NGS to Expand Fabrication at Midland
Fleet operator reports 22% jump in 2013 rentals
Natural Gas Services Group Inc., coming off a 22% increase in compression rentals during 2013, will begin construction within 30 days to expand its Midland, Texas, fabrication facilities.
The company said the addition, which will be completed in mid-summer, will enable it to increase its rental compression fleet.
That announcement came as the company disclosed its 2013 earnings.
“I’m happy to report that we had some double-digit gains and record-setting performance,” said Stephen Taylor, president and CEO. “Rental revenues increased 22% to a little over US$69 million and net income and EBITDA (earnings before interest, taxes, depreciation and amortization) were both up 13% for the year.
“This quarter’s elevated rental overhaul expenses are at the same level as last quarter, but remain within our typical operating range; however, as we have seen in the past we expect those to be recouped in added rental revenue over the next few months,” he said. “We think 2014 will be a growing year.”