The offshore drilling company, however, has a difficult 2015 to cope with as cheap oil made major oil companies cancel investment.
Grup Servicii Petroliere posted RON1.2 billion revenue last year, almost 25% higher than in 2013 and net profit of RON151 million, according to Finance Ministry data. Company officials did not comment on the results.
Early this month the company announced financial results reported under IFRS and provided some explanations about the performance of its business. According to IFRS, the company posted $384 million revenue and $67 million EBITDA. At the time, the GSP officials said the good results were because the market benefited from the rise in the oil price early in the year. In mid-June, oil had reached $115 only to fall to less than $50 by the end of 2014, without having recovered ever since.
Under the circumstances, the company devised a more conservative budget, taking into account an about 20% decline in revenue this year. Cautious estimates factored in a postponement or cancellation of a number of drilling projects, which became unsustainable for the major oil companies.
Grup Servicii Petroliere has a fleet of eight offshore drilling rigs in addition to several offshore construction vessels.
(English version by Loredana Fratila-Cristescu)