Wings Travel Management tracks 40% energy sector growth this year and launches new operations in Egypt and Cyprus
Wings Travel Management, specialists in handling the complex travel and logistical needs of companies operating in the energy sector, is on track to experience 40 per cent energy sector growth of up to US$100M, after already winning over US$ 50M in new business around the globe over the last six months.
New business includes the regional appointment in the Middle East and North Africa to one of the world’s largest providers of drilling, pipeline and construction products and services with a value of approximately US$35M (total contract value approx US$150M).
In addition, Wings has secured the global appointment to provide travel and logistics services to one of the world’s largest oil and gas drilling contractors in the USA, Canada, Mexico and South America. The contract will expand to include the Middle East in the coming months, meaning the total value will be in excess of $30M.
The travel management company has also seen positive growth in Scotland, winning new Aberdeen-based clients with a total annual business travel spend in the region of £500K. This includes Subsea Engineering & Technical Services, Iocean Solutions, and PTC. Oil and gas business is also on the up for Wings’ operation at Stavanger in Norway. New business gained over the last six months totals some NOK 2M.
Headquartered in London, Wings Travel Management has also expanded its global footprint further by launching wholly owned and managed operations in Egypt and Cyprus to meet the needs for servicing clients expanding into these markets. This means that Wings now has 20 wholly owned regional operations in key oil and gas markets around the globe, including Angola, Brazil, Middle East, Mozambique, Nigeria, Norway, Saudi Arabia, Singapore, South Africa, UK and USA.
Tony Sofianos, CEO, Wings Travel Management commented: “This year has already been one of exciting growth and development for our business globally in the oil and gas sector now that recovery in the industry is well underway. As a result, we are forecasting up to 40% growth in energy sector sales from a combination of new business and existing clients, meaning our oil and gas TTV will be up by over US$100M by the end of our 2019/20 financial year.”
However, the fact that Wings owns and manages all its operations around the globe has also been a key driver in Wings winning significant new global contracts as its wholly-owned business model is a major point of difference to competitors. All Wings staff worldwide operate off the same technology platform meaning the travel management company can give clients consistency of service globally, reliable on-demand data, follow-the-sun servicing solutions, and critical safety support in each market.
“The fact that we own and manage all our operations makes us unique in the market and now we are excited to announce our expansion into Egypt and Cyprus with the launch of regional servicing hubs in Cairo and Limassol,” continues Sofianos. “There has been significant investment in the oil and gas sector in Egypt and there is great potential for onshore and offshore exploration from our clients, so it makes sense to establish a presence in this market. Additionally, our Cairo operation will also support Wings’ expansion in North Africa in general.
“Cyprus is well-positioned geographically to provide us with a shared service centre for our European and Middle East operations,” said Sofianos. “It is also strategically well-placed to support our objectives of enhancing and innovating Wings’ digital capabilities following our recent acquisition of Cyprus-based Alchimea, a specialist software developer of workflow integration, process automation, application design and management in the areas of global mobility, business travel and related support services.”