EnerQuip on track for $10m quarter in landmark year
An Aberdeenshire-based oilfield equipment firm with premises in Caithness has begun its 10th anniversary year by achieving record levels of new business worth $10 million.
During the first three months of this year, Aberdeenshire-based EnerQuip has achieved new contract awards valued at $10 million – with almost half of that figure coming from activity in January alone.
The multi-award-winning company has its headquarters in Portlethen, south of Aberdeen, and has premises at Smerlie, Lybster, as well as Houston, Texas, and Abu Dhabi.
Recent sales have included four mobile torque units to Abu Dhabi. Other work has come from Saudi Arabia, along with the company’s first contract in Turkmenistan. Elsewhere there have been contracts as far afield as Norway, Brazil and India.
The company’s maintenance and servicing work is proving to be a prime area for growth and is already valued at more than $1 million a month in new awards. Anticipated growth makes it likely that additional staff will be needed.
EnerQuip had previously set its sights on a “25 by 25” goal, aiming to hit $25 million turnover by 2025, but achieved the milestone two years earlier than planned.
Managing director Andrew Robins said: “A patient and strategic approach has enabled us to create sustainable growth, and adopting a global vision from the start has ensured that we have correctly positioned the company to capitalise on opportunities wherever they may be.
“EnerQuip started in a downturn, meaning that the company learned the resilience needed to withstand many and varied challenges throughout our 10 years in business, but our ability to overcome allows us to face the future with confidence and optimism as we welcome the next chapter in the EnerQuip story.”
Darren Bragg, head of sales – global, who relocated to the United Arab Emirates in 2023, said: “The real strength of the first three months of the year has been testament to the investment made in the Middle East region.
“Recently it was estimated the global market for torque equipment and services is estimated at $75 million per year. This year we are aiming to break the £25 million barrier.”
Launched in Aberdeen in 2015, EnerQuip is a specialist in the design, manufacture, installation and maintenance of torque machines and associated products, including bucking units and fully rotational makeup and breakout torque machines.
It has a growing client base in locations including Africa, North and South America, Canada, Europe, Asia, Australia and the Middle East.
