ITS Group investment lifts turnover

OIL and gas services company ITS Group has seen the benefits of continued investment reflected in a 22 per cent rise in turnover to $163.1 million (£101m) and EBITDA rise from $33.5m to $43m in the year to the end of December.

After two years of what chief executive Scott Milne called “challenging market conditions” the Aberdeen firm has seen improving activity levels that have helped to stabilise operations and create an improved business environment.
He said: “Lower utilisation and volatile pricing weighed heavily on our 2010 results. It is pleasing that 2011 saw more stable markets and a return to growth for ITS.

“Growth in international rig counts is eating into capacity in the service industry, an environment that will support a recovery and stability in pricing.”