XODUS has invested £2 million establishing a Middle East operation and underlined its appetite for acquisitions in the region, in a move that reflects the booming confidence levels among Scottish energy firms in spite of the uncertain economic outlook.
The Aberdeen-based oil and gas and renewable energy consultancy has opened an office in Dubai in the United Arab Emirates as part of its plans to capitalise on the surge in activity in the oil and gas market in the Middle East, which is being underpinned by rapid economic growth in Asia.
The company also plans to use the base to spearhead a drive to win business in the emerging market in East Africa. The area is starting to attract serious interest among oil and gas firms following recent discoveries by firms such as Tullow.
In a sign of the importance Xodus attaches to the move, chief executive Colin Manson and chief financial officer Emma Merchant have relocated to Dubai, where the company employs 19 people.
Mr Manson said: "With the level of activity in the Middle East, married with the exponentially growing East African market, we envisage to have more than 50 people by the end of 2012 and reach 100 people within the first year with an eye on expansion into Abu Dhabi and Oman."
Xodus said it would use acquisitions in support of its plan to double in size by 2015. The company expects to increase turnover to £60m this year, from £38.5m in 2011. It has 450 employees, including 260 in Scotland.
With offices in countries including the US and Nigeria, Xodus said it was "actively seeking acquisition opportunities" in the Middle East, Asia-Pacific and the Americas.
Mr Manson said the Dubai base would focus on servicing contracts across the Gulf including Iraq and Kurdistan, where Xodus has made inroads.
Xodus is currently working on a field development project for the giant Shaikan discovery in Kurdistan for Gulf Keystone. This includes assessing the options for wells and subsurface development work.
STATS Group, an Aberdeen-based pipeline integrity specialist, recently announced plans to open a base in the UAE, which it hopes will help the company win more work in the Middle East.
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