Scots oil services company expands in USA

OIL services firm ACE Winches is launching a multi-million dollar expansion drive in the US where it sees opportunities in a range of markets.

Aberdeenshire-based ACE is investing $6.5 million (£5.1m) in a new facility in Houston, Texas, which a spokesperson for the group said is predicted to help double its revenues within five years.

The move comes as energy services businesses are set to benefit from increased investment by customers in both oil and gas activity and renewables.

The surge in oil and gas prices fuelled by the recovery from the pandemic and the fallout from the war in Ukraine is encouraging firms to look to increase production in areas such as the Gulf of Mexico and the North Sea. Energy investors see great potential to develop significant windpower generating capacity in both areas.

ACE winches chief executive Alfie Cheyne said a significant share of the group’s revenue is generated in the Gulf of Mexico, and the time is right for it to capitalise on the potential in the region. He believes the broader North American green energy market will offer significant growth potential over the next decade.

“Not only will we be able to better serve existing customers, but we will be able to make the most of new opportunities as the energy industry evolves into another exciting new era,” said Mr Cheyne regarding the Houston facility.

He added: “We have invested heavily in diversifying our offering and having been involved in some of the biggest projects in the Gulf of Mexico in recent years, as well as seeing increasing demand for offshore floating wind.”

ACE is working on the giant Dogger Bank windfarm that SSE is developing off Yorkshire. It has worked on the Beatrice and Moray East windfarms off Scotland.

Mr Cheyne founded ACE in 1992. He bought Ace back from Balmoral Group recently.