Heavy haul transportation and crane solutions provider, Entrec, has reported a 30 percent revenue increase in 2017, up to USD148.7 million from USD114.1 million in 2016.
Entrec has cited the company's significant growth in its US operations as the main driver for its revenue increase in 2017.
The company's US revenue for the year ended December 31, 2017 increased to USD53.4 million, up from USD16.9 million in 2016. Entrec's 2016 expansion into the Permian Basin of western Texas, combined with increased activity levels in North Dakota, were the primary drivers of this growth.
Entrec also achieved higher activity levels in Canada from several sectors, including oil sands maintenance, repair and operations (MRO), conventional oil and gas, and power. However, this growth was offset by a significant decline in construction-related activity in the Alberta oil sands region.
"Moving into 2018, the outlook for our business is positive," said John M. Stevens, Entrec's president and ceo. "Growing demand for our services in a recovering oil and gas sector is leading to both increased utilisation levels for our equipment fleet as well as higher customer pricing.
"Assuming the price of oil can continue to stabilise as 2018 progresses, we should continue to see higher industry activity levels in both western Canada and the USA that should result in further customer pricing improvements. These improvements, together with executing on our strategy to grow through geographic and industry diversification, should result in significant improvements in both revenue and adjusted EBITDA in 2018."