COMPETITION WATCH: Mullen Transportation increases revenue in 2004

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ALDERSYDE, Alta. — Mullen Transportation has announced 2004 was another year of solid growth for the oilfield services provider.

For the 12 months ending Dec. 31, 2004, Mullen generated consolidated revenues of $470.9 million, up from $421.5 million the year before. Net income surged to $46.5 million up from the previous year’s $32.4 million. Mullen credits the 42 per cent increase to the acquisition of Cora Lynn Drilling as well as record drilling activity in Western Canada.

“I am very pleased with our achievements in 2004, particularly the successful integration of the Cora Lynn Drilling acquisition. It appears our timing was quite good especially given the record drilling activity in 2004. The combination of these factors allowed Mullen to post a record year both in terms of revenue and profitability,” said Murray Mullen, chairman and co-CEO.

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