Monday, 18 November 2019

Finance News

Harvey Gulf Increases EBITDA by 33% in 3rd Quarter

Harvey Gulf announces that it increased EBITDA by 33% in the 3rd quarter. The Company attributed the increase to a continued, successful international expansion. However, the Company also warned the end of downturn is still years away, and the industry needs further consolidation and SG&A reductions.

CEO Shane Guidry commented, “The positive 3rd quarter results are certainly attributable to Harvey Gulf’s expanding global operations. Today we are working successfully in Trinidad, Guyana, México, Nigeria, Suriname, Gulf of Mexico, and California. We also just won work in two additional South and Central American countries, which will be announced in the near future.”

Guidry further commented, “Consolidation should be a focus of investors, as this is the best way to outlast this downturn, eliminate more costs, improve margins and produce better returns. This industry can, and will, produce meaningful returns once this downturn ends, which I expect sometime in late 2021 to mid 2022.”

We aim to keep you updated weekly with relevant information concerning the Offshore Energy Sector.

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