In 2014, GSP should get close the about EUR550 million record revenue of 2010, when its business grew on the back of a $270 million contract awarded by Gazprom to build an 159 kilometer undersea pipe.
GSP’s customers include Russia’s Gazprom Neft, Wintershall (Germany) or Pemex (Mexico). Two of Comanescu’s offshore rigs are now in Mexico, one is in the North Sea and one in the Barents Sea.
The latest data provided by the company show its revenue should reach 1.3 billion lei (EUR292 million) this year, an increase of approximately 70% on last year, and RON171 million net profit, almost 20% higher than in 2012.
“The plan is to double the fleet because it is a warm market out there. We have six rigs now and are thinking of expanding to 12 plus two deep water drilling vessels,” Gabriel Comanescu said.
“A second-hand offshore rig usually costs $100 million on average and a new one may cost as much as $220 million. Vessel prices range from $200 million to $600 million. We are thinking of buying four second-hand and two new rigs, a second hand vessel and a new vessel.”
The new equipment will allow GSP to expand into deep water drilling and related operations. The Constanta businessman says this is precisely the market to be on.
“When you go into deepwater, that’s when the money starts coming in. Our big development step is towards the deepwater segment.”
The businessman is considering several options to carry his plan through, from loans from abroad to buying rigs already under contract and rules out the option of floatation on the Bucharest Stock Exchange or bringing a foreign shareholder into his business.
“No one tries to buy me because they know the answer.”
(English version by Loredana Fratila-Cristescu)