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ASCO Group: Annual Report and Accounts for the year to December 31st 2010

• 2010 showed increased levels of activity across the Group

• Total revenue for the year was £516.7m (2009: £391.8m)

• Profit at EBITDA* level £29.2m (2009: £27.2m)

• Pre-tax profit £5.0m (2009: £1.65m)

• Operations established in Australia and Middle East

• Further expansion of global reach supporting Cairn Energy in Greenland, Tullow Oil in Ghana

and BP in Iraq

• Joint Venture established in India

• Major contracts retained in UKCS and Norway from BP and Shell

• Strong safety performance further improved

• ASCO Group played key role in support of BP during the cleanup campaign for the Gulf of

Mexico oil-spill tragedy

Aberdeen-headquartered ASCO Group, the international energy logistics specialists, has announced

its trading results for the year to December 2010. During 2010, the company witnessed the early

shoots of recovery from the global downturn with increased activity levels across the Group. Safety

performance continued to improve despite increased activity across the Group.

Turnover for the year increased by 32% to £516.7m with profits at EBITDA level increasing 7% to

£29.2m. A large proportion of turnover varies with both the oil price and vessel market, but this has

little or no affect on actual activity or profitability.

During 2010, ASCO played a major role as the lead logistics company for BP during the Gulf of

Mexico oil-spill cleanup campaign. The company played an integral role in the clean-up as part of the

BP response team.

ASCO continued to expand its global footprint with new operations established in the Middle East

and Australia and a new joint venture set-up in India. In addition, the company supported Cairn

Energy’s drilling activity in Greenland, Tullow Oil in Ghana and BP in Iraq.

ASCO Group CEO Billy Allan said,

“Over the past five years, we have managed our growth strategy in a steady and consistent manner.

We have grown our international business from 10% to 40% of the Group’s activities. In 2010, we

retained and won major contracts within the UK from BP, Shell and TAQA and, as a result, the UKCS

will continue to be the backbone of our business. We will continue to expand our international

reach, developing the business organically as well as identifying opportunities to make niche ‘bolton’

acquisitions in areas such as the Gulf of Mexico, South East Asia, South America and Western

Canada”.

ASCO Chairman Mike Salter said,

“The global upturn saw greater levels of drilling activity towards the end of 2010 and there is no

reason to believe this will not continue throughout 2011 and beyond. ASCO is well placed to take full

advantage of these developments.”

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