Drilling service firm hits 15 years with global growth

Drilling equipment service firm, RigQuip, is marking 15 years after growing from a small, privately owned Aberdeen business to a firm with multiple global locations servicing clients across the world.

Launched in 2006, RigQuip was historically a North Sea service company, which also delivered new build engineering projects internationally from its UK base. However, since 2015 the business has diversified into new locations, including the USA, UAE, Saudi Arabia, Mexico and Singapore, with plans currently underway to open a service facility in Norway and expand further in the Middle East.

Specialising in drilling equipment, engineering, service and parts, the management team has set ambitious goals to treble the size of RigQuip and invest at least £10million in business growth in the coming five years.

With a team of 60 across its locations, the business has seen a strong start to 2021 with the opening of new premises in Houston, appointment of two new US based technical directors, and the launch of a drilling equipment service facility at Zamil Shipyards in Saudi Arabia.

Headquartered in Aberdeen’s Union Plaza, and with UK service facilities in Dyce, RigQuip has plans to treble its headcount in the coming three years, whilst remaining cost focused.

Matt Fraser, who took on the managing director role in January after five years with the company, has been at the forefront of reshaping the business, developing and delivering its growth strategy.

He said: “It has been a remarkable 15 years for the business, which in the past focussed primarily on major new build projects and servicing drilling equipment in the North Sea sector. When the industry hit tougher times, we had to adapt quickly to market changes and diversify geographically.  We managed the business carefully through $30 oil. One of the key decisions we took was to refocus ourselves on drilling equipment service and major maintenance project as the market recovered.

“Setting our sights on global expansion and launching in new locations, including the USA, UAE, Saudi Arabia and Mexico, ensured that we were on the front foot to capitalise on maintenance and reactivation activity through this market cycle. RigQuip is now one of the longest established service organisations in our segment, and with over 8000 projects completed, I believe we are the most experienced independent out there. We’re also a key player in the global parts supply chain for drilling equipment.  As a privately owned business, there is real accountability and ownership on every project that we take on. We are more responsive and more competitively priced than our major competitors, and always with a focus on quality.”

With 15 years under its belt, RigQuip has committed to investing £2million in growth every year for the next five years and Mr Fraser is confident the team will deliver a 30% growth in revenue in its 16th year, with the larger global footprint.

As well as broadening horizons, the team is focussed on introducing new technology to enhance the service offering, whilst continuing to develop its technical capabilities.

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