Air Energi Revenues Up 39%
Air Energi Group, the global workforce solutions provider for the oil and gas industry, has published its financial end-of-year report for 2012. The numbers confirm another year of stellar growth for the company, with a turnover of £290 million (up 39 per cent year-on-year) translating into a gross profit of £34 million (up 35 per cent year-on-year). EBITDA – a widely used measure of operational profit – rose by 31 per cent year-on-year.
The growth in 2012 continues a five-year period of expansion for Air Energi, which has seen its annual turnover rise by over 344 per cent since 2007 (from £84 million to £290 million). The company now operates across 35 locations worldwide and employs over 400 staff, providing a comprehensive range of workforce solutions for prestigious industry heavyweights such as Shell, Total, ConocoPhillips and ExxonMobil. Air Energi is also on course to beat its strategic target of doubling its 2012 turnover by 2015, with the company on track to post revenues of over £400 million for 2013.
Ian Langley, Chairman at Air Energi, comments: “The fact that Air Energi continues to grow at such a rapid pace is testament to the superior services we provide for clients, as well as our scalability in the face of an ever expanding and evolving global oil and gas industry.
“Central to our success is our ability to provide high quality support to client operations not just in mature markets but also in more remote, less well-developed locations, as these regions become increasingly prominent within the global energy supply chain. Though growth has been strong across our whole business, we are seeing particularly strong growth in Iraq, Australia, Papua New Guinea, Kazakhstan and the Middle East more generally.
“Whilst a buoyant oil and gas sector has been a factor behind our expansion – not least the rise of Liquid Natural Gas as an important market for global gas supply – the numbers demonstrate that we are growing faster than the industry as a whole, and taking market share from competitors. We expect to be able to build on our impressive growth record as oil and gas companies find themselves in increasing need of support on a truly international scale.
“Another big factor has been the welcome support of our private equity partners LGV and our banking partners HSBC and RBS. Our growth record combined with LGV’s financial experience and capacity should put us in a position to substantially grow organically and through acquisitions in the coming years. In addition, our recently negotiated £65m international banking facility with HSBC and RBS, enables us to fund projects and support payrolls globally.”