RMEC announces record year with £9.5 million turnover

Oilfield services company RMEC Ltd has achieved its highest ever turnover after increasing its rental fleet and doubling the number of staff over the past year.

The Forfar-based company announced a turnover figure of £9.5 million for 2014 up 5% on the previous year’s yield of £9 million, placing the company a step further in its strategy to growing the business to £16 million in 2019.

RMEC has now begun the first phase of its site expansion plans with the introduction of a one-way system to improve safety at the Cotton of Pitkennedy facility. The firm has also invested a six-figure sum to improve its operability by implementing a new enterprise resource planning software system.

RMEC, which was founded in 2004, received a £7.5 million investment from Maven Capital Partners last April. Over the last 12 months, the company has invested more than £1 million in its pressure control fleet and staff numbers have increased two-fold from 14 to 28 over the same period to meet client needs.

The company attributes the significant increase in yield to contracts both in the North Sea and globally as it steadily increases support to its client base in the UK and the Caspian.

Managing director Bryan Fagan said: “Our continued growth reflects the value-led results we are delivering for our clients, stakeholders and employees despite the challenging marketplace in the North Sea sector.

“The oil and gas industry rightly demands the highest quality in terms of its people and services and we have a recognised history of meeting all these requirements. RMEC’s success is testament to the approach of its two founding directors Alan Ramsay and Stuart Mathers, the close-knit culture they have created across the business and the organic strategy, which has allowed us to maintain high standards as we grow.

“These results position us well for the next stage in our growth. Our people are pivotal to the success of our business, many of the team have been with RMEC from the start and will play an important role in our continued success going forward.”

Adapted from a press release by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16062015/rmec-announces-record-year-with-gbp9-million-turnover/