EnerMech Target US Oil and Gas Market

(Press Release)
Wednesday, May 02, 2012
Vince Kouns, president of EnerMech’s USA division

Mechanical engineering group, EnerMech, has ring fenced more than $65 million (£40 million) to launch a major expansion in to the USA, as it seeks to replicate  growth in Europe and the eastern hemisphere.

Up to $15 million (£9.5 million) will be invested in new Process, Pipeline and Umbilical (PPU) equipment with another $50 million (£31.5 million) set aside for strategic acquisitions allied to its other service lines and to build upon the existing USA business, EnerMech announced at OTC in Houston this week.

The ambitious UK company has also headhunted two senior US oil and gas figures who will lead the Stateside expansion. Vince Kouns and Alan Sweeney, who were respectively founder/President and Vice President of Valkyrie Commissioning Services until it was acquired by Weatherford in 2005, will be responsible for establishing the overall EnerMech brand and service lines in the Americas region, reporting directly to EnerMech main board director Les Graves.

EnerMech managing director, Doug Duguid, forecast a two pronged strategy of organic growth of the existing PPU business plus acquisition led growth in cranes, equipment rental, hydraulics and valves, which will generate profitable revenues in excess of $50 million (£30 million) within three years.

Mr Duguid said: “Post Macondo we see a strengthening market with clients who want a reliable cost-effective service and this offers us huge opportunities. Starting this growth in Houston will also access West African opportunities, and subsequently  Mexico, Canada, Trinidad and Tobago and Brazil.”

The company is on a major recruitment drive and will add to its existing Houston premises and plan to open a Gulf Coast operating base.

Mr Duguid said: “After our expansion into the Middle East, Far East and Australia, our attention has turned to the USA and we believe we can replicate our international success in the Americas by backing strong, local management.

“We have waited until we could secure the best possible management team and we have found that in Vince and Alan, who both have regional and international experience in growing service organisations. Their track record of growth at Valkyrie, as well as extensive experience in the Americas, will be a game changer for EnerMech in the western hemisphere.”

Since been founded in Aberdeen in 2008, EnerMech has invested more than $95 million (£60 million) in facilities, equipment and five acquisitions and has forecast 2012 sales will top $222 million (£140 million) with profits expected to double to $31 million (£20 million).

Last month the company announced further expansion in the eastern hemisphere which will see the opening of seven new offices in India, Hong Kong, Kuala Lumpur, South Korean and Australia, and in 2013 plans to extend its presence in Taiwan, Thailand, Vietnam, Indonesia and New Zealand.

The company employs more than 1000 staff and provides a range of mechanical and engineering services to the energy sector covering cranes and lifting, valves, hydraulic equipment, equipment rental, PPU and training and manpower.
 

  • EnerMech’s Vince Kouns (left) and Alan Sweeney at the Oil Technology Conference in Houston where the company announced a £40 million US expansion programme.

    EnerMech’s Vince Kouns (left) and Alan Sweeney at the Oil Technology Conference in Houston where the company announced a £40 million US expansion programme.

  • EnerMech’s Vince Kouns (left) and Alan Sweeney at the Oil Technology Conference in Houston where the company announced a £40 million US expansion programme.

    EnerMech’s Vince Kouns (left) and Alan Sweeney at the Oil Technology Conference in Houston where the company announced a £40 million US expansion programme.

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Davie Building LNG-powered Ferries

Canadian shipbuilder Davie held a keel laying ceremony for MV Armand-Imbeau II, marking the beginning of the hull assembly for this first of two sisterships under

Offshore

Hercules Offshore Shares Fall 33%

Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields,

Energy

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields,

Consulting

ST Engineering Y-O-Y Profits Slip

Singapore Technologies Engineering Ltd  reported today its full year financial results ended 31 December 2014 (FY2014) with a Group revenue of $6.54b compared to $6.

USCG Foundation Announces Scholarships

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of Coast Guard members and their families, announced today that

MCPON Stevens Delivers Congressional Testimony

Master Chief Petty Officer of the Navy (MCPON)(AW/NAC) Michael Stevens testified before Congress Feb. 25. Stevens appeared before the House and Armed Services

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1781 sec (6 req/sec)