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Thursday, August 13, 2020

Significant Growth for AAB’s Upstream Oil & Gas Team

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Anderson Anderson & Brown LLP (AAB), one of the UK’s leading independent firms of Chartered Accountants & Business Advisors, has announced significant growth within its Upstream Oil & Gas team following a string of new contract wins in the sector during 2017.

These new contracts, with a cumulative value in excess of £1million have led to growth in the AAB’s Upstream Oil & Gas team which is now over 35 people strong. With these new clients on board, AAB now provides services globally to over 50 upstream clients in more than 25 countries.

Improving efficiency, achieving cost savings and recent changes in Operator ownership all lie at the heart of new client wins at AAB. As organisations continue to review their own cost models and constructively challenge their Partners on joint ventures, demand has been particularly high for joint venture and contract audit services.

Recent project examples demonstrate this. In their wholly owned John F Daly Associates joint venture audit business, AAB are seeing a growing trend in Partners challenging established cost allocation models as businesses experience significant upheaval. In the Consulting division AAB have been applying their Target Operating model to private equity backed operators to prepare businesses and position them for future divestment aspirations and options. In relation to this, the Accounting Services team have experienced increased demand for streamlining and integration of accounting systems across multiple country units, currently throughout Europe and Africa.

Ian McPherson, AAB’s Head of Upstream Oil & Gas Services, commented “whilst the negative effects of the Oil & Gas downturn continue to be evident, we are also experiencing the requirement for greater efficiency in managing and running all aspects of businesses. By applying a real focus on AAB’s E&P market strategy, and through responding to trends in business ownership with more private equity and fund backed investment, we have been very successful in growing our client base in this exciting and dynamic global sector.”

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