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 Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

European Court Ups Standards for River Dredging

The European Court of Justice (ECJ) ruled on Wednesday that damage to water quality must be considered when authorities approve river dredging to expand ports,

Union Vows More Channel Tunnel Disruption

Ferry workers will disrupt traffic through the sub-sea Channel tunnel between France and Britain for 48 hours from midday on Thursday, a union official said. "We

Statoil to Suspend Saipem Rig Contract

Norwegian oil major Statoil said on Wednesday it will suspend a rig contract with Italy's Saipem due to overcapacity in its rig portfolio. The suspension of

Offshore

Yanmar Diesel Engines for Fast New Crew Tender

The expansion of the number of wind turbines out at sea near the northern Dutch coast was reason enough for Ubels Offshore to expand its fleet with a fifth ship last year.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

Statoil to Suspend Saipem Rig Contract

Norwegian oil major Statoil said on Wednesday it will suspend a rig contract with Italy's Saipem due to overcapacity in its rig portfolio. The suspension of

Finance

Charleston Harbor Deepening Gets US Funding

Charleston Harbor deepening project earns key federal funding for preconstruction engineering and design; U.S. Army Corps of Engineers allocates $1.303 million

Chinese PM Inks 2 Agreements During CMA CGM Visit

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

Environmental

Hapag-Lloyd's New Noses Lower Emissions

Hamburg based shipping company Hapag-Lloyd plans for 24 of the largest containerships in its fleet to get new bulbous bows by 2016, with some of the vessels also

Charleston Harbor Deepening Gets US Funding

Charleston Harbor deepening project earns key federal funding for preconstruction engineering and design; U.S. Army Corps of Engineers allocates $1.303 million

The Hour of Power: Hybrid Marine Technology and Green Ports

In 2015 two significant developments are going to make many operators, owners and builders of professional vessels consider hybrid marine power. Firstly the new emissions laws in ports,

Energy

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

GTT Records Order for 2 LNG Tankers

GTT receives a new order from Hyundai Samho Heavy Industries for two LNGCs for Teekay   GTT, a designer of membrane containment systems for the maritime transportation

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage 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: 0.4542 sec (2 req/sec)