PSN, the Aberdeen-based global energy service company, said yesterday it had shown strong resilience in adverse and uncertain economic circumstances and in a low-oil-price environment during 2009.
Chief financial officer Duncan Skinner said: “We are extremely pleased by our overall business performance in 2009. We continued to win new contracts, renew existing business and add to our order backlog, which remains robust through 2014.
“Although at first glance our revenue is less than last year, on a like-for-like basis, adjusting for exchange-rate fluctuations, we achieved a 10% increase while maintaining our level of backlog.
“We also expect double-digit growth in earnings before interest, taxes, depreciation and amortisation (ebitda) to continue.
“PSN’s business is mainly focused on the operational expenditure market and the company was therefore insulated to a large degree from reduced global capital expenditure in the energy sector in 2009. We continued to win contracts across the world, most notably with BP in the North Sea, where PSN is now BP’s single engineering and construction contractor, and with other key customers including ExxonMobil, Agip and Lundin Petroleum.
“We have started 2010 with great enthusiasm and have already won major contracts with Nexen in the North Sea and with ExxonMobil in Australia and Canada.
“The new business pipeline remains full and we are confident that our business will grow further through the course of this year.”
Mr Skinner added that business in the UK North Sea was holding up well and there were many years of good work still to come from the UK, but higher margins and growth opportunities were better internationally.
He said PSN had been investing in business development in areas including north Africa, America and Russia.
PSN reported ebitda of £55.88million for 2009, compared with £49.4million the year before.
Revenue for the year was £752.94million, down from £811million in 2008.
PSN also said its order backlog at December 31 was £1.54billion, against £1.55billion 12 months earlier.
The company operates in 26 countries and five continents, with a workforce of about 8,000. It was formed in May, 2006 when the management team, led by chief executive Bob Keiller, completed a £180million buyout from KBR, a unit of the Halliburton Group.