ModuSpec, part of Vysus Group, and a leading provider of specialist technical assurance services to the Upstream energy sector, is on track to have its most successful year since 2018.
The Aberdeenshire-headquartered company is a global provider of drilling rig intake and inspection services, including specialist compliance support for surface and subsea well control equipment. ModuSpec, which has been in business for nearly 40 years, offers expertise across an array of assets from onshore land rigs to offshore drillships and intervention vessels. It supports energy operators, regulators, drilling contractors and asset owners to ensure assets are accepted onto contract efficiently.
Its UK office is on track to increase turnover by over 300% compared to 2020 when Vysus Group launched following a carve-out from Lloyd’s Register. This year alone, ModuSpec’s Aberdeen team has secured contracts totalling more than £7 million and has delivered more than 120 projects globally for 40 clients in 30 countries. It’s a similar story in the Middle East and North Africa where the team has secured agreements totalling more than £4 million.
Key achievements this year include: securing a new five-year global contract with a supermajor for the provision of blow-out preventer (BOP) inspection services across the operator’s global rig fleet, agreeing a two-year global framework extension with an operator for the provision of rig inspection services across its international operations, and winning a contract with a leading company in the Middle East for the provision of technical assurance services with respect to a rig fleet acquisition.
Earlier this year the company launched its real-time monitoring tool, Argus, to further strengthen its expertise delivered to clients on drilling rig BOP and well control equipment, by analysing live data to optimise performance and compliance of the critical equipment during operations.
Mark Watson, Operations Manager with ModuSpec said: “This has been our most active period in the last five years. While we have doubled down on optimising opportunities in the North Sea, we have grown our activity internationally exponentially where opportunities are continuing to open up.
“Our unique way of supporting clients during the rig intake process is enabling operators and rig owners around the world to minimise their operational risks and comply with regulatory requirements. Our BOP real time monitoring tool, Argus, is the next step for us as a business to advance ModuSpec’s value in the market.”
Despite dwindling numbers of rigs in the North Sea, ModuSpec is preparing for continued growth. It created six new positions in the second half of the year to ensure it was in a strong position to respond to opportunities in 2024 and continuing to expand globally is a primary focus for the business as it looks to the future.
Mr Watson added: “While we are absolutely committed to the North Sea market, we do recognise that the global market for our services is growing. We have already delivered a five-year high of international projects across Europe, West Africa, in the Gulf of Mexico and see this also now growing in the Middle East and North Africa (MENA). We see material upside in this area for future growth and a strong demand for digital solutions, which is why we developed and launched Argus earlier this year.”
Mark Watson, Operations Manager