Well-Centric Oilfield Services, the Aberdeen-based well maintenance and integrity services company, is looking to expand its footprint in the oil and gas sector with an ambitious North Sea and international strategy to deliver 30% growth year on year.
The company, which is projecting a turnover of £5.5 million for 2014, is looking to maintain last year’s growth rate in the North Sea and increase its turnover to £12 million by 2017-18.
Well-Centric expects to more than double its workforce to 70 employees within the same period, creating new opportunities for development and recruitment.
Underpinning the move is the appointment of Chris Mawtus as CEO. Mawtus has held a number of senior roles, including being former COO of Expro International.
With over 30 years’ industry knowledge in both the North Sea and internationally, Mawtus says the move marks the start of a period of transformation for the company.
Well-Centric CEO, Chris Mawtus.
“The goal has long been to build a market leading business that provides a service centred around the needs and requirements of our clients. The last two years have focused on consolidation and building our presence in the primary North Sea market and, as a result, we have garnered a sustained market share and built an impressive blue-chip client base.
“The significant opportunities currently within the North Sea sector provide us with the opportunity to expand our current product lines and develop new offerings, kick-starting the next phase in our strategic expansion.”
Well-Centric last year committed to new premises in Dyce, Aberdeen. The business now has 75,000 ft2 of sub-leased storage warehouse space on Wellheads Terrace and a further 16,000 ft2 of operational facilities at Kirkton Avenue with plans for further infrastructure expansion in the future.
“This is an entirely new position for the business and I look forward to the challenges the role will undoubtedly bring,” added Mawtus.
“My ambition is to take this platform and the £2.5 million investment made in the company by FrontRow Energy Partners in 2013 and use it to drive transformational growth whilst utilising a cost effective execution strategy.
“Leading the company at a strategic level will allow us to position the rest of the executive team in a way that enhances the delivery of our capabilities on a larger scale, ensuring we have the best personnel available for projects as well as the most up to date and often bespoke equipment to carry out the work.”
Graeme Coutts, a founding partner of FrontRow Energy Partners added: “Well intervention and integrity services is an area of real focus in the oil industry as exploration and production companies seek to meet the challenges of maximising production and controlling costs whilst delivering safe operations from an ageing infrastructure.
“The services provided by Well-Centric play a key role in enabling clients to extend the life of these assets and will also be an important aspect of their development and upgrade going forward. Under Chris’ stewardship, our investment in the company will provide the platform for growth both in the UK and internationally in the coming years.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/exploration/23092014/well-centric-expansion-strategy-1491/