8th Jul 2014 09:21
LONDON (Alliance News) - Africa Oilfield Logistics Ltd Tuesday said it has further invested in Ardan Risk & Support Services following strong yearly run rate and revenues figures in the four months of 2014.
The support services and logistics company for the oil and gas industry in Africa said it has now expanded the civil engineering team at its primary investment, Ardan, with an additional 80-man well pad construction team, doubling its operational capacity.
The company added that it has acquired two new mobile containerised camps to be used by the Ardan team, improving efficiencies and operational output for the developing company.
Africa Oilfield said that the new construction teams and containerised units are now being mobilised to Kenya, which is a hub for oil exploration.
"These developments have doubled our operational capacity and greatly increased our efficiency in order to facilitate the rapid roll out of well pad construction," Chief Executive Carl Esprey said in a statement.
At the end of June, Ardan Risk & Support Services saw revenue of around USD9.5 million in the four months to end-April, following a period of restructuring, representing a yearly run rate of USD38 million, and a 65% increase on its unaudited revenue of USD23 million in 2013.
At the time, Africa Oilfield said that the operational restructuring of Ardan had been completed, leading to improved key performance indicators and financial performance.
The company said Ardan was now ideally positioned to capitalise on the rapidly expanding energy and natural resource industry in East Africa.
Africa Oilfield shares were up 3.9% to 10.00 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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