Add Energy is showing strength in a challenging market

Add Energy delivered a good EBITDA result for the first nine months of 2014 compared to the same period last year, and the company has secured new work scopes and contracts despite challenging times and general uncertainty in the industry

Add Energy delivered a good EBITDA result for the first nine months of 2014 compared to the same period last year, and the company has secured new work scopes and contracts despite challenging times and general uncertainty in the industry. “This is a good example of the how oil & gas industry remains a good place to be for well positioned service companies despite the current focus on falling oil prices and falling activity levels”, says Stig H. Christiansen, CEO.

EBITDA per Q3 (September) 2014 is about 8% better than for the same period last year despite a drop in revenues of about 8% in the same period. The drop in revenues is largely driven by one part of the company that is directly impacted by the currentcost focus and activity drop on the Norwegian shelf.

“We believe this illustrates that add energy’s investments over many years into a wider portfolio of products and services, a wider client base and international presence has provided a solid platform that adds both robustness and opportunities to the company”, says Stig H. Christiansen, CEO. The company maintains a good order backlog and has secured a series of contract extensions and new work scopes for clients like Statoil, Tullow, Woodside, Shell, BP, VNG, Lundin, ConocoPhillips, Inpex, Chevron, ENI, Petronas and Teekay.