A north-east oilfield service firm is investing more than £1 million in rental equipment this year and recruiting additional staff members to help meet growing demand.
Bosses at Hiretech said the equipment rental company had experienced a “dramatic upturn in business” since mid-2017 and celebrated a record-breaking month for turnover in June.
Hiretech, which is based in Fintray, near Dyce, reported turnover of just under £500,000 last month, up 60% on its previous record monthly high, which was achieved in May 2018.
Founded in 2010, Hiretech has also started making employees available to operate its range of equipment.
To help offer the service, the company has created six new jobs, taking its headcount to 20.
Hiretech expects to bring in another four people before the end of 2018.
The company has also taken delivery of a new well service pump, which will complement its existing fleet of pumping spreads, powered umbilical reels, hydraulic power packs and supporting equipment.
Prior Diesel, an engineering firm based in Great Yarmouth, packaged the new pump’s components together for Hiretech.
Hiretech engineering manager John Milne said the company’s commitment to investing in its fleet during the downturn was paying off.
Mr Milne said: “There are some great opportunities in the market at the moment as the industry plays catch up for lower investment levels through the downturn.
“Additions made to our rental fleet over the last three years are reaping rewards now, and we asked Prior Diesel to augment our own manufacturing capacity this year to help meet increasing demand.”
Hiretech was founded by managing director Andy Buchan.
Mr Buchan sold his first venture, Buchan Technical Services, to marine service company James Fisher and Sons for just under £5million following an approach by the group in 2007.
He subsequently worked as a consultant for various energy sector firms, before launching Hiretech about eight years ago.
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