ITS Reports a Return to Growth

Press Release
Thursday, October 04, 2012

ITS Group, a leading supplier of oilfield products and services to the global oil and gas industry, has reported a noticeable profit improvement in its annual report for the year ended December 31, 2011, in line with improving market conditions.

The company, which has its headquarters in Aberdeen, provides drilling equipment and services through a network of 29 facilities across 18 countries and has a strong international footprint.

Turnover increased by 22% to $163.1 million as the Group saw the benefit of continued investment in its fleet and facilities. The rise in turnover also resulted in earnings before interest, taxation, depreciation and amortisation (EBITDA) increasing to $43 million (£26.8 million) - up from $33.5 million (£20.9 million) in 2010.  

Following two years of challenging market conditions, improving activity levels have helped to stabilise operations and create an improved business environment, said chief financial officer Scott Milne.

Mr Milne said: “Lower utilisation and volatile pricing weighed heavily on our 2010 results.  It is pleasing to see that 2011 saw more stable markets and a return to growth for ITS.

“Growth in international rig counts is eating into the capacity that exists within the service industry.  As that narrows we see an environment that will support a much needed recovery and stability in pricing “

Increased activity with customers in the US, Mexico and the UK supported an uplift across the Group.  Investment in new plant and equipment also continued with capital expenditure of $20.8 million (£13 million) in the year.

Mr Milne added: “It is pleasing to see continued investment at ITS and our strong market position taking advantage of improving activity levels. However, volatility in the global economy remains and we remain prudent in our approach to investment and control of overheads.”


The company, established in 1986 and with headquarters in Aberdeen, provides drilling equipment and services through an international network comprising 29 facilities across 18 countries.

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Fos Tanker Queue Grows as Strike Impacts Refinery Ops

Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT

Aquino: China Breaks South China Sea Deal

Philippine President Benigno Aquino on Thursday accused China of breaking a U.S.-brokered deal between the two nations on the Scarborough Shoal, an uninhabited rocky outcrop in the South China Sea.

2016 SDAP Rates Announced

The US Navy released updates to the Special Duty Assignment Pay (SDAP) for eligible enlisted Sailors in NAVADMIN 120/16, May 25. The SDAP program enhances the Navy's ability to size,

Offshore

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Prosafe Appoints Interim Chairman of the Board

Prosafe, owner and operator of semi-submersible accommodation vessels, informs that its Chairman, Harald Espedal, has notified the company that he will step down

Finance

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

Environmental

Saint Lucia Accedes to Four IMO Treaties

Saint Lucia has acceded to four International Maritime Organization (IMO) treaties, including conventions covering ballast water management (BWM Convention) and

PureBallast Nears Completion of USCG Testing Procedures

Alfa Laval saiys it continues to move swiftly towards the submission of a U.S. Coast Guard (USCG) type approval application for Alfa Laval PureBallast 3.1. The

Dubai Partners with WOC on Ocean Sustainable Dwevelopment

The Dubai Council on Marine and Maritime Industries (DCMMI) and the World Ocean Council (WOC) have agreed to collaborate on ocean sustainable development and corporate ocean responsibility.

Energy

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Seacat Services Secures Burbo Bank Charter Deal

DONG Energy has awarded  offshore energy support vessel operator Seacat Services with the supply contract for all crew transfer services at its 258MW Burbo Bank

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1611 sec (6 req/sec)