OIL and gas logistics business ASCO has clinched North Sea contracts worth around £200 million months after one of the industry’s best known players joined its leadership team.
Bob Keiller, a former chief executive of oil services giant Wood, became chairman of Asco in December 2020 after the business was bought by a consortium of investors from the Doughty Hanson private equity business.
The sale was made as firms in the oil services industry grappled with the challenges posed by the fallout from the pandemic. This sent the Brent crude price plunging below $20 per barrel and resulted in a sharp drop in activity in areas such as the North Sea.
However market conditions have improved dramatically following the easing of lockdown measures. Brent crude has been selling for more than $90 per barrel in recent days.
A spokesperson for ASCO said the company had increased turnover year on year both internationally and in the UK market in 2021.
READ MORE: Director leaving North Sea firm with big Aberdeen presence
The company said multiple significant contract wins with major North Sea operators had marked a “successful Q4 for 2021 and an excellent start to 2022”.
The contracts cover work in areas such as quayside logistics and receipt and dispatch services.
ASCO added: “The company has also successfully diversified into the new energy market.”
Mr Keiller led Wood amid the deep downturn in the North Sea that started after the crude price plunged from a high of $115 per barrel in June 2014 to less than $30/bbl in early 2016. This came after growth in global supplies ran ahead of demand.
READ MORE: Wood boss reckons oil services heavyweight is positioned for growth amid net zero drive
Mr Keiller was succeeded as chief executive of Wood by current incumbent Robin Watson in December 2015. He chaired Scottish Enterprise from that month to December 2018.
Doughty Hanson bought Asco from Phoenix Equity Partners in 2011.
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