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Success Stories
EIC Survive 2024 EIC Survive&&Thrive Thrive 2024
JulyJuly 2024 2024
Story type #scale up (main category)
Fulkrum
Benefits
A fourfold transformation to turbocharge its growth journey Owen Gibbons
Key findings
Commercial Director
How is Fulkrum thriving? Fulkrum has seen a strong growth trajectory after enacting a four-pronged strategy designed to better accommodate changing client priorities in the energy sector. With a near 50% revenue growth in 2023, this momentum continues to build. The challenge - Fulkrum has been steadily growing as a provider of quality control and quality assurance services to the global energy sector. By 2023, Fulkrum’s leadership devised a strategy designed to maintain the company’s growth trajectory and reach its goals. Sector and service diversification would ensure it remains competitive, but only if it was also able to stay true to its core values and retain its bespoke, personalised service approach with clients. The solution - Last year was a momentous period for Fulkrum. The company’s internal headcount increased by 50%, while it opened two new offices, one in Italy and one in Qatar, bringing the total number of offices to 14. Additionally, Fulkrum surpassed its operational targets, with its technical personnel performing over 100,000 quality and inspection-related visits on behalf of its clients across various projects. Meanwhile, from a structural perspective, the company separated the business into five operating regions (North America, South America, Europe and Africa, APAC, and the Middle East), a process which created new job and growth opportunities for internal teams. To maintain this growth trajectory, Fulkrum recognised the need for a clearer long-term strategy for the business. The firm held its first global strategy workshop in London, where the entire global leadership team assembled for the first time. This workshop provided an environment to analyse Fulkrum’s position in the markets it operates, assess its qualities against competitors, identify forward opportunities on a global scale, and collectively agree on short, medium, and long-term priorities. The workshop also allowed the international team to strengthen bonds and foster an even stronger rapport with their colleagues. A four-pronged set of priorities were identified to take the company through 2024 and beyond.
▸ Revenue growth, 50% rise on the turnover recorded in 2022. ▸ Geographical expansion, now Fulkrum is present in 15 countries to support clients globally.
Firstly, the company aims to invest in its people by implementing a comprehensive “People-First”, plan focused on learning and development, training and mentoring. This approach aims to maintain high retention rates, attract top talent, and provide an environment for team members to thrive and progress within the company. The hiring of Paulina Panus as the new Head of HR was the first step toward implementing this initiative. Secondly, Fulkrum will continue to emphasise operational excellence by expanding its ISO IMS (9001, 14001, and 45001) and ISO 17020 accreditation to additional offices. This ensures that all Fulkrum offices adhere to stringent standards for operational excellence, impartiality and industry-leading levels of customer service. Thirdly, geographic expansion remains a priority. With the recent incorporation of Fulkrum-Iraq in Basra, Fulkrum now has a presence in 15 countries to support clients globally. The company is currently exploring five additional countries for potential local presence to support client interests and contribute to local economies through job creation and knowledge transfer. Finally, Fulkrum aims to introduce new complementary service offerings to support its strategic evolution as a rapidly growing business. Building upon its success as an industry leader in second and third-party inspection services, the company plans to expand its additional service offerings, previously available only to local clients in specific territories, to its global client portfolio. This move will bring its standards of excellence to currently underserviced procurement and HR scopes of work. Alongside these internal changes, Fulkrum continues to build up its impressive track record of execution for clients, often partnering with customers in long-term arrangements. A good example comes from the Gulf of Mexico. Here, Fulkrum was engaged by a leading EPCi client to enhance quality and procurement processes for their involvement in the Shell Whale Project, a US$2 billion deepwater development which is estimated to yield over 100,000 barrels of oil equivalent daily. Beginning in 2022 and escalating through 2023,
For industry ▸ There’s no such thing as ‘failure’ – you either win or you learn! For government ▸ Provide greater assistance to SMEs as they face the challenge of start-up and scaling.
Fulkrum at a glance: Key products and services: leading provider of expert quality control and quality assurance services to the global energy industry. Main industries served: ▸ Oil and gas – 80% ▸ Offshore renewable energy – 12% ▸ Hydrogen – 3% ▸ Nuclear power – 3% ▸ Onshore renewable energy – 2% Headquarters: London, UK Year established: 2011 Revenue: £41m Revenue from exports: 70%
Fulkrum’s inspection and quality consulting services have been integral to the ongoing installation and project start-up and is scheduled to continue into 2024. Fulkrum delivered four pivotal services: vendor surveillance, client representation, fabrication QA/QC, and installation QA/QC. These services were executed seamlessly across more than 30 locations in North and Central America, Europe, and Asia, culminating in the ongoing installation at Alaminos Canyon Block 773. Fulkrum’s 2023 revenue of £41m represents an almost 50% rise on the £28m turnover recorded in 2022. With its four-pillar strategy firmly in place, Fulkrum has the foundations from which it can continue along its impressive growth journey.