Pure Technologies Updates on Libya Operations

In its financial results for the three and six-month periods ended June 30, 2012, the Canadian-based inspection and monitoring company Pure Technologies issued some updates on its operations in Libya:

For the half year, the Company recorded revenue of $29.8 million, EBITDA of $5.4 million and profit of $1.2 million. This compares to revenue of $20.0 million, negative EBITDA of $3.2 million and a loss of $5.8 million in the comparable period last year. The six month period has been positively impacted by an equipment shipment worth $10.7 million made to the Man-Made River Authority (“MRA”) in Libya under an existing 2010 contract.

[The company] received additional equipment orders from the MRA, Libya following the Company's resumption of activities in the region in the first quarter ... [and] completed the first oil & gas pipeline inspections in Libya and Abu Dhabi utilizing SmartBall.

Recent purchase orders from Libya for replacement parts that were damaged or stolen in 2011 have been received and will allow for the installation of pipeline monitoring equipment to resume.

(Source: Pure Technologies)

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