2003 Annual Report - Enerflex

Growth in the lease fleet isexpected to be the largestinvestment opportunity for theCompany in 2004.LEASINGThe Enerflex Leasing operating unit offers customers flexible and innovative financing through which companiescan acquire the use of a broad range of gas compression, power generation and process equipment. Leasingoptions include short-term rentals, long-term capital and operating leases and full-service contract operations.2003 Operational Highlights• Leasing’s performance exceeded plan, with a year-to-year revenue increase of 39%.• 71 units were added to its fleet, closing the year with approximately 300 compressor and power generationunits, totalling 78,000 horsepower.• 55 compression units were sold from its fleet.• Inroads were made into the United States with a 24-month rental arrangement of two compressor units toa major Texas producer.• Rental fleet maintenance and operations were centralized with Jiro Service in Stettler, Alberta to improveoperational efficiency and customer service.2004 OutlookEnerflex Leasing expects continued growth in demand for its products in Canada, and plans expansion into theUnited States in markets where lease rates allow for reasonable margin. Growth in the lease fleet is expected tobe the largest investment opportunity for the Company in 2004. Key customer strategies include maintainingequipment in superior ready-to-run condition and developing standardized contracts.ELECTRICAL, INSTRUMENTATION & CONTROLSSyntech provides a comprehensive range of electrical, instrumentation and control technologies, products andservices to the petrochemical, energy, forestry, pulp and paper, mining, and agriculture industries, with over 650staff throughout western Canada.2003 Operational Highlights• Syntech completed 71,810 service assignments in 2003 and maintained its position as the largest open-shopelectrical, instrumentation and controls contractor in the Western Canadian Sedimentary Basin.• Syntech became a distinct operating unit with the appointment of a Vice-President with worldwideresponsibility.Enerflex 2003 Annual Report24