cloud-based data visualisation software, iHawk, as energy and construction majors look to digitally transform their business, particularly as flexible, remote working looks set to become a permanent fixture for many employees long beyond 2020.”

iHawk has been endorsed by construction projects for progress monitoring and project visualisation and Shell awarded Cyberhawk a multimillion-dollar contract in June 2020 to deliver visual asset management across its onshore, offshore, and subsea assets, as well as all global construction projects.

Cyberhawk chief revenue officer Patrick Saracco says: “Due to the need for social distancing, [oil and gas operators ] are having to perform critical inspection work with limited manpower, and with the health and safety regulators becoming more flexible around the need for an on-site presence during inspections, we are seeing a further rise in inspection services being delivered remotely,” Fleming says.

Another significant contract for the company has been the new five-year agreement in early 2020 with “a major state-owned oil and gas producer” in the Middle East.

Saracco says: “The biggest challenge for us has been satisfying the huge amount of requests all over the world and maintaining our commitment to delivering high-quality results every time.

“We’re looking forward to further building the team, continuing to develop smart solutions based on industry needs, and ensuring we don’t lose sight of the values that got us here in first place,” Fleming concluded.