Global Resources On Target To Create £100m Energy Services Contractor With Latest Acquisitions

Aberdeen and Highland based oil services company, Global Resources, has acquired specialist QHSE consultancy Banford Associates of Inverurie, Aberdeenshire for an undisclosed sum. This is the company's second acquisition in as many weeks, following the purchase of a majority shareholding in Isleburn, a major UK fabricator and engineering contractor.

Both acquisitions are strategic additions to Global's existing portfolio of services and together increase the group's turnover to £85 million, creating a Global workforce of 1,800 worldwide. The acquisitions further the group's ambitions to become a fully integrated energy services contractor turning over £100m by 2008.

Banford's 15 staff members based in Inverurie have transferred over to Global Resources' offices in Aberdeen and its 50 field inspectors working in the UK, Europe, the USA and Asia, have all been retained. Banford Associates will become a business unit within Global, keeping its name and headed up by Business Unit Managing Director and Banford Associates founder Melvin Banford.

Bill Hamilton, Chief Executive Officer of Global Resources, said: "Banford was a young company which experienced meteoric growth on the strength of its expertise in QA and third party inspection. As well as complementing our existing range of services, this acquisition gives us an additional foot hold in overseas markets, where we have firmly set out sights for future expansion.

"Global has experienced tremendous growth in only two years of operation, following a strategy of organic growth allied to an aggressive but carefully targeted acquisition plan. We anticipate that our next acquisition will be in the international arena, and we hope to have established bases in Houston and Dubai within the next few years."

Melvin Banford commented, "Banford Associates started off 16 months ago with three people and one client, a major oil operator, and we were turning over £0.4m. Now we have 33 clients, all major industry players, and a turnover in excess of £3m. This has been due primarily to the quality of service provided by our staff and field inspectors, whom we believe are the best in the business.

"Our growth has been extremely fast, to the point where we needed the back office infrastructure of a much bigger organisation to take the business to the next stage.

"We are very pleased to have become part of the Global Resources group, which has a strong client base, a good reputation and the potential to allow the Banford Associates side of the business to continue to grow."

Banford provides quality, health & safety and environmental engineering, risk management, quality assurance and inspection control services to the oil and gas, maritime, utilities, manufacturing, construction and structural engineering sectors.

Find out more about  Global Resources

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Posted 11/12/06

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