During the past decade, Drexel fully participated in the strong macroeconomic growth that coincided with peak oil prices, achieving exceptionally high revenues over the years.
While the O&G market has come under some pressure specific to Egypt in recent years, Drexel has resiliently maintained its performance and success compared to key macro indicators. Despite the headwinds of the Arab Spring in Egypt and across the MENA region, Drexel has experienced relative stability with revenue growth in line with crude oil prices as well as with the rate of subsea field development in Egypt, where since 2011 lower direct foreign investment on the exploration side of the industry has had the negative impact of deferring virtually all field development projects between 2 – 5 years.
It is also worth mentioning that one necessary consequence of the government’s implementation of much-needed economic reforms following Egypt’s revolution was the November 2016 flotation of the Egyptian pound, further distorting our markets.
As part of Drexel’s plan to grow and create maximum value for its stakeholders, Drexel is well on its way to expand its operation and service, targeting an array of opportunities within the Middle East and North Africa territories.
Our endurance through past difficult times speaks volumes about our ability to innovate and adapt in a changing market and challenging economy. And with Egypt’s economic reforms well under way, underpinning a more promising economic outlook, we feel confident that Drexel will continue to maximize profits and manage costs while offering the same high-quality of services for which Drexel is famous.