STATS Group, the Aberdeenshire-based oil and gas pipeline engineering specialist, is preparing for further international expansion after securing an additional GBP 4.3M investment from the Business Growth Fund (BGF). The management team behind STATS has also invested more money in the business, which received an initial GBP 7.8M of growth capital from BGF in March 2012. Since the initial funding deal, STATS has doubled its annual turnover to around GBP 30M, has created 145 additional jobs and has opened operational bases in Canada, the Middle East and the US.
The additional growth capital will fuel the continued rate of expansion, especially in the US, where STATS opened a new facility in 2014 and recently won contracts worth more than USD 15M to provide intervention and isolation services to one of the largest energy infrastructure companies in North America.
BGF’s investment will also aid growth in the Middle East, where STATS has pioneered the use of emergency isolation tools as an insurance policy against damage to vital pipeline infrastructure, both subsea and on-land, with clients including national oil companies across the region.