Reservoir Group is on track to secure its intention of becoming a global market leader in integrated downhole drilling products and services after technology driven sales doubled revenue to $90 million in the last 12 months.
The Group has taken the decision to open a new corporate office in Aberdeen's West End and announced a raft of senior appointments and promotions to handle the significant expansion to the business as it works towards a goal of $500 million turnover by 2013.
David Clark has been promoted to head of corporate development across the Group. He will be responsible for targeting and executing key acquisitions, with particular focus on international expansion.
He moves to this newly-created position after previously holding the post of group financial controller, a role which will now be filled by Craig Hutcheon. Formerly of KPMG, Hutcheon joined Reservoir Group in October 2008. He will be responsible for the provision of apermanent financial control and regular reporting streams both internally and to key stakeholders.
Further bolstering the new finance team is Nick Carne, who has been employed as group tax manager, and financial accountant Lewis Esson. Carne, a specialist in international taxes, has relocated to Aberdeen after working in Acergy's global HQ in London.
Backed by SCF Partners, Reservoir Group has acquired seven businesses since it was established in 2007. The new office at Rubislaw Terrace underlines the Group's commitment to further growth by providing a base for its future global operations.
Rick Clark, Reservoir Group’s chief financial officer, said, "With the phenomenal growth that the Group has experienced in sales and acquisitions in the last year, it is fundamental to our strategy that we continue to invest in quality people in the coming months and years. We are bolstering our finance team with a trio of appointments that underlines the global reach and credentials that Reservoir Group now represents.
"Our client base and our service offering are diversifying with continued expansion around the globe. But we are still demonstrating to our clients our capability to offer our services and specialist downhole products with the same focus and service quality that built our reputation."
Reservoir Group aims to reach its five year target through organic growth and further acquisitions of niche, independent market-leading companies to create an internationally-focused market leader. The Group combines astute business deals with a concerted drive towards meeting the still-robust demand for innovative and reliable core sampling and related petrographic services, high quality oilfield data management and niche downhole products and services.
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