ABERDEEN firm Apex Tubulars, which supplies casing to the oil and gas industry, said yesterday it had secured a multimillion-pound financial package to fund future growth.
The deal with the Royal Bank of Scotland is understood to be worth about £3.2million and will allow Apex to buy new stock to meet expected demand over the coming years.
The company, which turns over more than £28million, said additional downhole casing and tubing would allow it to serve more customers as the pressure on energy supply increased the need for fresh oil and gas production.
Apex now employs 12 people after selling its inspection service arm to well-equipment business CairnToul earlier this year. The division had employed 60 people, who all transferred to CairnToul.
Apex managing director Jim Geddie said: “Our firm is benefiting from strong demand and thanks to RBS we are able to meet this supply with a flexible working-capital facility. We have had a number of years of excellent trading and the signs point to further growth and development in the future.”
Derek Busby, regional director of RBS corporate banking in Aberdeen and the north, said: “Apex is a world-renowned brand and with the new funding capacity it will now have the driving force to grow its global customers base further to become an even bigger player in the sector.”