Global energy company PSN is expecting a surge in profits this year. The Aberdeen-based group released an operational update yesterday for the first nine months of 2009.
PSN said its performance this year had been resilient through tough economic conditions and had shown it could perform in both low and high oil-price environments.
It added: “The company is now exceptionally positioned for future growth, with its core focus remaining on further consolidation in the UK and investment in international expansion.”
Turnover in 2009 is expected to be about £720million, compared with £663.5million last year.
Earnings before interest, tax, depreciation and amortisation are anticipated to be about £56million, well ahead of expectations and more than £15million better than the 2008 figure.
Its order book is at about £1.5billion and this is expected to increase by the end of the month.
Chief financial officer Duncan Skinner said: “We have been delighted with the resilience of the business this year, which we attribute to working in line with our core values and showing unerring focus on delivering for customers.
“In these tough economic times we take on a vital responsibility with our customers in the provision of engineering and other services in the oil and gas industry.
“Our goals are to help our customers maximise their economic strength, to develop new and transparent systems to improve efficiency across our customers operations and to challenge established practices and norms to improve safety for all staff. It is testament to the successful delivery of these working practices that we have retained work, won a series of significant new contracts in 2009 and extended our order book.
“We are very confident in our ability to continue our growth trajectory in 2010 and beyond and we are working hard across all of our operations to achieve this.”
Mr Skinner said PSN could make some modest acquisitions next year.
The firm – which employs about 7,500 people – was founded in May 2006.
Management of KBR Production Services took ownership of the operation from US oilfield service giant Halliburton in a deal worth more than £150million.
There has been frequent speculation that PSN will go for a stock market flotation, but Mr Skinner was giving little away yesterday.
“We are still looking at our options,” he added.
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