A NEW oil and gas equipment rental company has been launched by businessman Andy Buchan.
Hiretech Ltd will provide equipment for fluid pumping, subsea and diving activities, pipeline precommissioning, testing and decommissioning markets.
Mr Buchan built up his Buchan Technical Services business over a ten-year period before it was acquired by James Fisher Offshore in 2007 for just under £5 million and since then has worked as consultant for a number of energy sector firms.
An initial investment of £1 million has been made to launch Hiretech, which is based in Aberdeen, and Mr Buchan has forecast the company will achieve rental turnover of £2 million by the end of its second year.
Mr Buchan said he will make further investments to expand the existing, 20-unit fleet of air powered umbilical reels, Zone 2 hydraulic packs and processing pumps.
He said: “I have really enjoyed working with other businesses and gaining an insight in to how each conducts their activities, but I feel the time is right to return to doing what I know best.
“We have already secured a number of contracts and people in the industry have been very encouraging and generous in helping us get up and running. By investing in new equipment we have a competitive advantage because all our kit conforms to the latest industry standards.”
Hiretech is targeting contractors and oil and gas operators who require support in pipeline work, decommissioning and fluid pumping.
Mr Buchan added: “Once we are firmly established in the UK North Sea market I will be looking at overseas opportunities and expanding the business globally.”
Note to editors:
All Hiretech Ltd equipment is CE Marked, ATEX compliant and DNV approved
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