North-east energy service firm Pipetech said yesterday it aimed to quadruple turnover within three years, to £20million, thanks to diversification.
It is expanding into new markets after management changes which have seen Eric Doyle, previously regional director at offshore engineering firm Aquaterra Energy, take over as managing director.
Mr Doyle’s predecessor, Lindsay Young, is now operations director.
Another appointment has seen Alan Brunnen, a former executive vice-president at Aker Solutions, join the company as non-executive director.
Pipetech, which specialises in pipe and process cleaning services, employs four people at Portlethen, near Aberdeen, and 12 in Norway.
The company helps clients to overcome costly flow and blockage challenges at oil and gas assets, and increasingly industrial power plants and refineries.
It aims to further expand its services to industrial markets and introduce subsea and wells to its offshore portfolio following recent contract wins.
The firm recently developed a novel deep water cleaning system which has already been used in a £1.2million campaign by a major operator to successfully clear a blockage in a subsea manifold in the Norwegian North Sea.
It is also currently developing a new downhole cleaning tool, while contracts won in industrial markets include process cleaning at a gas terminal in Scotland as well as the company’s first work in Sweden.
The company is now eyeing further potential business in Sweden as well as opportunities in other new territories, such as Denmark and the Netherlands.
Mr Doyle said: “Pipetech has a new business strategy which will see us focus on solutions designed to tackle the inefficiencies faced both offshore and at industrial power plants and refineries by scale, flow and blockage problems.
“Alan’s advice and influence is going to be invaluable as we invest in expanding our subsea and wells offerings and continue to invest in new technologies to solve the challenges being faced by industry.”
Mr Brunnen retired from Aker Solutions last year after a career in oil and gas spanning more than three decades. He was previously chief operating officer at Stolt Offshore.
Pipetech, launched in Stavanger, Norway in 2001, was acquired by Scottish company Ramco about three years ago.
Portlethen-based Ramco – owned by Lloyds Development Capital, the private equity arm of Lloyds Banking Group – specialises in the inspection, internal and external blast cleaning and protective coating of steel pipes.