An oilfield equipment firm is looking to expand its north-east workforce to cope with growing demand for its products.
Bosses at Enerquip claimed the company’s turnover doubled to £8 million in 2018 and is on course to hit £12m this year.
The business was founded in Aberdeen in 2015 to provide torque machines and associated services to the drilling and downhole tools sectors.
Enerquip is now gearing up to produce its 50th torque machine and is capable of shipping out 30 per year.
It employs about 60 people across bases in Aberdeen, Caithness and Houston and intends to double its headcount over the next two years as part of ambitious growth plans.
Most of the new positions will be created in the Granite City, though the vast majority of the firm’s business comes from overseas, with North America and the Middle East the most fruitful markets.
About 45 of the company’s employees are currently based in Aberdeen, where the torque machines are assembled and tested.
Director Andrew Robins said Enerquip was benefitting from having a “good product and good services”, as well as a determination to “keep chipping away”.
Mr Robins said the business had gone through “peaks and trough” during the last few years, as have most, but is pleased that the figures are “going in the right direction”.
Having smaller overheads than competitors and being able to charge less gave Enerquip a competitive advantage, Mr Robins said, adding: “We went in with what we thought were fair prices, while others charged what they could get away with.”
And although prices for individual units are still being squeezed, Mr Robins is encouraged that customers are showing signs of spending more, overall.
He said: “There has been chronic underinvestment in capital equipment since the start of the downturn.
“Customers have been moving assets around to suit global requirements, but that has been exhausted.
“Everything they’ve got is in use and as they win new projects they are going to need new equipment.”