North-east entrepreneur Mark Cavanagh’s new Oil Plus business has reported contract wins worth a total of more than £1million over the past three months.
Mr Cavanagh, who has spent more than 25 years in the oil and gas industry, acquired the Berkshire firm last year for an undisclosed sum.
Oil Plus said yesterday it had gone “from strength to strength” under the new owner, who has an expanding business portfolio.
The 49-year-old started up energy consultancy XPD8 in Aberdeen in 2003, finally leaving the firm in 2015 when it was bought by Smiths Group and assimilated into the John Crane Unit.
He then became managing director of engineering firm Crandale Consultants, which employs about 35 people in Aberdeen. As of last year, he was the sole shareholder of Crandale.
Mr Cavanagh’s experience in the oil and gas sector is backed up by a steadily growing food and drink empire.
Last year, he created eight new jobs with a new restaurant, the Clachlan Grill in Ballater, with a £350,000 investment.
His CranberryCo business also includes The Adephi Kitchen, Angus & Ale, The Red Lion, Fusion Bar + Bistro and the No.1 Bar & Grill.
Oil Plus said sales during the first three months of 2018 had nearly quadrupled, against a year ago.
The Newbury-based company, which employs more than 30 people, plans further recruitment over the coming year due to the surge in business.
Its recent contracts will see it carry out work for several international oil companies in Saudi Arabia, Kuwait, Brazil, Thailand and Europe.
The firm was established in 1978 as a joint venture between BP and Plenty to provide support for the North Sea Forties field, which was acquired by Apache in 2003.
At the time of acquiring Oil Plus, Mr Cavanagh said he was considering a sales presence in Aberdeen.
Yesterday, business development director Clarke Shepherd said: “The market has been looking strong during the first four months of 2018 and although trading is still tough, we are extremely confident about the year ahead.
“We have a robust pipeline of potential projects and plans are in place to expand into new international markets. We’re targeting sustained and supported growth within our core business areas and looking to expand our engineering services.”