IN this week’s SME Focus an Aberdeen entrepreneur explains why he has no regrets about starting an oil services business a year before the crude price plunged.

Name:

Stuart Lawson.

Age:

30.

What is your business called?

AISUS Offshore.

Where is it based?

Aberdeen.

What services does it offer?

Specialist technology to provide an enhanced range of visual and ultrasonic inspection services to the global oil and gas industry. We provide tailored solutions delivered by competent inspection engineers.

Whom does it sell to?

AISUS delivers regular projects for over 10 major North Sea operators involving the inspection of offshore assets.

It has also secured contracts with integrity and inspection service contractors and is beginning to expand its global footprint, having recently delivered projects in Trinidad and Norway.

What is its turnover?

Just over £1.7 million in the last financial year. We plan to invest around £250,000 over the next 12 months to expand our existing capabilities and invest in research and development to increase our service offering and support growth. We expect to grow sales by 30 per cent annually in the next three years within the UK, as we increase our market share and develop innovations for decommissioning and for reducing confined space entry into vessels and tanks by using remote visual inspection techniques.

How many employees?

12.

When was it formed?

Five of us set up AISUS in 2013. We all had extensive oil and gas backgrounds and previously worked together at a company called iicorr, which was later taken over by Stork.

Why did you take the plunge?

I have always had a desire to continuously improve, both in a work environment and on a personal level. Without being in control of your own future it can be difficult to do this. In my early career, when working offshore, I often thought: ‘That could be done better’ or ‘why is no-one offering this?’. I wanted to have the freedom to implement improvements and develop new solutions.

What were you doing before you took the plunge?

I joined Stork Technical Services in Aberdeen as a graduate engineer in 2007, when it was known as iicorr. I worked offshore completing specialist inspection projects, before stepping into the role of senior engineer in 2009. Three years later, I moved onto a business development position and after a year in that role, I knew I wanted to branch out and set up my own venture.

How did you raise the start-up funding?

The company was funded by the five founders. This covered the start-up costs for the first six months and allowed us to develop the initial tooling required. Although we didn’t have any external debt, it came with a very large personal risk. This certainly fuelled the team to work hard to ensure AISUS was a success.

What was your biggest break?

Five months in, we completed our first ultrasonic inspection on a caisson which housed a pump that brought water up to an offshore platform, using our SIRIUS™ tool. This was delivered successfully, on time and within budget, which led to us securing further North Sea projects. This helped us to build up a much needed company track record. Attaining our ISO: 9001 certification, within the first 10 months, was also an important step and allowed additional companies to utilise our services.

What was your worst moment?

There have been big challenges, particularly that when we started the entire team was very technical with limited business experience. It has been a huge learning curve and we have had to learn a lot of new skills. But I’ve never regretted starting the business for a minute.

There was a slight concern with how things would play out with the oil price dropping since June last year but we have always met our targets. The business focuses on inspection to support asset integrity and even with a low oil price operators need to look after their assets.

At $40 a barrel there is still a lot of uncertainty in the industry as a whole but we see quite a lot of opportunities both in the UK and through growth internationally. It is a far more competitive marketplace than a few years ago as bigger operators start to look for more effective ways to work and but we are finding they are more open to working with innovative SMEs like ourselves, than they perhaps were.

What do you most enjoy about running the business?

Working with people who are more like an extended family than employees.

What do you least enjoy?

The North Sea weather. Given that a lot of our projects are ad-hoc and also rely on preparation works being completed, there can be significant movement on mobilisation dates. This means that we often have to rearrange other commitments to ensure we can deliver when required. It is important to have a good work / life balance and thankfully we have a great team who are all prepared to help each other out where we can.

What are your ambitions for the firm?

We are focussed on developing the inspection technology that will meet the increasing challenges posed by ageing oil and gas assets. A priority for the next 12 months is to expand our business in the UK and internationally by exporting the skills, knowledge and technical expertise honed here in the north-east all over the world. Within the next three years, we plan to increase our team from 12 to 30.

What are your top priorities?

To ensure we meet our business objectives and continue to adopt the most suitable technologies for every project we undertake, as we explore and move into increasingly challenging markets across the globe.

To nurture our team and ensure members receive the training required to develop themselves and assist the company to grow.

To invest in R&D,. for new tooling and allow us to address additional issues which the industry is facing.

What could the Westminster and/or Scottish governments do that would help?

Offer significant new tax breaks to boost the North Sea and offer increased grants / funding to support ambitious SMEs to achieve their potential.

What was the most valuable lesson that you learned?

Expect and accept pitfalls, as no new venture or business is risk free. I believe it’s not how you start the race, it’s how you finish it – if you have a positive outlook, you can turn hard times into opportunities for change. Also, listen to your staff and create an environment where they feel empowered to share ideas and feedback. If you invest in your people, they will be invested in your business.

How do you relax?

I like to get away and explore the world when I can and never holiday in the same place twice. I am also a keen rugby player, scuba diver and snowboarder.