add energy | Secures record quarter
The Stavanger based international oil competence company add energy group has recorded its best first quarter ever.
First quarter 2012, add energy delivered an EBITDA of MNOK 13,0 - representing a growth of 41 % compared to first quarter in 2011. The EBITDA margin ended at 10,5 % - up from 7,9 % in the same quarter in 2011. EBITDA from underlying operations totaled MNOK 16,5 in the quarter – representing an operational EBITDA margin of 13,3 %.
Stig H. Christiansen, CEO of add energy, says: "We are very pleased with the profit development in Q1 which typically gives a good indication of full years results for add energy. It points towards a 2012 profit even somewhat above the ambitions we have defined for the year and gives confidence that our business model, strategy and plans are taking the company and our profitability in the right direction in the years to come.”
Operating revenues increased by 6,4 % compared to same quarter in 2011 and ended at MNOK 123,8. During the quarter add energy has also secured several contracts and a strengthened order reserve.
The company has seen a high order intake in the first quarter, particularly from its international operations, examples of which are:Three well management contracts in Austalia and the Philippines
Asset Information Management contract for Dolphin Drilling.
Global Master Service Agreement for Shell within Asset Information Management.
Extension of a series of consulting contracts with blue chip operating companies on the NCS and in Australia, The international success is based on the internationalization strategy laid out in 2009 which has resulted in several international acquisitions in key energy markets, as well as organic establishments in the Middle-East and Houston. In 2012 add energy is pursuing this further by setting up offices in Wellington (New Zealand), Myanmar and Darwin.
Stig H. Christiansen says: "We are very pleased to see that our strategic development of add energy both in terms of competence areas and geographic expansion is paying off and therefore seem to be proven right. add energy now operates from 11 offices in 7 countries in key energy hubs and have both a unique competence base and client base. The sum of financial performance, contract awards and order backlog build during the first quarter 2012 is historic and very rewarding and motivating for the whole organization.”
In addition, add energy has in Q1 cemented its position as the world leader within its specialty field of well control and incident support through its involvement in the ongoing incident on the Elgin platform in the UK sector of the North Sea.
On request from Total, add energy has mobilized well control experts from it’s add wellflow team in Oslo. The experts from add energy are advising Total on the planning of the dynamic kill and the potential relief well operations on the Elgin.
The same team was also instrumental in resolving The Deepwater Horizon/Macondo blowout in the Gulf of Mexico in 2010 where add wellflow's personnel were engaged in both the Well Kill and in the Investigation teams, as well as the West Atlas/Montara blowout offshore Australia in the fall of 2009. Since then, the team has been sharing their experience and knowledge with clients, operators and authorities and has jointly held more than 100 presentations for roughly 6.000 key professionals in 8 countries.
Per Arne Jensen, Partner of Private Equity fund Progressus and Chairman of add energy, says: " We are very satisfied with the development of add energy and that our consistent investments through a couple of downturns are paying-off. We have built an international high-class provider of software and services within the well and integrity competence sectors, and we are pleased to be rewarded by our clients for this. These sectors are experiencing increasing international demand and we see continued high growth potential for add energy’s specialties.”