SPEX, which claims to be the largest independent provider of speciality explosive services in the UK, has revealed it received a £1million investment from Aberdeen entrepreneur Jamie Oag.
The managing director of oil service company Optima Solutions has taken an undisclosed stake in Aberdeen-based SPEX.
Formed in May 2009, the company provides a range of services and consultancy in the field of explosive science and technology in both the public and private sectors.
With an anticipated turnover of £2.5million for 2010, SPEX operates internationally, having worked in nine countries in just 12 months, however, its main focus of activities is in the North Sea, mainland Europe and the Caspian.
Gavin Drummond, managing director of SPEX, said: “The investment by Jamie Oag will allow us to drive forward further domestic and international growth.
“It will also assist us with the research and development facilities at our Tillyfourie test site where we are developing cost-effective and safe explosive solutions.”
Mr Oag, said: “I’m delighted to provide financial support to Gavin and the team at SPEX.”
SPEX divisions include field services, consultancy, training and competence, explosive disposal, manufacturing of specialist explosive products, sales and services and a special projects division. Its main oil-related activities are focused on pipe recovery, wellhead removal, pile severance, structural removal and anchor, wire and chain severance.
Mr Drummond said: “Many operators realise that explosives can offer a safe, cost-effective and guaranteed solution compared to other methods. At SPEX our vision is to continually develop technologies and methods which will allow us to become a market leader in explosive decommissioning.”
The company began with four employees and its payroll has grown to 20. All directors, technical and field staff have their professional competencies accredited through the Institute of Explosives Engineers.
SPEX operates from three bases, with offices in Carden Place, workshops and a bonded warehouse facility at Dyce and a training and deepwater test site at Tillyfourie Quarry, at Monymusk.