Integra Group announces its Interim Management Statement for 2008. The Group’s performance to date has been in line with management expectations. We continue to see and experience good market fundamentals on an overall industry basis which was reflected in the Group’s absolute revenue growth and increase in profitability relative to the same period last year. The business continues to be seasonal in nature, with the first three months having the lowest contribution to the annual result.
Preliminary unaudited financial and operating highlights for 2008 are indicated below. The financial and operating data is based on the latest available interim management assessment only (three months ended March 31, 2008) and has not been reviewed by external auditors.
1st 3M 2008 Financial Highlights
Sales increased by 70.8% to US$ 375.5 million (vs. US$ 219.8 million during 1st 3M 2007)
Adjusted EBITDA1 rose by 124.9% to US$ 39.8 million (vs. US$ 17.7 million during 1st 3М 2007)
Adjusted EBITDA margin was 10.6% (vs. 8.1% during 1st 3M 2007)
Adjusted EBITDA margin by segment was :
Drilling, Workover, IPM and Technology Services segment: 7.8% (vs.8.2% during 1st 3M 2007)
Formation Evaluation segment: 21.9% (vs. 20.9% during 1st 3M 2007)
Equipment Manufacturing segment: 18.8% (vs. 7.1% during 1st 3M 2007)
Capital expenditures for 1st 3M 2008 were US$ 55.9 million (vs. US 37.0 million in 1st 3M 2007)
Net Debt as of March 31, 2008 amounted to US$ 382.0 million.
Gearing2 was 34.2% at March 31,2008 (vs. 31.7% at the end of 2007)
1st 3M 2008 Operating Highlights3
79.4 thousand meters drilled (vs. 88.2 thousand meters during 1st 3M 2007)
39 wells completed (vs. 38 wells during 1st 3M 2007)
623 workover operations conducted (vs. 494 workover operations during 1st 3M 2007)
11.2 thousand km of two-dimensional (2D) seismic surveys carried out (vs. 7.8 thousand km of 2D seismic surveys during 1st 3M 2007)
4.4 thousand sq. km of three-dimensional (3D) seismic surveys carried out (vs. 3.1 thousand sq. km of 3D seismic surveys during 1st 3M 2007)
3.6 thousand logging operations conducted (vs. 3.9 thousand during 1st 3M 2007)
Number of heavy drilling rigs in production increased to 25 rigs (vs. 8 in production at the end of 1st 3M 2007). Three rigs were delivered to the customers in 1st 3M2008 ( vs. nil in 1st 3M2007)
Source: Integra
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