Baker Hughes’ income for 2004 was $528.2 million (up from $177.9 million in 2003). Chairman Chad Deaton said, ‘2004 was an excellent year for Baker Hughes and we expect 2005 to be an even better. The oil industry has recognized the need to invest to meet consumer demand, offset depletion, rebuild inventories and restore productive capacity. We expect customers’ investments to grow in Russia, the Caspian area and in the Middle East and to remain strong in North America.’
CGG’s un-audited 2004 total revenues are estimated at €693 million, up 13% in euros and 25% in US$ over 2003. A weak dollar is making life hard for CGG and other non-US operators. A recent Standard & Poor’s study revealed that 85% of CGG’s billings are in dollars, but 50% of its costs are in Euros. A 10 cent difference in the exchange rate translates to a $15 million reduction in CGG’s EBITDA.
Computer Modelling Group (CMG) reported revenues of $10.5 million for the nine months to December 31, 2004, 15% up year on year. CMG’s total software license revenues were $7.9 million.
Fugro’s un-audited figures show turnover of approximately €1.02 billion for 2004, up from €0.83 billion.
Input/Output reported a net loss of $3.0 million, on revenues of $247.3 million for 2004 compared to a net loss of $23.2 million on revenues of $150.0 million for 2003. Two acquisitions, GXT and Concept Systems, added revenues of $59.1 million in 2004 and combined were ‘marginally profitable’. VectorSeis System sales amounted to $31 million during 2004. Fees associated with Sarbanes-Oxley compliance added over $1 million in cost. CEO Bob Peebler said, ‘For 2005, we are more closely aligning sales and product responsibilities and are focusing on E&P companies and contractors who want better seismic results. We expect 2005 revenues to range between $320 and $365 million.’ I/O recently completed a private placement of $30 million of a newly designated class of preferred stock to Fletcher Asset Management unit Fletcher International.
Privately held OSIsoft does not publish its financials but president Mark Hughes said the company was ‘riding the crest of a banner year’ in 2004. In 2005, OSIsoft, a.k.a. the ‘PI guys,’ is to reinforce and expand its partnerships, taking advantage of Cisco’s dominance on the Ethernet factory floor, and Microsoft’s Information Worker strategy. OSIsoft also plans to become ‘an integral part of customers’ SOA and IT strategies.’
TGS Nopec reported consolidated net revenues for 2004 at $ 171.6 million, up 25% from 2003. CEO Hank Hamilton said, ‘These results set new records for net revenues and earnings. Current market conditions give us reason for continued optimism in growing our business.’ TGS’ non-exclusive seismic activity accounted for 87% of business while its A2D digital well log unit accounted for 7% of 4th quater. consolidated net revenues. A2D completed its integration of Riley Electric Log and achieved its goal of 30% full year revenue growth. Of the 1.8 million wells in the hardcopy inventory acquired with Riley, 1.3 million now have digital raster images. According analysts, oil companies plan to up E&P spend in 2005 by between 6% and 15%.
Finnish IT behemoth TietoEnator has spotted the turn around and is to direct its development investments towards the oil and gas sector, where it plans to expand its customer base. In 2004, Energy Components, the unit’s spearhead product family, ‘continued to develop positively’ and these systems were delivered to several oil and gas industry customers around the world.
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