Ian Kirk can pinpoint the exact day his ‘fork in the road’ decision dramatically changed the course of his life.
A total of £1500 was the difference between an international jet setting career and the same-old, same-old.
The energy entrepreneur, who is attending his 20th OTC, owned a motorcycle shop when the oil boom hit the Granite City.
“It was really, really exciting because we were in the middle of it all in the 70s,” he said.
As the international community descended on the new energy frontier, Ian remained a captivated spectator. It wasn’t until 1994 he decided it was time to try crack the sector.
“Being in the motor trade industry was hard,” he said.
“I had a lot of fun but didn’t make much money.”
“I remember meeting all of these drilling engineers and thinking they were all really skilled – that their skills set was way above mine.
“Then conversation started flowing and I realised I was talking on the same level as them.”
A friend later called on Ian to design a solution for some problematic oilfield equipment he was working with.
The pair recruited a third investor and Downhole Products was formed.
But Ian almost walked away before they even got started.
“We each invested £5000,” he said.
“But we then had to put in another £1500 and in true Aberdonian spirit I almost didn’t put it in because I was worried about getting it back.”
The investment gamble paid off. In the firm’s first year in operation Kirk, who was making £8,000 a year at his bike shop, was able to increase in salary 10-fold.
Order books shot up from 20 units of product per order to 250 units. The firm raked in $1million its first year in operation. Today it posts a turnover of $70million.
It was the start of a 20 year campaign. Since then he’s survived two company buy-outs, two downturns and everything else the industry could throw at him.
However, Kirk will be stepping down after two decades at the company’s helm later this year.
Kirk admitted that while his career has been packed full of highlights – growing turnover, entering new energy markets and travelling the world – it hasn’t been without its difficulties.
In this latest downturn his company had to let go 10% of its workforce – the first time the firm has ever had to make redundancies in its 21 year history.
“It was incredibly hard because we are like one big family. It was literally like watching some of the family go,” he said.
The goal now is to use the slowed market as a opportunity to better position the business and create more efficiencies to ensure it comes out the other end fighting, according the company leader.
He added the industry’s longevity depended on the sector’s ability to leverage and adapt best global practices.
“The oil field is a worldwide business,” he said.
“Everybody needs to be looking at the global stage. Not just their own doorstep.
“This industry has changed my life. I’ve been able to see the world and it’s been a great experience. It’s been a fantastic opportunity that some people don’t ever get.”
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