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ITS Group, a leading supplier of oilfield products and services to the global offshore oil and gas industry, has reported strong and continued growth in its annual report for the year ended 31 December 2007.
Turnover increased by 33% to $101.6million, as the Group saw the benefit of prior years’ investment in its rental fleet and international facilities. Furthermore, the Group has made significant progress in the year in its strategy for profitable growth. The 33% increase in turnover has resulted in earnings before interest, taxes, depreciation and amortisation (EBITDA) increasing by 78% to $31.5million. Capital investment for the future continued in 2007, with a further $34.7million in workshop equipment and its rental fleet.
Headquartered in Aberdeen, ITS saw staff numbers increase by 33% in 2007 to 691. Throughout its global facilities, employee numbers have risen to more than 900 this year. The Group continues to successfully expand its product and service offering with the 2007 results including the first full year of trading for pressure control and fishing services. In addition, casing running services commenced during 2007.
Commenting on the results, Jeff Corray, chief executive officer said: “I am very pleased to be able to report another set of strong results. We have been relentless in cultivating local expertise across our infrastructure whilst ensuring the delivery of a quality service to our customers. With continued investment in equipment and facilities the Group is well placed for another year of strong and profitable growth.”