RMEC makes investments in staff and equipment

RMEC Limited managing director Bryan Fagan.
RMEC Limited managing director Bryan Fagan.

Angus-based energy services firm RMEC Limited is rapidly expanding its workforce as the oil and gas sector shows signs of recovery.

Based at Cotton of Pitkennedy by Forfar, RMEC sells and rents well services equipment and provides mechanical and hydraulic servicing of equipment.

The group’s trading company saw its revenue increase by 18% from £4.98 million to £5.88m for the year ending March 31 2018.

Managing director Bryan Fagan said strong trading in the final six months of the financial year helped profits increase from £818,000 to £1.35m.

He said: “There have been very difficult market conditions and I think the business has shown a lot of resilience to come through that. It’s a fantastic set of results.

“The different areas of the business have all produced strong results and our outlook is very favourable for this financial year.

“We had a great six months of the last financial year and we’ve continued that into the first six months of this year.”

Mr Fagan said the company would soon be investing a six-figure sum in a new testing bay.

As the oil and gas downturn hit RMEC, which also offers storage solutions for offshore equipment, lost a major contract which led to a third of employees being laid-off.

However, in the past 18 months, the firm has increased its headcount from 19 to 32 in the past 18 months and is currently recruiting more staff.

“We currently have the most staff we’ve ever carried and we are looking to add another three or four additional staff,” he added.

“I’m not quite ready to say the market has turned a corner but market conditions are certainly improving.”

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