Record high for Wireline Engineering
Wireline and well intervention technology specialist Wireline Engineering has achieved a record month in 2010 with £1million of sales and hit £7million annual turnover for the first time in 2010. The company intends to build its international markets and expand its operations worldwide by recruiting new staff to meet the demand of its innovative new products for the global oil and gas community.
2010 saw record performance for a single month where Wireline Engineering achieved £1million of sales in November, bringing annual turnover to £7million in 2010 and it plans grow turnover to £12million within the next 3 years. The company expects to sustain its strong performance with continuous year-on-year sales growth of around 20% and adding up to 10 new staff as a result.
Wireline Engineering develops original well intervention and completion technologies for the oil and gas industry. The company has equipment deployed in nearly 60 countries worldwide and has grown by creating new technologies that deliver real savings for its customers. Its new technology, the ‘Open Hole Roller Bogie’, was recently used in the North Sea for the first time achieving savings of around $200,000 per wireline operation for its customer.
Bill Petrie, managing director of Wireline Engineering, said: “2010 was a landmark year for Wireline Engineering. Delivering strong growth in a difficult economic climate and doing it across the global marketplace shows that we are providing an innovative, cost effective service for our clients. We are steadily growing our global customer base and investing in our R&D to ensure that Wireline Engineering continues to stand apart from our competitors.
“Our Roller Bogie technology is acknowledged as the world-leading wireline conveyance solution that has revolutionised wireline operations and brought huge efficiencies in the process. The original Cased Hole Roller Bogie tool has now successfully completed more than 80,000 runs with an impeccable performance record and our new Open Hole Roller Bogie recently saw its first use in the UK North Sea, saving our customer a six figure sum per wireline operation – we anticipate strong demand for this tool in the North Sea next year.”
Mr Petrie added: “Our business plan calls for more of the same in 2011, targeting several new geographic markets and introducing a number of new products that are currently under development.”
Wireline Engineering was established in 1998 and its headquarters are at Blackburn in Aberdeen. It has international offices in the Americas, Middle East and Far East and employs 50 people worldwide.
