EnerQuip said it “flourished” during a strong first quarter, winning global contracts worth nearly £5 million and taking on more than 10 new staff.
The oilfield equipment specialist said contract bookings were up by one-quarter on the same period last year, with £4.8m of work secured thanks to “pent-up demand” in the wake of the pandemic.
Untapped markets
Contracts booked include a raft of projects in previously untapped markets such as Germany and Cote d’Ivoire, as well as in its traditional regions of operation.
These include orders for three of the company’s torque units from a trio of clients in Norway, the company’s largest-ever unit supplied for a customer in Singapore and a two-unit deal for a client in Abu Dhabi worth more than £800,000.
The “exceptionally busy” start to 2023 continues an uptick in business which saw deals valued at nearly £8m secured in the fourth quarter of 2022.
It means the volume of capital equipment work won so far is equal to half of the total bookings for the whole of last year, sparking what the company described as an “accelerated recruitment drive”.
EnerQuip said it had already added 11 people to its team during the past quarter, including an operations co-ordinator in its Houston office and a new salesperson who will be based at its global headquarters at Portlethen, near Aberdeen.
The Queen’s Award-winning company ships units to a growing client base across locations in Africa, North and South America, Canada, Europe, Asia, Australia and the Middle East.
Fife acquisition
Last year saw the firm acquire Fife-based precision machining company Diamac Engineering, which it said would also prompt an expansion in its workforce.
Commenting on the firm’s progress this year, managing director Andrew Robins said: “By working hard to balance our attention between traditional and emerging markets, we have been able to maximise our growth in key locations.
“This, coupled with a drive on fulfilling pent-up demand for equipment post-pandemic, has enabled our business to flourish.”
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