This year’s revenue should grow by 70%, the company says. Exports generate about 90% of GSP’s revenue.
The 70% growth of the company owned by Gabriel Comanescu, 45, the richest man in Constanta (Black Sea harbor in SE Romania) and one of the most powerful local entrepreneurs, should come as a result of the contracts won in the Gulf of Mexico, the North Sea and the Artic area from customers like Gazprom, Wintershall and E.ON.
There are few companies in Romania that can match the size of GSP and managed to tap into foreign markets by performing work that entails a high level of technological expertise, such as required in the hydrocarbon exploration and drilling industry.
GSP’s fleet includes seven drilling rigs, in addition to nine multifunction vessels, according to the corporate website, which allowed the businessman to also expand into maritime construction.
Comanescu prefers to keep a low profile and constantly turns down requests for media appearances, having held only one news conference so far.
“We sold the unproductive equipment and shifted focus to new markets,” says Radu Petrescu, communication director of the Upetrom group, commenting on last year’s performance.
The group also made a series of changes in the management structure, Petrescu added.
GSP said it budgeted more than RON1.3 billion revenue for 2013, up almost 70% on 2012 and RON171 million net profit, almost 20% higher. The increase is because of the increase in exports, which stood at RON670.2 million last year and should reach RON1.2 billion this year.
“Our company signed several new contracts for maritime drilling, shipping and offshore construction services on both its traditional and new markets: the Gulf of Mexico, the North Sea, the Pechora Sea,” Radu Petrescu explains. (EUR1=RON4.5224)
(English version by Loredana Fratila-Cristescu)