Northbridge Industrial (LON: NBI) in it’s latest interim results announced that Tasman EBITDA turned positive for the first time in five years. The strongest recovery is being experienced in Australia, which is now the largest exporter of LNG in the world and is also beginning to invest further in its local gas market. Tasman has improved its share in this market over the downturn by focusing on quality, service levels, customer relationships and selective capital investment.
In total, our oil tool rental operations in Australia, New Zealand, Asia Pacific and the Middle East have seen a sea change in their fortunes as the price of crude oil has stabilised and exploration and production activities begin to recover. This has been most noticeable in Australia where there is a renewed focus on gas and LNG exports
Northbridge Industrial Services CEO said,
“These points are great news for Northbridge as it will lead to further oil tool rental opportunities in the Australian LNG sector while contributing in the reduction of greenhouse gas emissions domestically and globally.”
Analysts at Shore Capital said,
“We believe operational leverage should continue to drive recovery in profits and cashflow and present the relatively strong group with market opportunities.”
