Caledus, the Aberdeen headquartered well construction technology oil and gas service sector business, has unveiled plans for significant global expansion with forecasts of 250 employees worldwide and turnover of £50 million by 2012.
A three-year vision, agreed by the company's senior management team at a meeting in Aberdeen recently, will see Caledus reach its anticipated expansion through organic growth, strategic acquisitions and alliances, incorporating new product lines where appropriate to enhance the business.
This year Caledus predicts revenue will grow from £8million to £14million with an increase in jobs globally from 43 to 65. Staff will increase at the company's key strategic bases in Aberdeen (6), Perth Australia (3), Dubai (3) and Houston (3) while a new office will be opened in Kuala Lumpur in March and additional staff will be employed in Norway and Angola.
By 2012 Caledus anticipates its Aberdeen-based workforce will have expanded from its current level of 33 to 60, with the other appointments spread throughout its global centers.
The company's confident vision follows on from the successful commercialisation of its TD SOLUTIONS™ portfolio which is a range of individual down hole products and services to reduce non productive time (NPT) in well construction and ensure tubulars reach total planned depth. The range is specifically focused on challenging wellbore conditions, high angle, extended reach drilling and horizontal wells.
Caledus will also further commercialise its SlimWELL® technology which slims down the well profile while maintaining well integrity and intervention ability. SlimWELL® has the potential to reduce well construction costs by up to 50 per cent, enhances safety and reduces environmental impact.
Caledus will look to enhance its organic business growth with strategic alliances and acquisitions to secure commercial products with a significant international appeal. In late 2006 Caledus acquired Brunel Oilfield Services (UK) and has managed to quadruple its revenue.
Paul Howlett, CEO and co founder of Caledus said, "Despite what we hear from other sectors of the industry, we can look to the future with extreme confidence.
"We are an innovative solutions provider, looking to challenge convention, and we have managed to build an excellent team with an enviable breadth and depth of experience in all the necessary core competencies in the oil and gas service sector. As a result, we have created a beneficial working environment for those who are new to the industry as well.
"While many companies may see the changes that have taken place in the price of oil and gas recently as a challenge, we, as a niche player, see them as an opportunity. We have positioned ourselves very well to grow because we offer products and services that reduce well construction costs and enhance performance. At times like these, with lower commodity prices, such technologies are attracting significantly greater interest from operators.
"Of course our business has to be managed carefully in these challenging times, but I am confident that we have the right people in place with the right experience to do that. Everyone has bought into the three year strategic vision because they helped create it and together we are all determined to make it a reality."