Equipment rental business Hiretech Limited has taken receipt of newly built subsea shears and hydraulic grabs as part of a recent £600,000 investment in decommissioning equipment.
The investment was encouraged following client feedback received by Hiretech’s Decommissioning and Subsea Business Development Manager, Duncan Duthie.
Commenting on the investment, Mr Duthie said, “We were keen to pinpoint the correct target for our investment, and collaborated with our clients and the manufacturer to go back to first principles for the subsea shears. We now have shears specifically designed for water depths of up to 10,000 ft with performance, ease of operation and maintenance a priority.”
Hiretech, which offers equipment rental and personnel supply to the energy and marine industries, has not been immune to the effects of Covid-19 and the recent oil price volatility, but believes the business environment has now stabilised.
Andy Buchan, CEO, commented, “Talking to our peers and clients, it is apparent that activity drops through the worst months of the pandemic of up to 70% from last year were not uncommon, although there are definitely encouraging signs of a bump off the bottom at the moment. Like other businesses, we have had to resize, refocus and reinvigorate our team to meet the new challenges we face. We see tremendous opportunities for SMEs in the new world.”