An Angus oilfield services firm has more than doubled its workforce in the past two years as the oil and gas market has recovered.
Based at Cotton of Pitkennedy, by Forfar, RMEC sells and rents well services equipment and provides mechanical and hydraulic servicing of equipment.
Newly filed accounts show the firm’s revenues increased by 50% to £8.8 million for the year ending March 31.
RMEC’s pre-tax loss decreased from £893,000 in 2018 to £389,000 last year.
Managing director Bryan Fagan attributed its improved financial performance to the oil and gas sector’s ongoing recovery, coupled with increased activities in regions out with the UK Continental Shelf.
He said: “We are very pleased to have delivered a strong performance over the last year. The business is now thriving with a £3m year-on-year increase in revenue.
“Our positive financial figures underline the stability and success of our internationalisation strategy which has allowed us to capitalise on the ever-improving market conditions.”
RMEC was founded 15 years ago and specialises in the rental of well services equipment to the oil and gas industry as well as maintenance, pressure testing and recertification of well intervention equipment.
The firm’s positive order book has also seen the business more than double its headcount taking it from 18 staff in January 2018, to a workforce of 41.
Mr Fagan added: “As our client base has grown, we have also invested £1m to extend our sales and rental fleet and increased our workforce with 23 new people joining the team to support operations across the regions.
“However, the hard work doesn’t stop here. We will continue to enhance our capabilities to ensure we can deliver value for our clients through high-quality technical expertise and cost-effective and safe solutions.”
International projects now account for 40% of RMEC’s total sales with new and increased business in the Caspian, Far East and Europe.
The company’s global sales director Stuart Mathers said there had been “significant” increase in global trade.
He added: “We have the capability to deal with operators wherever they are based in the world. This along with the dedication and expertise within our team have been contributing factors to our ongoing success.”
rmclaren@thecourier.co.uk