Downhole video technology specialist EV has recorded significant international growth by opening a new base in the Middle East, aiming to be the market leader in the region by the end of the year, estimating more than £1.25million ($2 million) in revenue in the region during its first year of operation.
EV, a company in downhole video applications for the oil and gas industry, has seen rapid international expansion over recent years. EV’s new Middle East office, located in Dubai, opened in April of this year to aid local operations as well as provide a regional presence for projects in the area.
Mark Wiltosz, EV MENA and Caspian area manager said, “We have seen an exceptionally high demand for our downhole video technology in the Middle East in recent months. The launch of our Dubai office follows the progress we have had in the region, with previous contracts successfully completed in Qatar, Abu Dhabi, Saudi and Oman.
“Through our on-the-ground presence, we want to see the service provided by EV to be part of regional projects including routine fishing programs and work over campaigns and have tools with most operators in the region. Being in Dubai allows us to provide our customers with the reassurance that we can produce valuable data using up-to-date problem identification methods with short lead times, resulting in an effective end result for the operator.”
The Dubai office currently has two employees and is currently recruiting for regional staff to cover the surrounding region including Saudi Arabia, Qatar and Oman. The office is currently securing a contract for long-term camera rental with a client in Iraq and has recently completed its first job in Pakistan.
Francis Neill, EV chief executive, said, “EV has been growing at a rapid pace in recent years and we are continuously looking at new global bases to increase our presence internationally. Our new Dubai office is set to support our increasing presence in the Middle East, playing a key role in the continued expansion of EV’s international reach. We are well on our way to generating over £1.25million (2 million USD) in revenue in our first year of operating in the Middle East.
“EV’s recent investment into the new facility will allow the company to continue to meet client needs within the region with on the ground support, readily available equipment and improved communication.”
The firm is currently focussing on continued international growth with a push into West Africa and further growth in key markets such as Equatorial Guinea and Angola. It also plans significant new technology launches in the year ahead.
EV, which splits its headquarters between Norwich and Aberdeen, has a team of around 80 employees, 13 of whom work in the Aberdeen office. The company has 17 global bases.