Cavanagh’s Oil Plus toasts £3.14m worth of new deals

Mark Cavanagh
Mark Cavanagh

An oil and gas consultancy owned by a north-east entrepreneur celebrated £3.14 million worth of contract wins in the fourth quarter of 2018.

Oil Plus, acquired by Mark Cavanagh in 2017, clinched deals in the UK, Middle East, and Alaska during the three months.

Mr Cavanagh bought the Berkshire-based firm for an undisclosed fee from a division of global industrial giant Smiths Group.

The businessman’s involvement in the energy industry spans more than a quarter of a century.

He founded energy consultancy XPD8 in Aberdeen in 2003 and pocketed an undisclosed sum when he and private-equity backer Maven Capital sold the business to Smiths Group in 2015.

Mr Cavanagh is sole shareholder and managing director at Granite City-headquartered engineering firm Crandale Consultants.

Oil Plus was established in 1978 as a joint venture between BP and Plenty to provide support for the North Sea Forties field, which was acquired by Apache in 2003.

The latest contract awards will see Oil Plus provide water treatment performance improvement studies and services for two enhanced oil recovery projects.

Clients include the Kuwait Institute for Scientific Research, oil equipment trader Al-Julaiah Group, Kuwait Oil Company, and Dubai-based conglomerate Dodsal.

Bosses at Oil Plus hailed the company’s “exceptional growth” and revealed plans to increase its 35-strong workforce.

Clarke Shepherd, global business development director at Oil Plus, said: “The last year saw us increase our sales by 587% compared to the same period in 2017.

“This exceptional growth is testament to the skills and capabilities which exist within the business.

“As well as building on existing relationships, our most recent contract wins will see us working with a range of organisations across new regions.

“We have entered 2019 with a strong pipeline of activity and we have plans in place to further expand our services especially in engineering and asset and integrity management.”