Aberdeen-based Stable Holdings have set up a new company to expand their product range with proprietary products to solve oil and gas drilling challenges.
Stable Engineering and Design Ltd. will design and develop novel technologies for the rapidly-expanding bottom hole assembly market. Bottom hole assembly is the term for components involved in the lower end of the drill string.
The new company will complement the business of Stable Services which is an emerging market leader in the manufacture and supply of oilfield products.
Stable Holdings group managing director, Martin Paisley, explains: "Stable has grown two-fold in the last 18 months. Firstly, we have a robust product range with a proven quality service which has driven our growth. Secondly, we have expanded into new geographical markets, supplying products to over 50 countries through bases in Norway, Canada, the Middle-east and the Far-east. The next logical phase in our ambitious growth strategy is product development. Stable Engineering and Design will develop more sophisticated and proprietary tools and technology that enhance Stable Services' defined product range.
"Essentially the new company will be the technology resource for Stable Services and we anticipate recruiting more experienced people quickly and maximising the workshop and specialist facilities we have at Stable Services' Dyce premises."
Stable Engineering and Design Ltd will be led by experienced design engineer, Alan MacKenzie. A mechanical engineer with over 20 years experience in downhole oilfield engineering and surface systems, product management and operations, Mr MacKenzie is a named inventor on 12 oilfield patents.
Mr Paisley adds: "Attracting a design engineer with Alan's track record in proven product development underlines our serious intention to be a leader in the design, development and supply of drilling products which meet our customers' needs."
Mr MacKenzie joins Stable Engineering & Design from Acteon Group where he was bespoke engineering manager. Prior to that, he was with Baker Hughes for 22 years in a variety of design engineering, operational and product development roles in the UK, US and Middle-east.
Commenting on his appointment, Mr MacKenzie says: "This is a tremendous opportunity for me to have a stake in an exciting, fast-rising company with a management team that has a dynamic approach both to the company's growth and to the global oil and gas markets it serves.
"I am looking forward to channelling my passion for design and for engineering solutions into delivering a value-added technology resource to fuel Stable's growth."
Stable Holdings was set up by Aberdonian businessman, Rod Coffey, to acquire the entire share capital of Stable Services in 2006. Coffey immediately set about re-structuring the business to capitalise on the increasing global demand for drilling equipment. Within six months, Stable Holdings acquired the trading assets of Rig Services International, taking staff numbers to 100 and creating a business capable of becoming a market leader in the rental, manufacture and supply of oilfield products with particular focus on the rapidly expanding bottom hole assembly sector with turnover forecast to reach £50 million in 12 months.
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