The management team which built up PSL Energy Services from receivership to an 1100 employee company worth more than £120 million is back in business.
Phil Bentley, John Wingfield and Derek Grant have joined the board and taken an equity share in mechanical services company EnerMech Ltd. The trio join EnerMech founding directors Doug Duguid and Michael Buchan, who were PSL’s managing director and finance director respectively.
Phil Bentley has been appointed operations director, Derek Grant as commercial director and John Wingfield business development director – the same roles each fulfilled at PSL as the team built the company into a major eastern hemisphere oil and gas services company.
Aberdeen-based EnerMech was launched in April 2008 and provides cranes and lifting equipment, zoned equipment and hand tools rental, hydraulics, training and specialist personnel to the oil and gas industry.
The company has a clear strategy for organic and acquisition growth throughout the eastern hemisphere, backed by capital investment of more than £30 million provided by the five directors and private equity firm Lime Rock Partners.
In October EnerMech acquired the UK’s second largest independent crane and lifting contractor, Specialist Maintenance Services Ltd, and Great Yarmouth-based training provider A1 Safety Training Consultants Ltd, which was followed with the purchase of Bjørge ASA’s crane division in Norway.
EnerMech managing director, Doug Duguid, said: “I am delighted we are all back working together and our combined strengths will ensure EnerMech quickly develops into a significant force in the mechanical engineering, design and maintenance sector.
“We all have a proven track record in our individual disciplines and this will stand our customers in good stead and provide confidence to new clients who are not yet aware of the EnerMech brand and service offering.
“We believe the market we are targeting is fragmented and existing providers have a lack of technical and engineering depth. We plan to provide a much greater level of engineering support than is currently offered and by supporting different business lines with the same engineering group we will gain better utilisation of resources and will be more cost effective in diagnosing problems and offering new solutions.”
Business development director, John Wingfield, said: “It is an exciting time to be joining EnerMech and to be part of a successful management team but we have so much to do there is no time for looking backwards.
“Our growth will be rapid as we roll out the range of EnerMech services into our North Sea backyard and into new geographic markets but our past experience means we are very well placed to achieve our targets.”
Halliburton acquired Portlethen-based PSL Energy Services in April 2007 in a deal valued at £128 million. The five directors subsequently left PSL to pursue other business interests.