The company posted its annual results (year end to 28 February 2019), reporting that pre-tax profit has increased from £365 000 to £2.3 million.
The figure represents the return to a determined strategy of internationalisation for Exceed - particularly in West Africa - as Exceed Well Management in Ghana continues to regain momentum. The company has displayed its commitment to the region with the addition of nine local graduate trainees and has broken new ground with inaugural £multi-million contract wins in both Gambia and Guinea Bissau.
In addition to a profitable West African presence, Exceed has also reported increasing success in both South America and the Middle East, as well as a recent new project in Mozambique.
Ian Mills, Exceed Managing Director explains further: “The core elements of our business - Well Management and Performance Improvement - have always been eminently exportable; prior to the recent industry crash, approximately 85% of Exceed activity took place overseas.
“In response to these challenging times our business consolidated, with the North Sea providing a similar percentage of our work. However, as confidence within the oil and gas market has improved, we are now making a return to the previous proportion of international activity, whilst continuing to service drilling and late life contracts closer to home.”
The Fast Track 100 ranks Britain’s 100 private companies with the fastest-growing sales over their latest three years. Ranked 71st this year, Exceed is set to continue its upward trajectory during 2020, not least through the material growth of the company. Following the acquisition of pressure drilling experts, Managed Pressure Resources in June 2019, the company has, this week, announced the establishment of Exceed Norge and Exceed Mexico – both of which commence trading in January 2020.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/10122019/exceed-posts-record-results/
You might also like
Equinor sells its Nigerian business, including its share in the Agbami oil field, to Nigerian-owned Chappal Energies.