Oilfield services company RMEC Ltd is expanding its industrial facilities in Scotland in support of ongoing growth in the energy sector as it looks to increase turnover to £16 million by 2019.
The Forfar-based well intervention equipment firm is looking to treble its existing 1.5 acre workshop site and invest £2 million in growing its rental fleet over the next 18 months.
The announcement signals the start of the next stage in its growth strategy following a £7.5million investment by Maven Capital Partners in April.
Managing director, Bryan Fagan, said: “Today’s announcement represents the beginning of our CAPEX investment in the business. We are increasingly confident of our growth potential, given our growing reputation for new build, refurbishment and maintenance of offshore and hydraulic equipment – and the overall growth in the North Sea marketplace for these services.
“As a company we have seen a steady increase in our operations since RMEC Ltd launched in 2004. Our intention is to now ramp up activity going forward by increasing our capacity through organic year-on-year growth.
“Part of this spend will see us invest in new equipment to support our diversification into the decommissioning sector where there is a rising global demand for a project management approach to equipment solutions.”
RMEC is a mechanical and hydraulic engineering company specialising in the manufacture, maintenance, repair, testing, recertification and rental of well services equipment for the oil and gas industry. It currently has 22 staff based at facilities south of Aberdeen and a turnover of £9million.