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TheStreet Open House

Frank’s International N.V. Announces Record Second Quarter 2013 Results

Stocks in this article: FI

D. Keith Mosing, Chairman, Chief Executive Officer and President commented, “I am very pleased with the record quarterly results we reported in 2013’s second quarter, which included strong revenue, Adjusted EBITDA and earnings growth, due to continuing strong demand for our services and products worldwide. Our offshore operations in the deepwater Gulf of Mexico, as well as our international offshore operations, were key contributors to our revenue and earnings growth.”

Mosing continued, “Our recent IPO has made Frank’s an even stronger company. We now have the financial strength to continue our organic growth as well as pursue select additional acquisitions that we believe will complement our current service and product offerings. Looking ahead, we see continued strong demand for our services and products for the remainder of 2013, particularly offshore both in the Gulf of Mexico and other deepwater basins worldwide.”

Segment Results

International Services

International Services revenue from external sales was $120.9 million in the second quarter of 2013, up 9.4% compared to the first quarter of 2013 and up 5.6% compared to the second quarter of 2012. Year- over-year revenue growth reflects increased service volume due to additional contracts and increased demand for FI’s services from existing customers.

Segment Adjusted EBITDA of $54.4 million was up 8.9% compared to the first quarter of 2013 and down 6.3% compared to the second quarter of 2012. Segment Adjusted EBITDA was down year-over-year mainly due to higher compensation expense, additional bad debt expense, and an increase in management fees, which were partly offset by the growth in revenue.

U.S. Services

U.S. Services revenue from external sales was $115.6 million in the second quarter of 2013, up 18.5% compared to the first quarter of 2013 and up 8.6% compared to the second quarter of 2012. The year-over-year increase was due to higher offshore services provided on production platforms, partly offset by decreases in onshore services as a result of the 10% decline in average onshore rig counts in areas in which FI operates.

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