Oilfield equipment firm on track for over £20m

An Aberdeenshire-based oilfield equipment firm with premises in Caithness is on track to achieve revenues of more than £20 million this year after hitting its targets two years early.

EnerQuip had set its sights on a “25 by 25” goal, aiming to hit $25 million turnover by 2025. However, near 70 per cent growth in 2022/23 allowed the business to surpass that target ahead of schedule, with quarter one figures for 2024 already on a par with the same period last year.

The company employs more than 100 people across its global operations, including its headquarters at Findon, near Aberdeen, and at Smerlie, Lybster.

So far this year, all the company’s business has been generated overseas with the Middle East, the Asia-Pacific region and Europe at the forefront.

EnerQuip says it remains open to exploring emerging markets including Namibia and, particularly, Guyana where two contracts have been awarded in the first quarter of this year.

Plans to grow the overall headcount by 15 per cent in 2024 have also been exceeded ahead of time, with 14 new staff joining the team this year so far. They are spread across EnerQuip’s global locations, with a recruitment drive in Houston, Texas, set to further bolster numbers as the company boosts its presence in the US.

Managing director Andrew Robins said: “Our ongoing success underlines the importance of our efforts to create a global footprint from the word go. It is this spread of activity across key locations that has allowed us to achieve the recent growth in all our chosen markets.

“Now, the focus is on maximising all the relationships we have worked so hard to foster, ensuring that consistency remains key as we consolidate our position and prepare for the next phase of our corporate growth journey.”

Launched in Aberdeen in 2015, EnerQuip is a market-leading specialist in the design, manufacture, installation and maintenance of torque machines and associated products.

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