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Wellstream warns over future figures as contract awards look more uncertain

17 November 2009

Oilfield services group Wellstream warned today that uncertainty over the timing of new contract awards outside of its core Brazilian market was likely to impact on earnings in the first half of 2010.

In an update for the period from July 1 to November 17, Main Market-listed Wellstream said that trading was still in line with expectations and that its second half figures would be better than last year.

The company recently acquired the lease on land adjacent to its Niteroi production plant in Brazil which will give it operational efficiencies, scope to offer key customers logistics support and space to expand production capacity further as demand requires.

It also recently sold its onshore FlexSteel business to Prime Natural Resources Inc for approximately US$30 million.

Key contract awards in Brazil under a framework agreement with Petrobras, along with background activity elsewhere, means the company’s current backlog stands at £170 million. Nevertheless, the uncertainty over contract awards next year has led the company to focus on improving cost efficiencies.

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