An energy industry entrepreneur has snapped up Oil Plus Ltd, a specialist oil and gas consultancy based in Berkshire, south England.
Mark Cavanagh, managing director of Crandale Consultants, acquired the business from John Crane Inc, a division of Smiths Group plc, for an undisclosed value.
Oil Plus plans on adding to its workforce over the next 12 months as it targets double-digit growth and forecasts turnover of £3million.
Mr Cavanagh has more than 25 years of experience in the oil and gas industry, primarily in project management and the population of asset management systems.
He said: “Oil Plus is a dynamic business that provides specialist services and technology to the oil and gas industry. There is a lot of potential for growth throughout the sector thanks to the skills and knowledge held within the business.
“The company has a reputation for determining water injection specification and troubleshooting oilfield water treatment systems, helping clients improve recovery and run their plant more efficiently. As the industry becomes accustomed to living with a lower oil price, Oil Plus can play an important role in supporting businesses to work cost-effectively.”
Oil Plus provides global oilfield water management, production chemistry, microbiology, reservoir souring and process engineering consultancy expertise. Specialising in water treatment design, troubleshooting and the prediction and control of corrosion, fouling and reservoir souring, the company provides the highest level of field experience, personnel and laboratory facilities to help optimise oil and gas production and reduce operating costs while ensuring compliance with health and safety and environmental standards.
The current management team at Oil Plus remains in place and will continue under the leadership of Kevin Murray as Managing Director.
He said: “This is a great opportunity for Oil Plus as we look to the future with a strategy for double-digit growth over the next 12 months driven by investment in people and ongoing research and technology. We have seen improvements in the market in recent months, and the renewed investment will reaffirm Oil Plus's reputation as a world-leading consultancy, combining chemistry, microbiology and process engineering to solve production related issues.
“We are excited with the change of ownership and are looking forward to working with Mark and his team who are based in Aberdeen, bringing together expertise and the latest technologies to support the energy sector.”
Oil Plus was founded in 1978 as a joint venture between BP and Plenty Ltd to provide process chemistry and engineering support services for BP's Forties oilfield. In 1982, BP sold its shareholding to Plenty's parent company Booker McConnell. Booker McConnell (re-named as Booker) sold Oil Plus Ltd to EIS, purchased several years later by TI Group which was then consolidated with Smiths Industries, now known as Smiths Group plc.
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