An Angus oil and gas service firm which was rescued two years ago has its sights set on growth after a £1-plus investment in new equipment.
Mountwest Petroleum Engineering, on Arbroath’s Kirkton Industrial Estate, fell victim to the downturn in 2017 when it was placed into administration.
But the company was quickly sold in a pre-pack deal to a new venture called Mountwest Petroleum, saving 18 jobs in the process.
The new business is operated by Independent Oil Tools Group, a subsidiary of Cyprus-headquartered Petrolia SE, which is listed on the Oslo Stock Exchange.
Now trading under the IOT brand, the firm has splashed out a seven-figure sum on new machines, the largest of which is a five-axis bed mill.
IOT sales manager Neil Williamson said the business was turning over about £1.5m per year and that the time was right to invest.
The company will look to secure extra land to expand its facilities and hopes to take on an additional three employees in the near term.
Mr Williamson said IOT, which currently has 14 people on its books in Angus, wanted to be a one-top-shop for pipeline inspection, cleaning, repair and storage services.
Mr Williamson said most of IOT’s work came from major oilfield service companies in Aberdeen, but that it has clients all over the UK and in parts of Europe.
IOT was also involved in the manufacture of Dyce-based technology start-up Deltatek’s well construction tool, Seacure.