ITS Energy Services: oilfield services, energy services
We are committed to providing the highest quality service in all our chosen markets. It's that simple.
International Tubular Services (ITS), 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 2006.
Turnover increased by 37% to £41.4million, 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 36% increase in turnover has resulted in earnings before interest, taxes, depreciation and amortisation (EBITDA) increasing by 48% to £10.2million. Capital investment for the future continued in 2006, with a further £19.4million in workshop equipment and its rental fleet.
Headquartered in Aberdeen, ITS saw employee numbers increase by 21% in 2006 to 521. Significant recruitment has continued in 2007 with employee numbers having risen to more than 900 throughout its global facilities. The Group continues to expand its product and service offering with the provision of pressure control equipment for rental and fishing services commencing during 2006 and casing running services during 2007.
With ambitious plans for further development, the current year also sees the Group board being strengthened with the appointments of Jeff Corray and Scott Milne. The appointments bring a significant breadth of experience and relationships from within the industry, with both having worked closely on the strategic and commercial development of many oil service companies whilst in senior positions within KPMG’s oil and gas mergers and acquisitions’ team.
With effect from 1 October 2007, Jeff Corray assumes the role of Group CEO and Scott Milne the role of corporate development director. Bob Kidd, the founder and owner of the Group, will move to the position of executive chairman.
Commenting on the results and appointments Bob Kidd said:
“I am very pleased to be able to report another set of strong results, in particular at a time when we are investing significantly in the continued expansion of the business. Attracting high quality people into our business is a key priority in achieving our ambitions for the Group. Jeff and Scott bring a tremendous depth of experience, capability and energy that will help guide the Group at this exciting time in its development. With continued investment in our infrastructure, rental fleet and people, we are seeing strong growth in 2007 with very encouraging signs for 2008 and beyond.”