Published: 05 April 2015 @ 06:48
It is with great pleasure that I take this opportunity to share our annual financial results with you.
I am proud to tell you that 2014 was a strong year for our company, with an increase in reported EBITDA by 38% and PAT by 362%, and I’d like to say a sincere thank you to every member of the P&O Maritime family that made this happen.
Your contribution shouldn’t be underestimated. P&O Maritime is more than just vessels; we are a team of over 1,100 people, all working together to achieve our strategic vision. Today’s strong results show that this strategy is the right one: focussing on providing tailored services in the oil & gas and port marine services, supported by a region with experience in polar and specialised cargo servicing. We are also expanding the life cycles of our existing assets and continuing to invest in our people, innovation, technology and new fleet supported by long term contracts.
We remain flexible in our approach and locations of our services and our balance sheet is becoming stronger, which is vital if we are to continue providing our customers with the best possible service.
During 2014, P&O Maritime’s strategic investment was an acquisition of the majority stakes in REPASA, a medium size Oil & Gas Marine company providing us with the platform for global growth in this field.
We also secured a few other businesses like YLNG, RTA Dubai water services, HT tanker resulting in increase of our fleet by 36 owned or managed vessels across the globe. By the end of 2015 we expect our fleet to exceed 90 vessels and over 150 vessels by 2020 (this figure does not include 60 jumbo barges).
2015 will mark the 179th anniversary since P&O was formed. We have a rich and turbulent history of ups and downs but thanks to our dedicated and skilled employees, capable management and support from our visionary board we are again on the path of growth and sustainability.
Where we are today would not have been possible without our ability to excel, adapt and innovate.
To ensure we continue to grow and become leaders we have tagged 2015 as a year of innovation. Each and every one of you has a voice and we must ensure these voices are heard. For every situation where you say ‘we could do this better,’ I want to make sure there are platforms for your ideas to be shared. Let’s encourage open dialogue so people are empowered to challenge the norms and make improvements to the way we work, no matter how big or small, and regardless of job title.
Let’s start asking ourselves “Why are we doing what we do?” before looking into how and what!
Last but not least, a word on safety. While today we’re celebrating our strong annual results, let’s not judge our success purely on our volumes and profits. Success is also measured in the safety of our people and third parties engaged with our operations.
During 2014, I'm proud to state that we did not encounter any fatalities although we had one serious injury which can only be seen as a failure. At the end of this year I want to be able to congratulate you all on a fatality and injury free year, and every year after that. Please work with me and each other to make this happen.
Thank you again for the part you played in P&O Maritime's successful 2014. I look forward to working with you during this challenging year to further excel and continue our good work.
Rado Antolovic, Managing Director