Offshore procurement services specialist Craig International today launches a new trading platform to help oil and gas companies off-load surplus stock worth billions of pounds while offering manufacturers a new route to market.
Oil and gas companies around the world have billions of pounds of surplus stock, much of it sitting in costly storage and Craig Collaboration will allow them to realise value from this.
‘Craig Collaboration’ represents a major investment by Craig International in an immediate, collaborative solution towards increasing efficiency, which the company claiming that ‘several major exploration and production companies expected to start using it’ following today’s launch.
Steve McHardy, Joint Managing Director, Craig International, said: “With the oil price set to be lower for longer, the industry requires immediate action towards achieving enhanced efficiency and cost control.
“We have developed a platform which the whole industry can use to buy and sell stock. Using our bespoke electronic tools, our network of buyers and our global experience, Craig Collaboration will, at no cost to industry, ensure that their products are offered to buyers looking to purchase them.
“Our research found that two North Sea operators had, between them, almost $500 million-worth of surplus stock. Multiply that by the number of companies operating in the North Sea and that’s a considerable amount of products and equipment lying around not making any money and incurring warehousing costs.
Craig Collaboration is accessed through a portal and powered by Craig International’s bespoke software. For example, if operator A, who is looking for a pump which operator B has in surplus stock, the computer would search the inventory on Craig Collaboration, find the pump and offer it at a reduced cost to operator A.
Craig Collaboration will also provide an analysis of the interest expressed on their surplus equipment, allowing clients to make an informed decision on disposal or not.
Craig International has this year secured $60 million in new contracts as a result of the efficiencies delivered by their ecommerce initiatives.