Two experienced industry veterans Marc Gerrard and John Morgan have launched RenQuip Limited, a new Dyce, Aberdeen-based tool manufacturing and equipment rental company "that will bridge the gap between the petroleum and renewables sectors."
"RenQuip’s five-strong payroll is expected to at least double in the next 12 months, with five-year revenues forecast of around £6 million, while long terms objectives will see the opening of other strategic bases around the UK and overseas," the company said Monday.
Gerrard has more than 25 years’ experience in the energy sector and was previously in senior management positions at HTL Group and EnerMech, while John Morgan’s 30-year career in engineering and management roles included the position of Managing Director of Equalizer International, and following its acquisition a management role with Enerpac Tool Group in Aberdeen.
According to a press release issued Monday, RenQuip will specialize in the design and manufacture of installation and maintenance tools for the energy industry, offering bespoke products, product sales, and equipment rental.
In addition to distributing and selling its own branded OEM equipment globally, RenQuip has said it has established agreements to act as a distributor for "well-established equipment and tool brands." The company did not say who these established brands were.
RenQuip Managing Director, Marc Gerrard, said: “As a result of recent corporate acquisitions and restructuring in the sector, we have identified that there is a gap in the market for a reliable and experienced partner to service companies and operators in the energy space.
“A lot of expertise has left the industry which has resulted in a knowledge deficit, and we believe RenQuip can address this shortfall, and through new technologies deliver an unbeatable customer experience.
“While our extensive experience is in the traditional oil and gas sector, it will be a natural step for RenQuip to focus on delivering specialist tools and engineered solutions to the renewables industry.”
RenQuip Technical Director, John Morgan, said: “Clients have told us there is a need for a business which can provide bespoke solutions where existing equipment can be modified or adapted, or new products can be developed for a specific application. With our strong background in engineering design and manufacturing, RenQuip will be in the ideal position to fill that requirement, and at the same time we will roll out our OEM products and those of internationally established manufacturers to a global client list.”
According to RenQuip, the company is backed by the energy sector entrepreneurs Doug Duguid and Michael Buchan and their investment company I7V Renewables, which provides insight, investment, and support to new and emerging businesses.
The pair led international oil and gas services company PSL Energy Services until its acquisition by Halliburton, and developed EnerMech from a two-man start-up business into a global brand which was acquired in 2018 by venture fund The Carlyle Group.
Doug Duguid said: “Marc Gerrard was a highly valued member of the EnerMech management team and I am delighted that I7V Renewables are able to support him and John Morgan in launching this forward-looking business, which I am confident will set the template for tool and equipment rental and sales in the oil and gas sector, and appeal to businesses engaged in energy transition and working to achieve net-zero.”