JDR Reports Record Results for the Nine Months to 30 September 2012

LONDON, November 12, 2012 /PRNewswire/ --

JDR, a leading provider of technology connecting the global offshore energy industry, is pleased to provide an update on its trading performance for the nine months ended 30 September 2012.

    JDR Cable Systems          9 months to September 12  9 months to September 11
    (Holdings) Ltd          
    Revenue                    GBP85.6m                  GBP49.0m

Highlights

• Record revenue of £85.6m (an increase of 75% from the equivalent period last year)
• Record EBITDA performance driven by higher revenue and productivity improvements
• Significant recent events include supply deals with the German offshore wind energy company WindMW GmbH and with Swiber Offshore Construction Pte Ltd for the Brunei Shell Petroleum Champion Field, and the completion of major oil and gas projects for Santos in Australia and China National Offshore Oil Corporation (CNOOC)
• Strong cash flow generation and enhanced financial flexibility following repayment of all senior bank debt in 2011
• A change in financial year-end to 31 December, commencing in December 2012

Andrew Norman, Chief Executive of JDR, commented:

"JDR has delivered a strong performance in the first nine months of 2012, with revenues increasing by a record 75% to £85.6m.  These results were driven by strong demand across all of our product lines, in particular demand for longer and larger subsea umbilical and power cables.  We have also seen improved productivity following significant investments in our new manufacturing facility in Hartlepool and across the business in general.

"We are confident that the Group will continue to deliver strong results to 31 December 2012, and we expect market conditions to remain favourable.  JDR is well positioned to deliver strong revenue and earnings growth from its diverse portfolio of products in 2013."

About JDR

JDR is a leading provider of technology connecting the global offshore energy industry. Our products and services enable vital control and power delivery to offshore oil, gas and renewable energy systems.

The world's major energy companies and subsea service providers depend on high performance subsea control umbilicals and subsea power cables that operate in the world's harshest offshore environments. JDR invests in state-of-the-art manufacturing facilities, technology and people to deliver these world-class subsea products.

We have a proven track record of delivering client expectations and are totally committed to lifecycle customer service. We achieve this through our specialist engineering teams, experienced project management, integrated safety systems and a global service network that ensures 24/7 aftermarket support.

The Group has nearly 500 employees in six countries.

SOURCE JDR