Business
Garneau Inc. 2005 Annual Report
Garneau Inc. 2005 Annual Report.
About this update from Green Arrow Resources, Inc.
[{"type":"text","content":"\n\n\n\n\nNISKU, AB, March 22 /CNW/ - Garneau Inc.'s primary business is the\napplication of high performance protective coatings and linings for oil and\ngas pipeline protection and additionally, the design and manufacturing of\noilfield equipment for both domestic and international markets. During more\nthan 30 years of operating experience, Garneau Inc. has developed significant\nexpertise and innovative technology, and has maintained a long-term focus on\ncontinuously improving the pipe coating process with cost-effective, quality\ncoatings. The Corporation took further steps to expand pipeline operations\nduring the year 2002 by constructing a High Density Polyethylene Pipe (\"HDPE\")\nmanufacturing line in its Camrose facility. Accordingly, Garneau Inc. remains\ncapable of supplying their clients a full range of 2\" - 6\" HDPE for shallow\nlow-pressure gas lines. A talented and effective management team provides the\nvision and experience for long-term profitable growth and increasing\nshareholder value.\n\nVision\n------\n We are a company that uses technology and innovation to provide the\n world with ingenious, high-quality products and services for the oil\n industry.\n\nMission\n-------\n We provide our customers, partners and alliances with what they need,\n when they need it ... always.\n\nValues\n------\n We value innovation and ingenuity, keeping our commitments to each\n other and our stakeholders, open and honest relationships, and\n conducting our business in a way that is a \"win/win\" for all who work\n with us.\n\nGarneau Inc. is a public company with approximately 11.6 million shares\nissued and outstanding, trading on the Toronto Stock Exchange under the symbol\nGAR.\n\nTo the Shareholders:\n\nINDUSTRY OVERVIEW\n\nDemand for Garneau's small diameter coating products has historically\nbeen correlated to drilling activity. Oil and gas drilling activity exceeded\n21,900 wells for 2005, a modest 2% increase over 2004, with a slow second\nquarter being offset by a very busy fourth quarter.\nGarneau's small diameter activity and order book also increased\nsubstantially during the fourth quarter as our clients prepared for an active\nwinter program. Production also commenced on the ACCESS large diameter\npipeline project during the fourth quarter with the remainder of the project\nscheduled for completion in May ...