28 January 2011 – trading statement

The company has issued a trading statement covering the year to 31 December revealing that results for 2010 are expected to be in line with forecasts.  The second half of the year saw activity levels increase and Tasman Oil Tools, which was acquired last July, will make a significant contribution to the results.  The group has started 2011 with a much larger hire fleet than last year as well as greater geographic coverage and with the global economy being more vibrant the company is expecting another good year in 2011.  The shares still trade on a p/e ratio of under 10x for both 2010 and 2011 and remain a BUY.