Scotland-based firm LR Senergy has announced the signing of a raft of new contracts, including many in the Middle East
The energy services company, which has its headquarters in Aberdeen, this week revealed around US$7mn worth of deals in the Middle East, Europe and Asia.
Within this figure, there was a significant shift from Europe, where the majority of LR Senergy’s business has been done in the past, towards the Middle East.
Deals included contracts with the Abu Dhabi Marine Operating Company (ADMA-OPCO), the Kuwait Energy Company and Dragon Oil, covering work ranging from well engineering to geomechanics.
The company said that high operating costs, combined with the low oil price, have prompted the shift away from its traditional heartlands such as the North Sea, towards the more profitable region.
“We have seen clear and dramatic movement in the market in recent months with the majority of oil and gas companies required to review their business models, ourselves included,” said Steve Gilbert, vice president of operations at LR Senergy.
“This has required us to adjust our costs, make changes to our workforce and pursue business in regions less affected by the current oil price pressure, and we will continue to respond to these challenging market conditions.”
