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By Chinwendu Obienyi
The Board and Management of Global Spectrum Energy Services Plc (GSES) has said it will re-strategise its operations to leverage on new opportunities in the oil and gas industry to create value for its shareholders.
The company stated this during its Annual General Meeting (AGM) which held in Lagos recently and noted that despite the current position of the economy, it is ready to take advantage of its current positioning in the industry to explore other opportunities that will boost growth in the fortunes of the organisation.
Speaking during the meeting, the Chairman, GSES Plc, Osahon Idemudia, said that current developments in the industry had made it imperative for the company to take proactive steps that will ensure its continued growth.
According to him, the business of the company was impacted negatively due to COVID 19, flare-ups, diminished policy support, and lingering supply bottlenecks.
Whilst noting that there has been continued recovery in the price of oil with average oil price at $70 and a year high of $85, Idemudia said the company was unable to benefit from this upswing due to the off hire on some vessels in the IOC contracts following dormancy of activities that has remained in the industry.
A review of the company’s performance for the year ended December 31, 2021, showed a marginal growth of 1.89 per cent in total assets to N5.87 billion from N5.76 billion accounted for in the previous period of 2020.
The company’s revenue dropped by 12 per cent to close at N1.95 billion from N2.22 billion, just as profit for the year fell by 39.5 per cent to end the year at N127 million down from N209.8 million accounted for in the previous year.
