Enerflex President and CEO J. Blair Goertzen is set to retire in early May, with Marc Rossiter, the company’s executive vice president and COO, pegged to replace him.
Chairman Stephen Savidant said during the past 15 years Goertzen’s “vision and entrepreneurial mindset have driven Enerflex’s growth, increased profitability, reliability and long-term resilience.”
Rossiter joined the Calgary-based company in 1997 and headed operations in the United States before becoming COO last April.
Enerflex reported that its fourth quarter 2018 bookings and backlogs set records, similar to its third quarter performance. The company said it had received numerous multi-million dollar orders in the second half of last year and that 2019 bookings will be “more in line with historical activity.” Bookings were C$451 million in the United States and C$219 million in Canada.
“The U.S. segment continues to benefit from large international bookings for projects to be built in the company’s Houston fabrication facility, totaling C$200 million in the fourth quarter.”
Enerflex said the expansion of that plant is on schedule and additional capacity will be operational this spring.
Order backlogs increased C$671 million to C$1.421 billion during 2018.
The rental fleet grew 34,205 hp (25.5 MW) during 2018 to 641,915 hp (478.6 MW). Enerflex said its U.S. rental fleet has increased 44% since it acquired Mesa Compression’s assets in June 2017.
Fourth quarter earnings were C$32.5 million, up from C$26.7 million in the same period of 2017. Revenues were C$466.8 million, up from C$450.1 million a year earlier.