UK pipeline specialist STATS upbeat on Mideast contract wins

SourceTrade Arabia
SectorFinancial Markets
CountryGCC

UK-based pipeline technology specialist STATS is expecting a steady revenue growth for 2020 despite the Covid-19 impact mainly due to its string of contract wins in the core Middle East markets of UAE, Oman, Kuwait, Saudi Arabia and Qatar.   The UK group's milestone achievements in 2019 included completing a key project in Saudi Arabia utilising the company’s patented BISEP technology, establishing an operational facility in Muscat to support work with Petroleum Development Oman, and successfully delivering a technically challenging large-diameter isolation project in Qatar.   Despite the impact low oil and Covid, STATS said it was confident its 2020 performance and activity levels would be broadly consistent with those of 2019.   STATS said had generated revenues of £39.1 million ($51.5 million) and Ebitda earnings of £5.6 million ($7.3 million) according to its annual accounts ...read more...