Global Process Systems Sees Business Upturn At ADIPEC 2010

Nov. 5, 2010 - PRLog -- GPS Group CEO Ian Prescott said, “We are very encouraged by the level of activity which is also reflective of the increase in tender levels that we have witnessed over the last few months. We look forward to converting the expressions of interest shown into definite enquiries.”  GPS was a participant at the show which was held at ADNEC in Abu Dhabi.

The GPS Group recently completed a major restructuring with the Al Jaber Group of Abu Dhabi retaining its majority shareholding and the installation of a new management team. Ian Prescott was appointed as Chief Executive Officer in May 2010, the Company’s Executive Management Team was re-organised shortly thereafter.

“The last 18 months have been a very tough environment for all businesses and GPS is no exception,“ said Prescott. In 2009, Al Jaber took the decision to look for a strategic investor for the business to maximise further growth potential.  A number of parties showed interest, but the improving market conditions throughout Q1 2010 and a major step-up in bidding activity resulted in Al Jaber cementing its position as the major shareholder. “The restructuring is now concluded and we are looking to the future with a great deal of confidence,” added Prescott.

GPS took part at ADIPEC with its joint venture company Kentz Global Oil & Gas Process Systems, a 50/50 venture between GPS and Kentz Group. The JV Company, which is based in the Middle East, offers turnkey solutions on an EPC basis for complete early and interim production systems including site infrastructure, process and utility modules and complete installation and commissioning.

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ABOUT GLOBAL PROCESS SYSTEMS: Part of the Al-Jaber Group, GPS was founded in 2000 and has an established presence with substantial engineering and fabrication facilities in the UAE, Singapore, Thailand, Malaysia and Indonesia. The company has executed projects from FEED to modular fabrication to full EPC for offshore and onshore energy projects worldwide. Areas of expertise include FPSOs Topsides, Offshore and Onshore Process Modules, Conversion of Jack-Ups to MOPUs, and delivery of Onshore Oil & Gas Processing Plants.

The Group also provides Flare Systems, Instrumentation & Electrical Services and LNG/LPG Process Technology & Production Facilities through its affiliate companies.