Senergy Heads to Middle East to Boost International Growth
Diversified energy services group, Senergy is heading to the Middle East to boost its international growth, in a move aimed at doubling the size of the company in the next three years.
Senergy's growth, both organic and through strategic acquisition, has resulted in turnover increasing to £70 million.
Founder and chief executive officer of Senergy, James McCallum, will be basing himself in the Middle East for the short-term to spearhead the international drive with a focus on identifying and progressing acquisition and merger targets for Senergy.
Together with Dave Sherrard, director of international business, they will drive forward the development of Senergy's operations in the UAE, Malaysia, Russia, Australia and New Zealand with further growth and integration across the group.
Senergy already operates in 15 locations worldwide in the areas of oil and gas services, survey and geo-engineering services and alternative energy.
"During a period of continued global financial uncertainty, it is important that we use our time wisely to position Senergy to take advantage of strategic opportunities and be ready for the inevitable reversal in energy prices," explained Mr. McCallum.
"We have only started to scratch the surface in terms of international growth but we are very serious about meeting our global ambitions and basing myself in the Middle East, from where we will have access to major global opportunities as well as our existing global network, underlines this intent. Being 'on the ground' will allow me to develop the right knowledge and contacts to deliver a step-change in our internationalization.
"The market in the Middle East is particularly attractive to us, given the requirement for our set of skills which delivers a fully integrated energy service, not only in oil and gas but increasingly in alternative energy. The UAE in particular has declared its ambition in alternative energy and we want to be the company it looks to for an innovative, knowledge-based, joined-up solution.
"Equally, the international expansion of national oil companies in the Middle East and Asia demonstrates they still have capital to work on both domestic and overseas projects, therefore we need to focus on developing these relationships."
Mr. McCallum believes that having a Senergy board level presence in the Middle East will ensure the company is well placed to identify and potentially team up with new financial partners.
"As we plan the next phase of growth for the company and with financial liquidity likely to be a problem for some time to come in the markets we know well, the time is right for Senergy to accelerate growth overseas and explore opportunities in other markets," he added.
Mr. McCallum expects will be based in the Middle-east from April. He will fully maintain his involvement in the ongoing development of the business in the UK, which remains a key market for Senergy.
Head-quartered in Aberdeen but operating around the world, Senergy is a multi-discipline energy services group providing comprehensive, high-performance, technology-led services and solutions to the global energy market. Its specialist areas cover oil and gas services, survey and geo-engineering services and alternative energy.
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