KRG Engineering (KRG) has announced its ambitious global growth plan for the oil and gas sector.
The company aims to grow turnover by 20% annually for the next five years by expanding its oil and gas presence and diversifying into renewables.
The announcement follows the initiation of a £2 million (€231 million) investment programme into new equipment and technology to offer leading engineering and machining capabilities to critical industries.
Gerry Hughes, CEO at KRG, said: “As global economies look to infrastructure and other critical industries to build back better, we can play a vital role in ensuring robust, reliable components. In these industries, the integrity of a single part can lead to downtime, which significantly impacts the entire operation.
“Every engineered element is essential and having served the oil and gas sector for over 40 years, we have the knowledge and expertise to manufacture components from subsea trees to downhole drilling equipment.”
Founded in the 1970s, the family company has a 40-year track record in precision engineering, manufacturing, assembly and testing of critical components.
Previously part of controls technology provider, Proserv, the company is now backed by GIL Investments.
Hughes added: “This is the time to realise our potential and to do that, we want to reinvest into the untapped engineering talent we have in Scotland to solve safety and uptime challenges. By housing all our capabilities under one roof, we offer customers in the oil and gas industry an end-to-end solution to reduce costs and interfaces while improving quality and reliability.”
KRG currently employs more than 90 people in Scotland and has delivered projects in Europe, The Americas and Asia Pacific.
POPULAR NEWS STORIES
LATEST VIDEOWatson Marlow pump collaboration with Siltbuster