The Newbury-headquartered Oil Plus Ltd, which also has an office in Aberdeen, has signed deals including a 12-month production chemistry agreement with a North Sea FPSO operator worth a seven-figure sum, a chemical testing project for Vedanta (Cairn India) in India, and a water injectivity study for SNEPCO, the operating arm of Shell in Nigeria
Despite the challenges caused by the coronavirus pandemic, the global process and production oilfield solutions company ended last year with a buoyant order book worth over US$4.32mn, and EBITDA had increased for the third year in a row, with its operating profits up by 23%.
Clarke Shepherd, global business development director at Oil Plus, said, “Like most businesses, the Covid pandemic coupled with the uncertain oil price caused several bumps in the road last year. We took prudent measures to maintain our competitive edge and ensure we were able to continue supporting our clients around the world with the same high standard of reliable services they are accustomed to.
“At the same time, we maintained a tight control on our overheads in line with the size of our business and as a result, we’ve started the 2021 fiscal year in a more robust position, with a number of new strategically significant contracts secured.
“Based on the recent trio of contract awards in the North Sea, India and Africa and a steady pipeline of further new business on the horizon, we are confident that our instantly scalable team and further organic growth will support our target being achieved by the end of 2023.”
