Investment Yields Results for MRDS Group

MRDS Group, the Aberdeen-headquartered oilfield and marine services expert, is looking forward to a fruitful 2021, following significant investment, development and commercial success in the latter part of 2020.

The company, which was acquired by the Garrick Group last August, has since seen investment to the tune of £600,000 in personnel, new service lines and overseas facilities. This has included a 20% increase in headcount, the launch of an Asset Integrity specialism and the establishment of a UAE-based entity.

Highlights of 2020’s final quarter included the inspection, repair and recertification of drilling equipment – in addition to ongoing operational support – for a number of North Sea-based clients, focused upon both production and decommissioning. In the UAE, work included well control equipment inspection and repair for a locally based European operator. This contributed to a total £500,000 of contract awards in the region during Q4.

The company has also announced a total £2million worth of UK and international contract awards due to commence early 2021, which includes several newly-won drilling contractor clients.

Ian McGillivray, Managing Director comments: “Despite the ever-shifting challenges of the past 10 months, I am delighted to report that MRDS has gone from strength to strength, with our fully COVID-compliant workshops constantly operating on a full-time basis, due to client demand.

“2021 looks set to continue that trend with several major contract awards confirmed, in addition to current tendering activity across Europe, the Middle East and West Africa. The advent of our Asset Integrity service has already broadened our sector capabilities to include renewable energy, offshore decommissioning and vessel maintenance, whilst we are set to increase our commitment to our UAE client base by opening our 10,000 square feet, local workshop facility this spring.”

With a growth strategy focused upon the UK and UAE, MRDS reports plans to increase its domestic and international headcount by 20% over the coming 12 months.