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Sunday, 20 July, 2008, 02:20 GMT | more prices >>

Boots & Coots profit tumbles

By Upstream staff

Boots & Coots International Well Control saw its net profit fall by 33% last year due to start-up costs incurred from the outfit’s expansion activities.

Net income for the year ending December fell $3.9 million from 2006 levels to $7.9 million as the company forked out $2.4 million for global expansion compared to no start up costs the year before.

The US-based company entered the pressure control rental business and expanded its service offering for workover and prevention activities, Boots said today.

Revenues were up $8.3 million from 2006 levels to $105.3 million for last year, as the outfit settled a contract with the Qatar national oil company and saw higher returns on the home front from the purchase of StassCo in the Rocky Mountains.