THE management team which built up PSL Energy Services to an 1,100-employee company sold for £128million are back in business together at a new north-east firm.
The arrival of John Wingfield at mechanical services company EnerMech means he has been reunited with Doug Duguid, Michael Buchan, Phil Bentley and Derek Grant. All five are directors with EnerMech, which was launched less than a year ago.
They were previously bosses at Portlethen-based PSL, which was acquired by US energy services giant Halliburton in April 2007. They had owned 20% of PSL, while the other 80% was held by private-equity firm Lime Rock Partners.
Aberdeen-based EnerMech was launched in April 2008 and provides cranes and lifting equipment, zoned equipment and hand tools rental, hydraulics, training and specialist personnel to the oil and gas industry.
The company has a strategy for organic and acquisition growth throughout the eastern hemisphere, backed by capital investment of more than £30million provided by the five directors and private equity firm Lime Rock Partners. EnerMech employs 250 staff at its Aberdeen headquarters and bases in Great Yarmouth and Stavanger.
Managing director Mr Duguid said: “I am delighted we are all back working together and our combined strengths will ensure EnerMech quickly develops into a significant force in the mechanical engineering, design and maintenance sector.
“We all have a proven track record in our individual disciplines and this will stand our customers in good stead and provide confidence to new clients who are not yet aware of the EnerMech brand and service offering.
“We believe the market we are targeting is fragmented and many existing providers have a lack of technical and engineering depth.
“We plan to provide a much greater level of engineering support than is currently offered and by supporting different business lines with the same engineering group we will gain better utilisation of resources and will be more cost-effective in diagnosing problems and offering new solutions.”
Mr Wingfield added: “It is an exciting time to be joining EnerMech and to be part of a successful management team, but we have so much to do there is no time for looking backwards. Our growth will be rapid as we roll out the range of EnerMech services into our North Sea backyard and into new geographic markets, but our past experience means we are very well placed to achieve our targets.”
Last October, EnerMech announced its third acquisition in less than a month.
The firm bought Bjorge’s crane division in Norway, which gave EnerMech a significant entry point to the Norwegian North Sea crane and heavy-lifting sector.
This followed the double acquisition of crane and lifting contractor Specialist Maintenance Services in Aberdeen, and Great Yarmouth-based training provider A1 Safety Training Consultants.
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