The Courier & Advertiser (Perth and Perthshire Edition)

Praise for ‘exceptiona­l’ staff


The boss of an Angus oilfield services firm praised his “exceptiona­l” workforce as the company returned to profit.

RMEC recorded a strong set of results which put the firm in a strong position to meet the challenges posed by Covid-19.

The newly filed accounts for the year ending March 31 2020 show revenues rose by 35% to £11.8 million.

The company made a pre-tax profit of £618,000 compared to a pre-tax loss of £624,000 in 2019.

Establishe­d in 2004, RMEC rents well services equipment to the oil and gas industry. Based at Cotton of Pitkennedy, by Forfar, RMEC has a large workshop, an internal storage facility, a storage yard, secure internal hydraulic store and office premises.

Its services also include maintenanc­e, pressure testing and recertific­ation of equipment.

Managing director Bryan Fagan said the pandemic had challenged his sector “like never before”. He said: “These accounts cover a period when the oil and gas market was beginning to recover from five years of a downturn but before the impact of the pandemic.

“They reveal a healthy position, underlinin­g the resilience and stability of the business. They reflect steady, sustainabl­e growth and improved profitabil­ity.

“This allowed us to safeguard our workforce and remain competitiv­e throughout 2020 when the difficulti­es of operating during Covid restrictio­ns have challenged the industry like never before.”

RMEC cited the combinatio­n of its agile approach and a strong order book of internatio­nal contracts as key contributo­rs. It also made a six-figure investment in a second on-site test bay for hydrostati­c and highpressu­re gas testing.

Mr Fagan said the company’s outlook was positive and paid tribute to its 40-strong workforce.

He added: “Around a third of our orders are now internatio­nal including exports to the Eastern Hemisphere. Our domestic market remains strong.

“Fleet rentals make up around 75% of the business. Our new additional test bay is also making a significan­t impact on our bottom line.

“All of this is made possible thanks to our exceptiona­l workforce who have remained loyal and dedicated to our success.

“I am extremely proud of the role they continue to play in supporting our clients and each other throughout the pandemic.”

 ??  ?? PROUD: Managing director Bryan Fagan hailed the efforts of RMEC’S workforce.
PROUD: Managing director Bryan Fagan hailed the efforts of RMEC’S workforce.

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