Sector News

Well-Centric poised for transformation, boss says

September 24, 2014
News
Aberdeen energy service firm Well-Centric Oilfield Services expects 30% year-on-year growth to lead to 35 new jobs between now and 2018.
 
The company, which specialises in well maintenance and integrity services, has forecast a turnover of £5.5million this year and is looking to grow this to £12million by 2017-18.
 
It predicts its current 35-strong payroll will mushroom to 70 people over the same period, thanks to string demand for its expertise.
 
Leading the eight-year-old firm’s growth strategy is former Expro chief operating officer Chris Mawtus, who was recently recruited to fill the newly created post of chief executive.
 
His appointment follows last year’s £2.5million takeover of the business by FrontRow Energy Partners, a consortium of upstream industry experts who put money into oil and gas businesses alongside other investors.
 
Mr Mawtus said he was looking forward to the challenges his new role would “undoubtedly” bring.
 
He added: The last two years have been focused on consolidation and building our presence in the primary North Sea market.
 
“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.”
 
“My ambition is to take this platform and the £2.5million investment made in the company by FrontRow Energy Partners in 2013 and use it to drive transformational growth.”
 
Last year, Well-Centric invested in new premises in Dyce, Aberdeen.
 
The business now has 75,000 square feet of sub-leased storage warehouse space in Wellheads Terrace and a further 16,000sq ft of operational facilities in Kirkton Avenue, with plans for further infrastructure expansion in the future.
 
FrontRow founding partner Graeme Coutts, a former Expro chief executive, said: “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, while  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.”
 
By Keith Findlay
 
Source: Energy Voice

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