© Rolls-Royce Group plc 2004
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   Highlights of the year
2003 marked a return to profit following a programme of new product development and the costly technical problems associated with the industrial Trent. Our energy business uses gas turbine technology at the heart of its products. Industrial versions of aero-engine cores serve both oil and gas and power generation markets, utilising state-of-the-art manufacturing facilities and processes while maintaining application flexibility to meet diverse market and customer needs. As well as leveraging technology from the aerospace sector, the energy business is also able to exploit cross-selling opportunities provided by complementary products in the marine business. Floating oil and gas production and storage vessels are a growing market and Global markets for The past ten years have seen a dramatic shift in the global market for our oil and gas products, from North Sea and North America applications to emerging markets in other regions of the world. Our 2003 successes include two very significant order wins in China and Qatar. In power generation, we are well positioned to take advantage of the anticipated global market recovery. Gas turbines are the technology of choice in this market and the industrial Trent, which is now fully released for sale, is the most powerful and efficient aero-derived gas turbine in its class. Our Customer Service business remains robust with long-term service contracts securing our position throughout the product lifetime. We have expanded our capability in engineered product upgrades, enabling us to apply today’s patented technology to the installed fleet. These tailored solutions create significant value for our customers while enhancing both our customer relationships and product portfolio. Our priorities are focused on maintaining our leadership position in the oil and gas market segment, building a strong, complementary global power generation business, and achieving sustained, profitable growth through innovative Customer Service solutions such as Long-Term Service Agreements and value-added, state-of-the-art product upgrades. We are continually improving manufacturing efficiency to ensure we remain competitive on costs. |
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