Rig systems specialist targets £50m turnover by 2020

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Drilling equipment manufacturer RigQuip is targeting significant growth by 2020 and aims to achieve turnover of about £50m in three years

As the drilling market stabilises with new E&P activity internationally, and reactivation opportunities in the North Sea, the business, which offers bespoke topside drilling packages and equipment servicing to the on and offshore oil and gas industries has seen an upturn in activity in 2017, with inquiries for rig packages in the region of £30m, and five-yearly equipment recertification projects ranging from £750,000 to £3m.

RigQuip is a family-run company, led by chief executive Craig Fraser and chief operating officer, Matt Fraser, his son.

They are supported by technical authorities Tim Scaife, previously director of service at National Oilwell Varco; Shaun Crowther, former director of technical support at National Oilwell Varco, and Bob Mutch, previously of Step Oiltools, Aker Solutions and Scomi as well as a team of experienced engineers and technicians.

Chief executive, Craig Fraser, says: “Our in-house technical authorities and the team of support engineers who lead the process of manufacturing and servicing topside equipment are key to our growth.

“They do absolutely brilliant work, which has secured our reputation for delivering innovation in product development, and excellence in ongoing customer support. We’ve maintained profitability during the downturn thanks to their hard work and ability to provide bespoke equipment and aftermarket care to our clients in the face of continuous cost challenges.

“RigQuip offers a credible, specialist alternative to US oilfield equipment and service providers – increasing efficiency and reducing cost burdens for rig owners and operators.

“What’s important for us is that clients recognise our ability to reduce the cost and management burden related to their drilling equipment projects, whether that’s new equipment or repair, maintenance or recertification of used equipment.

“Building the business and growing our turnover will only be possible through the entire team’s continued drive and commitment, and we aim to grow our employee base throughout the process, to support new business worldwide.”

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