Air Energi report substantial growth

Manchester-based Air Energi Group have revealed another year of substantial growth.

The services provider to the oil and gas sectors reported turnover of £290m, up 39% year-on-year and gross profit of £34m, up 35% year-on-year.

Air Energi operates across 35 international locations and employs over 400 staff, servicing major clients such as Shell, Total and ExxonMobil.

The firm is on target to exceed its target of doubling turnover by 2015, following a five-year period of expansion.

Ian Langley, chairman at Air Energi, said: “The fact that Air Energi continues to grow at such a rapid pace is testament to the superior services we provide for clients, as well as our scalability in the face of an ever expanding and evolving global oil and gas industry.

“Central to our success is our ability to provide high quality support to client operations not just in mature markets but also in more remote, less well-developed locations, as these regions become increasingly prominent within the global energy supply chain. Though growth has been strong across our whole business, we are seeing particularly strong growth in Iraq, Australia, Papua New Guinea, Kazakhstan and the Middle East more generally.

“Whilst a buoyant oil and gas sector has been a factor behind our expansion – not least the rise of Liquid Natural Gas as an important market for global gas supply – the numbers demonstrate that we are growing faster than the industry as a whole, and taking market share from competitors. We expect to be able to build on our impressive growth record as oil and gas companies find themselves in increasing need of support on a truly international scale.

“Another big factor has been the welcome support of our private equity partners LGV and our banking partners HSBC and RBS. Our growth record combined with LGV’s financial experience and capacity should put us in a position to substantially grow organically and through acquisitions in the coming years. In addition, our recently negotiated £65m international banking facility with HSBC and RBS, enables us to fund projects and support payrolls globally.”