Partner Article

Wellstream bolstered by strong performance

OIL and gas pipeline firm Wellstream yesterday said its performance this year had so far been “encouraging” despite challenging conditions.

The Walker-based group’s order book has improved since the year-end with a number of key awards, particularly in Brazil, where it has seen the award of over £80m of contracts.

Non-Brazilian activity amounts to £30m of contract wins spread across various geographies.

These contracts, and revenue earned to date, support over 75% of 2010’s of the firm’s anticipated revenues and leave order backlog in excess £190m.

The Group has also secured a three-year Framework contract from Statoil, for the design and manufacture of flexible pipe products for projects offshore Norway.

Chairman John Kennedy said: “Overall, trading remains in line with the Board’s expectations and the level of award activity currently being experienced, particularly in Brazil, gives the Board confidence in the outlook for the business.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .