International oilfield services company, Expro, posted its annual results for the fiscal year ending March 31, 2015. The company has posted headline revenue of $1.3bn, down 5.6%, and EBITDA, down 15.1% compared the fiscal year ending March 31, 2014.
Despite a challenging global energy market, Expro has seen positive revenue performance across some of its regional operating areas.
Asia, Middle East and North Africa (AMENA) achieved the highest growth in revenue, up 13.3% to $415.6m, compared to the prior fiscal year. This performance was led by the Middle East and North Africa, following strong results in Saudi Arabia and Algeria, on the back of contracts awarded at the end of the last fiscal year.
The company also saw strong performance in Asia, with new contracts in Australia and Brunei. Revenue earned by our Production Testers International (PTI) business was up on higher sales from early production facilities equipment.
North and Latin America (NLA) revenue was up 0.8% to $327m compared to the prior fiscal year as a result of sustained performance in North America. This was partly off-set by reduced revenue in Brazil following lower well test activity, and decreased overall exploration and appraisal activity.
Europe Commonwealth of Independent States (Europe CIS) revenue was down 14.8% to $301.2m, compared to the prior fiscal year, primarily as result of decreased well test and subsea activity in Norway and the UK, where customers have been tightly managing their costs throughout the year. This was offset by growth in CIS, driven by Kazakhstan and the start-up of a new subsea project in Azerbaijan.
Sub-Saharan Africa revenue was down 7.5% to $262.6m compared to the prior fiscal year. This was driven by Angola but offset by lower activity in the Gulf of Guinea and East Africa as a result of lower exploration and appraisal activity.
The company has focused on collaborating with customers to increase efficiency and manage costs across the business, while maintaining the highest levels of safety and service quality. This has allowed Expro to proactively manage its portfolio through the downturn, winning key contracts with customers.
