Altra Energy Restructures Business

Altra Energy is positioned for significant growth following a restructure of the business and new contracts with Talisman, Maersk, Halliburton and BG Group.

The multi-disciplined consultancy is aiming to increase its $7.7 million turnover to approximately $39 million by 2013 and create around 200 new jobs over the same period. 

The firm, which received a $1.5 million private equity injection from HITEC Vision in 2007, is repositioning itself in the marketplace as a facilities support and design business with a focus on delivering engineering through three service areas -- project work, minor modifications work and consultancy. 

The company has also formed strategic alliances with several companies including Mechserv to provide project management, construction and mechanical engineering capabilities which widen the service and enable Altra to take on large-scale project work. 

Daniel McGowan, managing director of Altra Energy, said, "There is no denying that the last 12 months have been challenging for many in the oil and gas industry and we had a difficult year. However, we took the opportunity to restructure the business, building a robust new management team and refocusing on larger, longer-term contracts from front-end engineering through to start-up field developments. 

"We are now well-positioned for growth with a robust and ambitious strategy centered on Europe, the Middle East and Asia Pacific. Our newly formed alliances are central to our growth strategy, providing Altra with a credible capability to bid for major oil and gas projects internationally. 

"We are well on target to increase turnover to $15 million this financial year and are currently recruiting 40 engineers of all ages and experience to work on long-term, high profile projects. Our goal is to build a sustainable energy engineering business, successfully blending expertise and experience with youth, enthusiasm and creativity."