MIS net profits
2005 9.5
2006 19.3
2007 22
2008 8.1
2009 28.9
First half of 2010 16.3
Source: MIS
MIS revenue by division
(percentage of $190m)
New build 56
EPC 15
Fabrication 14
Sunbelt 6
Refurbishment 5
Technical Services 4
Source: MIS  
MIS order backlog
Second half 2009 300
Second half of 2010 800
Source: MIS

MIS has done well to come through an extremely difficult period for oil and gas fabrication and engineering firms, managing to generate record profits last year, after net income plummeted to $8m in 2008. But the firm was buoyed through this period by jack-up rig orders it received in 2007 and 2008 and it now faces an adjustment as its backlog shrinks.

The company has been quick to respond to the change in the market, turning its attentions to larger EPC work and making the timely acquisition of Litwin to help in this. In 2010, Litwin has been awarded eight large EPC contracts by major oil and gas firms, including Abu Dhabi Company for Onshore Operations and Abu Dhabi Oil Refining Company.

MIS’s biggest challenge in establishing itself in this market will be trying to compete on cost with the South Korean firms, which have dominated the market in recent years.