An Aberdeen headquartered well engineering and project management company has delivered more than £9 million worth of contracts in the past twelve months with 2020 set to surpass that mark.
Zenith Energy has seen an 80% increase in turnover from 2018 to 2019 for its UK office with around 50 personnel working on significant projects based in the UK, Australia and Morocco.
The company, which is based in the city’s Bon Accord Square with a second office in Australia, provides specialist expertise for the complete well life cycle from the conceptual design phases through to field development planning, well operations, well intervention and well abandonments.
In recent years, Zenith has focussed on growth in other markets across the globe but the company has seen some signs of recovery in the UKCS with two projects in UK and Irish waters this year, heralding the first work in the region for Zenith for the past three years.
It will be a strong start to 2020 with drilling work continuing in Morocco and a well planning project in Egypt set to begin in March, and the management team is focussed on growth in the UK, Africa, south east Asia and Middle East.
The Australia office, which was only launched two years ago and has trebled in staff numbers to six, is working with two of the country’s largest oil and gas majors and has already delivered a significant project management contract, resulting in a £3.5 million turnover with a 200% increase from year one to year two.
Managing director of Zenith Energy, Martin Booth, said: “2019 has seen huge expansion for the company and it is long-term work which creates secure growth and stability to allow us to focus on future planning and development strategy and 2020 is going to be equally as strong.
“We’ve seen steady growth over the past two years, and we are looking at several large projects in south east Asia and west Africa for next year. We have a balanced portfolio of clients and a mix of national and international work which smooths the peaks and troughs. The North Sea is still a target for us as we know the market and there is a new wave of companies coming through now which are well paced to utilise well service experts like Zenith Energy.”
In recent months Zenith has created a number of new roles in the UK and Australia with 20 members of staff across the two offices and 40 contractors working on Zenith projects.
Since launching in 2012, Zenith has successfully completed work in the UK, Egypt, Italy Equatorial Guinea and Australia, and currently works with over 50 clients in 21 countries .