Chairman's Statement

2008 marks another important milestone in our Group’s attainment of our vision - to be the leading integrator and market consultant in the energy sector. After hiring experienced leaders for each of our five divisions (of Automation, Chemicals, Drilling Services, Rotating Equipment and Technical Resources) over the last 2 years, we are now visibly benefiting from the synergies between these groups and our Consulting activities. For example, our Technical Resources team, in collaboration with our Consulting activities, now offers complete manpower contracting solutions in Kazakhstan and Libya which include the design and build of camps, camp operations and maintenance, as well as manpower contracting as one package. The synergies between our Automation and Rotating Equipment divisions have resulted in several joint bids in Iraq. Our Drilling Services capabilities now allow us to offer services and form partnerships in South East Asia as well as South America. With this impressive growth, it is our challenge to maintain our team-based culture and risk management techniques to continue to steer us safely through our industry’s cycle.

As before, I stress that we will continue not to seek maximum short-term profits, but, in our opinion, rather more worthwhile goals of providing added value products and services, at competitive prices, while developing business, enhancing standards and creating jobs where these are still desperately needed.

By learning more from our setbacks than our victories, our Group is now not only strong technically and financially, but enjoys an excellent reputation with our clients and partners. All of us are proud, as indeed we should be, to pioneer ventures in difficult areas, regions and markets, especially through volatile times. Our strategy to focus on our core business of Integration continues to pay dividends. It is in demand and we have the strong support of our clients, National and International Oil Companies, as well as the relevant Government agencies.

As for the future, the pressure for expansion is strong, but care needs to be taken to maintain our excellent standards of operations and service. After all, we are always seen to be only as good as the last job we have completed. We are well on track to reach our five year goals (including building our turnover to over $250 million), and I would like to take this opportunity to add a number of new targets, including:

  • expanding our involvement in carbon credit projects;

  • growing our Far Eastern based businesses and M&A activities to meet the local content needs of these important markets;

  • expanding our financial services capabilities to provide more points of service for our clients, including trade finance, project finance and vendor financing.

The Unaoil Group will continue to develop and expand its role in the Energy Sector. Now, more than ever, we are proud to be instrumental not only in the cost-effective economic and technological development that we offer our clients, but also in the added social and intellectual value. I would like to thank our customers, partners and our team of dedicated executives and employees for their commitment, loyalty and support. The future looks extremely promising.

Ata Ahsani
Chairman
The Unaoil Group of Companies