Keith Findlay
A NORTH-EAST man who pocketed millions of pounds from the sale of an energy-service firm, Buchan Technical Services (BTS), just over four years ago has launched a new business.
Andy Buchan has already invested £1million in getting Hiretech off the ground and plans to pour more money into growing its existing 20-unit fleet of air-powered umbilical reels, hydraulic packs and processing pumps.
Hiretech, based at Fintray, near Aberdeen, provides equipment for fluid pumping, subsea and diving activities, pipeline pre-commissioning, testing and decommissioning markets.
Mr Buchan is predicting it will achieve rental turnover of £2million by the end of its second year.
He said: “We have already secured a number of contracts and people in the industry have been very encouraging and generous in helping us get up and running.”
“Once we are firmly established in the UK North Sea market I will be looking at overseas opportunities and expanding the business globally.”
Hiretech is targeting contractors and oil and gas operators needing support in pipeline work, decommissioning and fluid pumping.
Mr Buchan built up his Inverurie-based BTS business over 10-years before it was acquired by marine service company James Fisher and Sons in 2007 for nearly £5million.
Since then, he has worked as consultant for a number of energy sector firms.
He said: “I have really enjoyed working with other businesses and gaining an insight in to how each conducts their activities, but I feel the time is right to return to doing what I know best.”
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