Forfar-based oilfield services firm RMEC has completed a significant expansion to its premises in response to the growing demand from oil and gas companies looking to rent equipment rather than purchase costly kit.
The equipment specialist has increased its facility by 2,000 m2, split evenly between developing its external yard and vehicle access areas, making the total dimension 3,300 m2.
The 150% increase in space at the site, 50 miles south of Aberdeen, will provide a larger area for the upkeep and storage of well services equipment which includes pumps, pressure control equipment, valves, wireline units and containers.
Bryan Fagan, RMEC Managing Director, said: “According to industry analysts, the oilfield rental industry is projected to grow by at least 7% this year due to the downturn in the price of a barrel of oil, and is predicted to break the $50 billion barrier in the next five years.
“As the oil and gas industry takes stock and looks for ways to make cost efficiencies, we’re experiencing an increase in demand for our rental fleet.
“Companies are seeing it as a more feasible way to work by reducing their equipment buying outlay costs as well as negating the need for long term storage space at their own premises.
“The expansion has allowed us to pass on further cost savings to our clients through our own efficiency and increased productivity.
The project comes shortly after RMEC announced plans to branch out into international markets with the appointment of a Houston-based business agent.