AFRICA Oilfield Logistics, the Aim-listed oil and gas support services and logistics company, announced yesterday it had bolstered revenues thanks to its primary investment in Ardan Risk & Support Services.
The company said it had revenues of approximately $9.5m (£5.5m) for the four-month period ended April 2014, representing an annualised run rate of $38m and a 65 per cent increase on the unaudited 2013 revenue of $23m.
Carl Esprey, chief executive officer of Africa Oilfield, said: “Increasing the year-on-year revenue run rate by 65 per cent is a tremendous achievement, which can be attributed to the important structural changes made within Ardan and the key management appointments at Africa Oilfield in recent months.”
Africa Oilfield Logistics acquired a 49 per cent interest in Ardan Risk & Support Services in August 2013, with operations currently in Kenya, Ethiopia and Mauritius.
In a trading report, it said that strong trading environment in the East African region may offer Ardan the opportunity to consider future expansion into Madagascar and Djibouti.