EIC Survive and Thrive VI 2022

Survive &

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www.the-eic.com

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Contact us Any enquiries should be directed to: Stuart Broadley, FEI, CEO Energy Industries Council (EIC) 89 Albert Embankment London SE1 7TP Email: stuart.broadley@the-eic.com

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Copyright © 2022 EIC (All rights reserved) No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the EIC. The information herein is provided by the EIC and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this report or the information, products, services, or related graphics contained in this report for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will the EIC be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profit arising out of, or in connection with, the use of this report.

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CONTENTS

Executive summary

4

Overview of companies

10

Overview of strategies

14

Comparison table

16

The return to oil and gas

18

Is it time to open up oil and gas support?

20

Out of sync

22

The big squeeze

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The top three priorities of successful leaders

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Success stories

28

4

Executive

summary The EIC Survive and Thrive 2022 Insight Report returns for its sixth consecutive year, again with a record number of inspiring success stories from our member companies.

Last year I wrote about what a year it had been. The same can be said of the year just gone. And yet our members continue to thrive, innovate, grow, and share their expertise and lessons in a constantly changing market.

to deliver on the world’s pledges for net zero. The belief seems to be that a pledge is enough to stir the investors into action, but that is not happening fast enough. What will it take to either get back on track for net zero, or to have the adult discussion between government and industry that the current strategies and policies are failing to deliver?

We have seen the opening-up of life again as we learn to live with COVID in our everyday lives. We have returned slowly to face-to-face meetings, and what a great experience these have been. As we go to press, we have just hosted the Energy Exports Conference, an exciting time with more than 650 attendees physically in one place to discover supply chain opportunities in a global context.

With the situation in Ukraine, we have seen a shift back to oil and gas by policy makers, for urgent reasons of security of energy supply. Not just in the UK, but globally, governments are reassessing supply chains and the ability to transition effectively, but the importance of domestic oil and gas has come again to the fore. We know that many in the supply chain were impacted by the change in government policy to stop funding for fossil fuel support in international projects. We at the EIC represented our members’ views on this.

Globally, governments are still, rightfully, focused on net zero targets and enabling technologies such as floating offshore wind, hydrogen (of all colours), CCUS and nuclear, and how these technologies can deliver for all of us. However, the supply chain still has issues with implementing these plans. One thing we hear again and again is that the lack of detail and absence of scaled and funded projects are stalling investment and not allowing companies to transition properly. Are we all too obsessed with clusters and pilot projects, missing the point – that we need to go big and go now?

This disconnect is now being talked about privately in most board rooms. However, the world’s policy makers push ahead with the narrative that we will all still meet our COP26 country commitments, and that the plans and capacity in place will deliver for the planet. Increasingly, people interviewed in this research now doubt this.

Projects are just taking too long; for instance, UK offshore wind projects are now taking ten years from concept to commissioning.

Major gaps in supply chain capability narrow the window of opportunity for governments to ensure their supply chains get the lion’s share of local content. Most worrying is the lack of capacity across the supply chain

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“Now that oil and gas is legitimately back and adding huge value to governments and businesses, isn’t it also time to reassess what support is given to those businesses to help them more readily develop their oil and gas affairs internationally; to reverse, or at least soften, the policies around removing government support and funding for oil and gas-related exports?”

With guaranteed work in the oil and gas sector providing valuable higher profits margins while the renewable sector entails uncertainty over reskilling, delays in projects, lower UK-based capability than we have for oil and gas and much lower margins, it is not surprising that companies are taking this decision. But they are also not blind to the fact that they cannot ignore transition altogether, given global and board-level commitments to net zero. We will continue to call for measured support and clarity in

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guidelines, and you can read more on this issue on pages 20–21.

But it is not all a hunkering down to what has gone before.

The supply chain continues to innovate, something they do so well. With global markets all seeking to be the ‘world leader’ in so many technologies and recognising the importance of first-mover status, companies are beginning to spend more on innovation, and this is already paying dividends.

It is still not near the figures of 2017 (73% of companies were spending on innovation) but this year companies doing so are back up to 51%, up from 31% last year. And once again, oil and gas companies are leading the way, with three times more companies growing through innovation than in the renewable sector.

But with innovation comes risk. The funding model for export growth for those companies whose portfolios are majority held in oil and gas are, typically, not eligible for support. The risk profile of delivering new technologies is also an inhibitor. We need to ensure that the risk is spread, understood, and allocated fairly and that it is not left up to those with the balance sheet to back it. This won’t enable a competitive market nor enable the supply chain to grab market opportunities. You can read more about innovation on page 18.

And this leads us, full circle, to once again the least used strategy, that of exporting. Despite the fact that oil and gas companies are global, innovation is increasing, and we have global opportunities to get after in established and new technologies, the supply chain is still loathed to invest in new export markets.

In this year’s report, we see the figures of those companies developing new export and international markets dropping from a high of 19% in 2018 to 13% this year – once again the least used growth strategy, the hardest if you like. This is despite the revised Export Strategy launched by the UK government and despite

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having dedicated agencies throughout the UK that exist to increase export interest and potential. We have funding models which have been redefined and seek to increase renewable technologies and yet, because of the factors noted above, we see very few companies seeking and receiving significant funding.

To be clear, we are seeing no improvement in supply chain exports to new markets, and if we are to reach our net zero goals and enable others to reach theirs, we must finally figure out how to seed and root vastly expanded and globally competitive renewable and transition capability and capacity and must then unplug the barriers to exporting the same. Serious and action-focused conversations must take place. If companies are openly discouraged from exporting into oil and gas markets, how are they to afford to grow internationally in such closely aligned renewable and transition markets?

Change is urgently needed that will be hard to stomach after so much polarisation between already highly siloed energy sectors and will require a shift from both industry and governments to enable this, but the potential we can unlock if we do so is huge. Let us look at who is exporting, how, and to where, and learn from them. Read more on this issue on pages 22–23.

In the year that we have just had, with the change in

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narrative around energy transition, and with COP27 almost upon us, our members continue to diversify, but much less so than in the previous two years. This reduction is understandable. Many of the surveyed companies are using the current high oil and gas price environment to expand back into a sector they were traditionally well versed in, and which has higher margins. The lessons of 2014 are still there, meaning companies have learnt to remain diversified, but they are flocking back to oil and gas while they can, to refill depleted cash reserves. One of the sour lessons of the last two to three years is that diversification is not easy; particularly in renewables, it is very low margin, so not the great saviour supply chain bosses were hoping for.

Global trends around supply crunch and high inflation mean companies face a severe growth squeeze, increasingly unable to recruit the people they need to support their growth into new sectors, and often frustratingly unable to afford to invest even when staring at blatant chances to grow if only they could afford to.

Companies are willing to invest, but also look to governments for help in these strange times. Whether it’s to recruit the right talent, in the right places, or to invest in the right nascent technology in anticipation of credible pipelines of projects, companies may want to invest but simply cannot with the current mismatch between pledge and planning. The risk is too high, the reward too far away or not believable, and the opportunities to grow elsewhere too attractive.

What companies need and what governments want are out of sync; it’s a fundamental mismatch between what governments are saying and doing in their net zero conversations, versus companies not getting the help they desperately need, resulting in fewer companies seeking help for fear of wasting time and money in the overly bureaucratic and uncertain process.

But with all of this, what comes across loud and clear is the ability of our members to adapt and learn; to

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push for growth and expansion, to help lead these conversations.

And with our members’ input, sharing their success stories and amazing strategies, we strive to inform their position to best represent them. To engage with governments to ensure that what the supply chain needs is voiced, working together through yet another year which has thrown up more challenges than we thought, has seen global disruption to supply chains and war in Europe. We are still pulling together in the same direction, and I look forward to delivering our members’ messages from this process to those who need to hear them.

Top three findings 1. Energy transition is so “last year” 2021 was the year of COP26 and with COVID-19 still prevalent everywhere, governments, businesses and families were all convinced it was time to finally put the planet first, to take seriously the policy, strategic, technology and societal challenges to achieve net zero by 2050. Countries lined up to make new pledges, CEOs and boards declared radical shifts away from oil and gas as permanent philosophical value changes, and children had louder voices in the debate on the green agenda at the family dinner table.

Just six months later, and how things have changed.

Although we seem to have finally albeit cautiously emerged from the pandemic, the resulting global supply chain squeeze and cost of living crisis have thrown investors and businesses into a crisis of confidence with stagflationary and recessionary talk everywhere. The awful invasion of Ukraine forced a resurgence of interest in oil and gas, heralding a serious discussion around energy security and how the UK, and other regions, should become less reliant on Russia for their energy needs.

Suddenly, ministers across Europe are relighting coal-fired

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Survive and Thrive Volume VI strategies at a glance Collaboration Working with partners to bring your strategy to life Culture Where business success is largely due to the beliefs and behaviours that determine how employees and management interact internally and with stakeholders Digital The application of digital and data systems, analytics and technology to innovate Diversification Expanding existing capabilities into other sectors, such as from oil and gas to offshore wind Energy Transition The next wave of technologies, beyond mature renewables, that will deliver the 2050 net zero carbon goals of the UK Export The development of new business growth by focusing on exporting and internationalisation in new countries/ regions Innovation Enhanced products, services and strategies to meet specific client needs and build differentiation

power stations, greenlighting oil and gas developments, and spotlighting the need for massive new build nuclear power programmes. This policy lurch away from, and then back more strongly than ever to, oil and gas will likely extend the life of domestic hydrocarbon production by 15-20 years beyond that projected at COP26. Who could have predicted that?

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Optimisation The focus on improving internal decision making, costs, processes, agility, structures and enhancing competitiveness Service & solutions The focus on adding value to customers in their OPEX and O&M value chain, and the specific broadening of scope of work to provide a one-stop-shop or customercentric approach Technology Refers to the specific development and use of technology to solve clients’ problems Transformation Company-wide step change actions, taken as part of a strategic approach to re-position Sustainability Taking responsibility, as part of your business strategy, to conserve natural resources and protect global ecosystems Scale Up To increase a business’ production, size or capacity in a marked and rapid way, above normal growth rates Resilience The capacity to adapt and recover quickly from challenging market pressures and events Markets have been uncertain, messaging unclear, and there is certainly more pronounced interest in oil and gas as the industry returns to profit after years of underinvestment.

But this focus on oil and gas and supply concerns are likely to trigger, strongly supported by policymakers, a parallel growth in renewables as high energy costs have become a primary public concern in recent months. Governments

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insist that we still, urgently and without compromise, must achieve our energy transition and energy security goals with equal priority. The energy trilemma highlights the challenge we all face; we can’t afford to do both energy security and energy transition right now, but we can’t afford not to do them either.

In the last two years of Survive & Thrive research, we have seen diversification as the top supply chain growth strategy, especially from oil and gas to renewables.

Companies had started to believe the hype that oil and gas was finally unacceptable to invest in, was low margin, and was on an irreversible decline. Who would want to invest in that? On top of that, you have the shareholder pressure many companies have experienced, forcing diversification to build up their green credentials. Now though, we are seeing a shift back to the ‘core’ business of oil and gas for a lot of energy companies. With guaranteed work, clear margins, no uncertainty about reskilling, visible projects worldwide and even in the UK, and plenty of spare capacity to grow, it is not surprising that companies are taking this direction.

Company bosses are not blind to the fact that they cannot ignore transition altogether, given global commitments to net zero. They will continue to nurture a broader portfolio but will now have the freedom to pursue the most profitable business, with political and shareholder support to do so, with a full social license again. Don’t forget, oil and gas still account for nearly 70% of the world’s energy CAPEX spend for the next five years.

What will the effect be on investors and business leaders the next time policy makers demand they do “the right thing for the planet”? It will now be much harder to convince anyone that energy transition is the sole priority.

It must come as part of a balanced investment and growth strategy, linking commercial opportunity with net zero responsibility. Without government sponsorship, investors will not rush to be the first mover in high-risk green technologies going forward. This is a serious setback for the green lobby.

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2. Innovation rebounds quickly, no surprise So, which of the energy sectors demands the greatest amount of project and service innovation? It’s not renewables, which are highly commoditised and low margin, providing little scope and little profit to fund innovation. It’s not nuclear, which is highly conservative and risk averse. In the future, it could be hydrogen and carbon capture, but these are still in their infancy. So, yes, you guessed it – it’s oil and gas, of course.

After years of seeing the percentage of companies investing in innovation, technology and digital reduce, as low margins have pummelled markets, low commodity prices, successful anti-oil activism, and such frantic policy changes that many investors simply didn’t know where to invest next, offering too many risks with too few assured outcomes, now at last the market is looking more stable.

You may feel stability is not what this is, with high inflation, supply crunch and a Ukraine crisis on our doorstep, but from an oil and gas point of view, with sustained high commodity prices forecast to stay high for years, coupled with the renewed commitment to the sector by the world’s policy makers, it looks like a great bet again. And this means companies have already quickly rebounded and started to re-invest in the more traditional engineering solutions and services critical to efficient and safe new oil and gas projects and existing operations.

It’s exciting to know that our supply chain is beginning to innovate again. It’s the thing our supply chain does best and that it’s globally renowned for. Without innovation, we wouldn’t have the North Sea oil industry we have now.

Without innovation, we wouldn’t hear a Scottish voice in every energy hub of the world.

Over the last few years, we have seen the drive to innovate drop from 73% in 2017 to 31% in 2021. This year we are back up to 51% and it is again oil and gas companies leading the way.

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3. Exports – same companies, same countries That’s six years straight! Six years when market conditions have varied wildly, when company leaders have had multiple crises to survive and faced countless on-the-spot decisions to consider strategic questions like, “what will my next investment be and how do I get the most profit from it as fast as possible?”

Six years when the answer to that question has been overwhelmingly to not invest in new export or international markets.

This year again, the levels dropped from a high of 19% in 2018 to 13%. And this is despite a revised Export Strategy launched by the UK government and dedicated and talented agencies throughout the UK that aim at increasing export potential and interest.

So, what is going wrong?

The simplest answer is that businesses continue to seek the fastest strategies that will provide the best chances for growth and profits, with the lowest risk and ones that meet the needs of their existing customers. Strategies like innovation and diversification.

Why would a company jump with both feet into a new international market that they’ve never worked in before, with all the risk that brings, and knowing up-front that it will be at least three years before seeing returns from those investments when there are better opportunities in existing and well-trodden markets?

all government funding and support for the most lucrative energy export market of all - oil and gas. Banning all such support is a major anti-competitive move against our own supply chain. Too often, the same oil and gas clients make the best future clients for renewable and energy transition opportunities that the government so desperately wants companies to participate in. But they must jump through hoops that no other country demands - they must go it totally alone.

To be fair and balanced, the energy sector has a great track record for developing new export markets if you go back ten or more years, but the extreme market shocks of the past few years have taken a severe toll, making it largely unaffordable for companies to consider further new international growth until their coffers are refilled, which is why this current rebound of the oil and gas industry is so important. Companies are exporting today, but more often than not it’s still the same companies exporting to the same countries, rather than being new exporters to new export markets.

Policymakers must get behind the supply chain to participate in the world’s oil and gas markets again on a level playing field, which will surely unlock huge export growth again. Only a healthy supply chain can be the security and transition supply chain we all need.

Sales leaders are incentivised to hit sales-win targets within one year. CFOs look to cut costs and invest in projects and initiatives with short-term returns on investment, normally allowing only a two-year payback. Hence, CEOs must be visionary, brave, or both to bet against simpler and shorter-term odds.

The government is not helping of course – having banned

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EIC Survive and Thrive

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10

Overview of

3 40 384

Alderley Ankura Applica Resourcing AqualisBraemar LOC Aquaterra Arc Belzona

X X

) BP nG s

£0.4 £8.0 £47.2

100% 20% 78%

£0.1 £23.7 £20.2

80% N/A 50%

£20.0

85% 85% 20%

£25.0 £4.0

330 1,700 10

X

£70.0 N/A £7.6

980 105 45

X X

£121.0 £25.0 £3.6

174

X

£26.0

80%

BMT

1,200

£160.0

50%

Bureau Veritas

90,000

£4,200.0

N/A

Cellnex

3,000

Cokebusters

85%

£12.0

95%

X

£7.0

33%

£1.4

X

£45.0

62%

£0.4

X

Crondall Energy

40

Crowcon

230

deugro

1,400

£809.4

90%

DNV

12,000

£1,700.0

25%

Eastman

14,000

£8.3

3%

£30.8

2%

79

X

Edward Gunn

21

X

EthosEnergy

4,000

EXS Synergy

35

X

140

Firenor HKA Howden Inductosense Integrity ISS KBC

1,000 6,400 20 8

N/A

40%

N/A

85%

£1.0

5%

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£14.5

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X X

£191.0 £1,300.0 £1.0 £2.3

N/A 98% 50% 0%

N/A

90%

£1,600.0 £13.6 N/A £257.0 £0.1

90% 25% 90% 2% 85%

£28.1 N/A £280.0

90% 0% 30%

300

Kent Koil Energy McMenon Malaysia Marine and Heavy Engineering (MHB) Myrcator NHOA Energy Oceancare Orion

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£20.2 £2.3

£0.1

£0.1 £223.3 £2.2

Continued over …

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EIC Survive and Thrive

2022

50% 100% 73% 95% N/A 65%

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EIC Survive and Thrive

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Overview of

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companies £2,460.0

76%

£185.0

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£197.3

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£4.0 £84.1 £1.0

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Total UK

121,592

25 57%

£13,142.50

55%

£751.50

Total non-UK

40,836

9 47%

£5,118.2

47%

£244.1

Total (all companies)

162,428

34 54%

£18,774.6

53%

£995.2

X

£36.4

Note: all percentages have been rounded to the nearest whole number. † SME categorisation excludes companies that are subsidiaries of larger groups

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EIC Survive and Thrive

2022

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Overview of

ACE 54 AFGlobal AIS Alderley Ankura Applica Resourcing AqualisBraemar LOC Aquaterra Arc Belzona BMT Bureau Veritas Cellnex Cokebusters Crondall Energy Crowcon deugro DNV Eastman ECITB Edward Gunn EthosEnergy EXS Synergy Firenor HKA Howden Inductosense Integrity ISS KBC Kent Koil Energy McMenon Malaysia Marine and Heavy Engineering (MHB) Myrcator NHOA Energy Oceancare Orion Petrofac Petrolec PetrolValves Proserv

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ov ati on Op tim isa tio n Re

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Div ers ific ati on En erg yt ran siti Ex on po rt

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X

X X

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X X X

X X X

X

X X

X

X X

X X

X X

X

X X X

X X

X

X X X

X

X

X X X

X

X

X

X

X

X X

X

X

X X

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X X X

X X

esi lien ce

Sc ale -up Se rvi ce/ sol uti Su on sta s ina bili t y Tec hn olo gy Tra nsf orm ati on

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Inn ov ati on Op tim isa tio n R

Div ers ific ati on En erg yt ran siti Ex on po rt

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X

Dig ita l

X

ora tio n

Quanta Re-Gen Robotics RelyOn Nutec Restrata Samuel Knight Energy Score Diagnostics Serimax Strategic Growth Services (SGS) STATS Swagelok T12 Consultancy Texo ThinJack TP-Products TUV SUD EnergieTechnik TUV SUD NEL UCT Fluid Solutions Valor VWS Westgarth Vysus Group Weidmüller Wozair

Cu lt

Company

Co llab

ora tio n ure

15

Total (UK)

8 7 7 14 6 7 14 7 14 6 18 4 6 7 18% 16% 16% 32% 14% 16% 32% 16% 32% 14% 41% 9% 14% 16%

Total (non-UK)

3 6 5 4 4 1 6 2 3 3 7 2 4 5 16% 32% 26% 21% 21% 5% 32% 11% 16% 16% 37% 11% 21% 26%

Total (all companies)

11 13 12 18 10 8 20 9 17 9 25 6 10 12 18% 21% 19% 29% 16% 13% 32% 14% 27% 14% 40% 10% 16% 19%

Note: all percentages have been rounded to the nearest whole number.

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EIC Survive and Thrive

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16

Comparison table

Number of success stories Per year savings and new orders Collaboration as an enabler for other strategies Companies receiving government support Innovation (including digital and technology) Diversification Service & solutions Optimisation Culture Transformation Digital Energy transition (includes sustainability) Export

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2017

2018

2019

2020

26

26

26

40

£0.6bn

£0.4bn

£1.8bn

£2.4bn

100%

100%

100%

100%

27%

69%

68%

87%

73%

69%

64%

54%

27%

38%

36%

49%

*

42%

60%

44%

23%

27%

48%

39%

*

*

*

33%

*

*

*

28%

*

19%

32%

26%

*

*

*

18%

8%

19%

12%

15%

* categories not previously measured

2022

17

2021

2022

2021

2022

47

44

14

19

(UK)

(UK)

£1.4bn £751m

2022

(non-UK)

(non-UK)

£82.2m £244m

100%

100%

100%

100%

83%

66%

57%

37%

30%

48%

36%

58%

45%

32%

21%

21%

38%

41%

29%

37%

17%

16%

36%

11%

19%

16%

29%

32%

28%

16%

0%

26%

13%

16%

21%

26%

34%

20%

14%

26%

15%

16%

14%

5%

EIC Survive and Thrive

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18

The return to

oil and gas Since we issued the 5th Survive and Thrive report in 2021, we have witnessed oil and gas prices doubling.

Most companies surveyed have a strong foothold in oil and gas, and this price increase has allowed for wider margins and breathing room compared to the extremes of 2020 when WTI oil dropped to $20 a barrel.

This breathing room is reflected in our data. The year-onyear increase in heavily oil and gas exposed companies tells the story.

This breathing room is also reflected in the number of executives interviewed reporting moving back to innovation away from diversification. In fact, 51% of those interviewed are innovating - up from 31% in 2021. There’s some fascinating work being done. Re-Gen Robotics spoke about their oil and gas tank cleaning technology which utilises automation and drastically improves efficiency.

Likewise, Proserv detailed their intriguing Smart Box design, which aims to reduce oil well downtime – again improving efficiency for the sector.

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EIC Survive and Thrive

The oil and gas sector continues to face opposition from a public concerned with the environmental impact of fossil fuels, sceptical shareholders, and governments’ decarbonisation targets. Amidst this cultural shift, the future of oil and gas is increasingly in question.

However, oil and gas remains an essential part of the energy mix, and companies need time to transition to sustainable forms of energy. This is particularly true in developing regions. In the United States, China, and India, the three largest fossil fuel emitters, natural gas has a longterm role in facilitating low-carbon energy generation.

Alderley spoke about the need for balanced opportunities for the industry, recognising the key role oil and gas companies play.

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Sector split over the years (S&T 2022)

80%

Mainly O&G

Mainly non-energy

Mainly PNR

Diversified

70% 60% 50% 40% 30% 20% 10% 0%

2022

2018 (24 companies)

2019 (24 companies)

2020 (38 companies)

2021 (45 companies)

2022 (41 companies)

EIC Survive and Thrive

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Is it time to

open up

oil and gas support?

As you can see from the chart, the top 5 countries UK companies included in this report export to or have international operations in are the US (28%), Australia (12%), UAE (10%), Norway (10%), and China (9%), closely followed by Germany and Brazil. Following the UK’s exit from the EU at the start of 2020, building trading relationships with strategic trading partners around the world became of paramount importance.

Top 10 new export investments by country (UK case studies) Saudi Arabia 6%

Qatar 5%

Last year, the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow Malaysia 6% and the G7 meeting in May affirmed various governments’ and development banks’ commitment to ending fossil-fuel projects abroad. In the UK, the government went Germany 7% a step further and ceased financing, with minor exemptions, for the fossil fuel energy sector overseas from 31 March 2021, three months after the Brazil original announcement. This includes 7% UK Export Finance support, trade promotion, and aid funding.

Of those interviewed for this edition of Survive and Thrive, only 16% use export as a growth strategy, parallel to 56% of our stories explicitly asking for export finance and guidance

USA 28%

Australia 12%

China 9%

Norway 10%

UAE 10%

T12 urged the government to support oil and gas without restrictions.

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21

As countries push domestic production and Germany advances onto a “war footing” over its sharp reduction in gas supplies, urging households to limit consumption and raising alarms over industry output, we question whether governments removing oil and gas export support was decided in haste. The EIC, on behalf of its members, came out strongly against the ending of fossil fuel financial support and pushed, albeit unsuccessfully, for the longest timeline of ten years before such a move was implemented.

McMenon spoke about their export finance challenge after winning a contract in China. Despite UKEF showing willingness, their bank withdrew support citing Government’s energy transition agenda.

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U O T OF

As we move towards COP27, global events have overtaken us again. Government policy aims to be aligned with the latest business needs, but this year’s research highlights growing gaps between government offerings and business asks. This is not just about gaps but also about an increasingly ‘out of sync’ relationship between government and industry. Whilst not making it impossible to deliver policy aims, this mismatch certainly makes it harder.

The planning application process for instance is cumbersome and time-consuming, there is no quick way around this, yet businesses need to act at pace.

The government states that net zero goals will be met, but the reality of delays in projects leaves industry unconvinced. The process around new technologies can also be bureaucratic and time-consuming, often putting off potential investors and innovators.

The UK and other countries have ambitious net zero plans and aspire to have first-mover local capabilities to support these new requirements. But unless more is done to accelerate investment in capability and capacity in the homegrown supply chain, in critical technologies, then we will be left with only one option to hit our net zero targets.

Once again, we will have to import the solutions; we did this with offshore wind and pledged not to do it again.

Notably, only 57% of companies interviewed this year receive some form of government support. Of the six years I have run this process, the only year this was lower was in 2017.

Vysus Group urged the government to ensure they position UK companies competitively in the world marketplace.

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2022

C Y SN

The most obvious example of ‘out of sync’ policy vs industry needs is the policy shift (UK and devolved) away from supporting oil and gas supply chains to export, be it through finance or on the ground support. This has left some exposed and many without the ability to maintain or develop operations globally. Not many companies support that overnight withdrawal of support which fed into the rhetoric of fossil fuels bad, renewables good.

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It was an attempt to show global leadership in anticipation of COP26, but it has only served to weigh down the UK supply chain with unnecessary and costly additional burdens compared to their competitors from all other oil and gas regions of the world who have not taken such a step. This sent a clear message to the supply chain – we are not with you.

By working together, we can deliver.

Quanta discussed the need for policymakers to expedite bureaucratic processes for starting projects.

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The

big

SQUEEZE Supply chain disruptions and price increases of raw materials, parts and services have become a significant challenge for the global economy and energy companies are not exempt.

On the one hand, oil and gas companies have benefited from an increase in energy prices (and the subsequent reaction from the countries like the UK with the Energy Profits Levy).

In parallel, supply challenges and more general price increases mean that companies worry about anything from finding the right people to accessing parts such as computer chips (critical for anything from wind turbines to tidal power).

Of the companies surveyed, 73% have experienced or expect to experience a supply crunch. Likewise, 80% are experiencing or expect to experience inflation. Most companies (71%) are passing on some degree of their inflationary cost increases to clients.

Businesses are subject to a big squeeze in margins and growth, as their costs are rapidly inflating, and with limited ability to pass on all those increases to their clients, their prices stay largely unchanged or even are reduced as clients force further costs cuts downwards, resulting in greatly compressed margins and restricted scope to invest for growth

AIS AIS spoke about price and wage inflation and concerns around supply, detailing a skill shortage with 100 vacancies at the time of interviewing

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25

No/unsure Yes

“Have you experienced or expect to experience a supply crunch?”

No/unsure Yes

“Are you experiencing or expect to experience inflation?”

No/unsure Yes

“Do you pass onto clients (partially or fully) inflationrelated cost increases?”

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The

top three

priorities of

successful leaders

Honorary mentions? Be ready for change. These last few years have shown us that we don’t know what is around the next corner. We can have visionary strategies, have five-year business goals, and establish a roadmap to get there. But anything can and will come along. Continue to learn from anyone anywhere. Turn risks into opportunities, collaborate where possible, be flexible, seek innovation and always remain true to your core principles.

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No. 1 – PEOPLE AND CULTURE The key theme running through all the interviews is that an organisation’s success is all about its people and culture.

In these uncertain times, where things can and do change, the ‘new normal’ of today is expected to be out of date tomorrow, and the best leaders have been honest and transparent about this paradigm. The right communications strategy will depend upon the individual organisation, but it must take people with it. If you are global, understand the cultures you work within, and if you don’t, don’t be afraid to seek advice to ensure that regardless of where the employees live and work, you are engaging with them all.

Good talent is worth its weight in gold.

No. 2 – LONG TERM STRATEGY Organisations with a unique and clear long-term strategy were best able to implement clear policies. Even with so many shocks and market uncertainties, leaders are tenacious and determined to stick to their core vision, but strategies now all include recognition that flexibility and having the lowest possible cost base are vital to protect against further shocks. The development of energy transition policies was clear and plain, and the organisations could plan around them.

Samuel Knight Energy spoke about the need to be flexible and consultative with clients and to add value to the best solutions.

No. 3 – STAY CLIENT FOCUSED Remaining highly client-focused is crucial. Collaborate, test your offerings with real customers, listen actively, and provide value-added services. In remote working, it’s hard to build those links, those companies that implemented strategies which reflected the more people-centred threads were more successful. The most popular award category in 2022 is “Service & Solutions” – reflecting the critical need to tailor solutions to each client.

2022

Belzona reiterated the importance of evolving with the world and not being afraid of change.

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Success stories

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Success stories

ABL Group

Building a unified culture to underpin a growing enterprise How is ABL Group thriving?

The ABL Group (ABL) is on a journey of relentless growth defined by a series of acquisitions in recent years. With a new CEO on board at the start of 2022, the company is now focused on creating a one company, one culture environment – a strategy which began in October 2021 and is already starting to show some promising early signs.

The challenge Any firm whose lion’s share of revenue was derived from consultancy work in the oil and gas segment would have been hit hard by the oil market crash in 2016. For ABL, this prompted an intensified diversification drive into renewables, a shift which saw it make a string of acquisitions in the ensuing years. The purchase of Braemar Technical Services in 2019 saw headcount double to 400, and in December 2020, amid the COVID-19 pandemic, the firm acquired the LOC Group to become the ABL we know today. Add in two further acquisitions (OSD-IMT and EPG) and some organic growth along the way, and the company now employs 1,000 people spread across 300plus offices in 38 countries around the world. With such rapid expansion into new markets and expertise, a key question needed to be answered – how can these once separated entities be integrated into a singular enterprise effectively?

The solution The decision was taken in October 2021 to drive an internal one company culture initiative. With ambitious

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EIC Survive and Thrive

goals for growth, ABL leadership quickly realised that its 1,000-strong team would need to be fully united in order to deliver against its targets.

Leading the way is new CEO Reuben Segal, appointed in January 2022 and set to formally kickstart the new culture drive in April – although work behind the scenes is already well underway.

Segal is aware that this begins at the top, and brings with him a determination to build a family culture with shared goals and outcomes, something which was not apparent at his former employer.

At ABL, Segal already enjoys an extremely positive experience with the Norway-based Board and Chair, giving him the confidence to drive change in the organisationwide manner needed to produce real results.

Creating a more compelling and consistent offering for new and existing employees is viewed as a central pillar of the CEO’s plan. Indeed, he has already appointed a new head of talent acquisition and has committed to scaling up the firm’s graduate scheme from an intake of six to between 30 and 40 per year starting in 2022.

In terms of internal training and development, ABL works closely with Ashbridge Business School and will be spending S$1 million with the institution this year, offering a nine-day course for up-and-coming leaders.

Meanwhile, retired staff are being engaged as mentors to support promotion from within as opposed to avoiding overreliance on the external talent market.

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Success stories

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Another priority for Segal and the ABL leaderships is to get to know every one of the organisation’s 1,000 employees. Staff continue to be engaged in a series of discussions, with key themes such as the desire to be involved in sustainability and wellbeing aspects of the business starting to emerge.

Of course, financial incentives also remain important.

Here, a bonus option is being rolled out for all staff, with 325 now part owning the company through a shareholder scheme which has so far been offered to half of all permanent employees.

Alongside these schemes, technical tools are being invested in to enhance productivity and make jobs easier for a range of colleagues – these include CRM and talent tracking software as well as a new ERP system.

All of this is geared towards improving staff retention, which currently stands at 87%. By boosting this to above 90%, Segal believes financial results will follow, with targets in place to grow bottom line margins from 6% to 15% within three years.

Early signs are promising. Some 95% of the original ABL team are still with the firm, while the acquisitions have prompted a surge in staff shareholders who must stay for at least six years as a condition of share ownership.

And with optimism in the air around pandemic related travel challenges easing as the year goes on, there is no reason why ABL cannot fully embrace a new chapter of its development.

About ABL Group ABL Group is a leading global independent energy and marine consultant working in energy and oceans to derisk and drive the energy transition across the renewables, maritime and oil and gas sectors, offering clients the deepest pool of world-class expertise across marine, engineering and adjusting disciplines across the globe.

2022

Story type #culture (main category) #diversification, #resilience, #transformation Benefits • Upcoming launch of new company strategy, supported by a one-team culture drive Key findings For industry • Look after your staff For government • Engage with the supply chain when drafting policies.

Government support?

The company has received R&D tax credits.

AqualisBraemar LOC at a glance: Key products and services: consultancy services in oil and gas, renewables and shipping Main industries served: • Oil and gas – 52% • Renewables – 27% • Shipping – 21% Headquarters: London, UK Year established: 2013 Number of employees: 980 Revenue: £121m Revenue from exports: 85%

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Success stories

ACE 54

Taking the pain out of freight forwarding in Africa How is ACE 54 thriving?

Drawing on his experience working on the Africa desk at his former employer, Philippe Somers established ACE 54 to help international project forwarders establish footholds and overcome operational challenges in the African market through the provision of vital guidance, information and support. After a few years in operation and many clients already assisting across several countries, the firm’s revenue trajectory is starting to take off.

The challenge Working for an international project forwarder, Philippe Somers became quickly engaged and enlightened by the company’s African network. He built up strong relationships in rapid time and soon realised that the demands of some clients could not be fully met within the scope he was currently operating in. These customers were demanding more detailed involvement, something which the firm struggled to fulfil due to a lack of a physical local presence and overreliance on locally based agents.

Somers knew there was potential to do and achieve more.

The prevailing trend that Africa was always seen as too hard to master, meaning clients conclude it is better to use large freight forwarders and accept compromise, was ripe for disruption.

What’s more, industry contacts from Japan and Korea helped convince Somers that he was onto something, and that there was success to be had from solving the complex problems of freight in Africa.

The solution In 2019, Somers started ACE 54 after scoping the

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EIC Survive and Thrive

potential market through some preliminary discussions.

Offering more bespoke, tailored solutions, the aim was to provide an appetite for project forwarders and shippers to participate in tenders across all African countries – an appetite fed by the fact that ACE 54 would be able to help overcome any hurdles along the way.

From the heavy lifting and handling of complex materials and oversized cargo to dealing with poor infrastructure, substandard communications and security issues, the company is able to provide more value as situations become more complex.

The first step was to raise awareness. At the start of 2020, Somers attended a breakbulk conference in the United States and targeted those forwarders that he knew were lacking a strong Africa network.

After following up with European firms in a similar position, inquiries started to land quickly. Somers’ expertise and experience was already well-known – he had spent time living in Gabon, Nigeria and Congo, and had travelled in 24 African countries during this time. By February 2020, he was flooded with work and hired his first employee.

A month later, the COVID-19 pandemic struck. Given how reliant Somers was on building trust through face-to-face meetings, travel restrictions prompted ACE 54 to fund alternative ways of reputation building, with investment being made in marketing, event sponsorship, and content placements.

Somers himself was stranded in Switzerland. Being based in Dubai, he couldn’t return so was forced to stay with family and friends in Belgium and worked 12 hours a day, setting up a Belgian-registered firm in the process.

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Success stories

33

Despite the challenges presented by COVID-19, ACE 54 has still been able to establish itself as a key problem solver for forwarders doing business on the African continent.

Central to this rapid growth has been the delivery of exceptional value to clients, a key example being a contract worth more than €100,000 to a Korean forwarder last year.

The client, a prominent Korean EPC, faced a serious problem. Having booked two containers on a shipping line from Pusan, the shipping line made the decision not call at Port Harcourt in Nigeria, where the cargo was destined to support a project for Shell.

Somers and ACE 54 were presented with a race against time. Not only did the cargo need removing from the vessel at another African port and forwarding onto Port Harcourt, but all the documentation also had to be reconfigured. With the shipping line seemingly stalling in Korea, Somers took the initiative and personally called the company (against the advice of the client) and arranged for the two containers to be offloaded at Point Noire (Congo). From here, the freight was transported by air to Port Harcourt and reached its final destination on time, helping the EPC to avoid any financial costs and fulfil its obligations to the oil company.

This attention to detail, level of bespoke service and ability to overcome complex and unexpected challenges has fuelled the rise of ACE 54 as a go-to problem solver.

About ACE 54 ACE 54 is committed to support all International Project Forwarders (IPF) during door-to-door tenders in Africa.

Applying more than 25 years of experience, the company’s footprint in 54 African countries allows clients to develop business without major investments in infrastructure or sales force. The company has expertise in the oil & gas (mid-and downstream), renewables, mining, nuclear, hydro power, rail and infrastructure sectors.

2022

Story type #serviceandsolutions (main category) #culture Benefits • €100,000+ contract award • Cost and time savings to clients Key findings For industry • Understand different business cultures For government • Travel subsidies are needed to develop export markets Government support?

The company has not received any type of government support ACE 54 at a glance: Key products and services: project forwarding logistics Main industries served: • Oil and gas – 50% • Conventional power – 28% • Renewables – 12% • Infrastructure – 10% Headquarters: Dubai, UAE Year established: 2019 Number of employees: 3 Revenue: £426,000 Revenue from exports: 100%

EIC Survive and Thrive

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Success stories

AFGlobal

Countering COVID-19 with a solutions-based exporting strategy How is AFGlobal thriving?

For any business operating in today’s energy sector, deriving the majority of revenue from a single client carries a large degree of risk. For AFGlobal, an OEM offering FEED subsea connection systems, manifolds, compact flanges and offshore support services, this became all too clear when the pandemic prompted major UK operators to stop placing orders.

However, rather than panic, the company accelerated its export strategy which was already in motion before the pandemic arrived in 2020, with new expertise brought in to lead the charge into new markets outside of the UK. Drawing on its innovation and solution-based DNA, AFGlobal has gone on to secure numerous contracts in multiple international markets, its portfolio makeup now looking far healthier with risk spread far and wide.

The challenge Before the COVID-19 pandemic brought societies and economies to a standstill in 2020, AFGlobal was generating 80% of its income from the UK market thanks to an order book filled by work for a major operator in the North Sea. While this is a highly successful and profitable relationship which continues to this day, the firm’s leadership, including CEO Martyn Conroy and Technical Director Rob McWilliams, knew the risk associated with being so heavily dependent on one source of revenue.

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EIC Survive and Thrive

In 2019, they set about enacting an export strategy and started to look outside of the UK for potential business, a move which has proven vital given the events that have unfolded since. Indeed, the pandemic has served to accelerate that strategy, posing a challenge to spread the company’s risk profile as quickly and effectively as possible.

The solution Key to the export acceleration has been the appointment of International Business Development Manager Mark Lamyman who, along with Conroy and Williams, saw an opportunity to grow beyond Aberdeen and into new markets, with Asia being highlighted as a particularly exciting prospect.

The trio knew its innovative and solutions-orientated mindset would resonate with stakeholders in the region.

AFGlobal operates as a problem solver, designing its products and services to meet client specifications with short lead times – a feat made possible by its inventory of onsite tools and offshore support that outstrips the capacity of its competitors. Indeed, its relationships with customers are built around direct communication and trust which enable it to better understand challenges and develop more relevant answers.

One of the most significant breakthroughs came in 2019 (before Lamyman arrived) when the company secured a

2022

Success stories

£6 million contract to steer the installation of two pipeline end terminations in Malaysia for Vestigo. AFGlobal devised a cost-effective approach that involved deployment via a Stinger Deployed Diverless connector, this requiring just one vessel as opposed to more conventional building and dropping techniques that would need two, along with divers and a longer turnaround time. In total, this innovative approach provided savings of $30 million while also cutting down on carbon emissions.

The project laid the foundation for further exporting wins which have proven vital during the pandemic period which saw AFGlobal’s activity with it UK clients come to a complete standstill in 2021. Since successfully completing the project for Vestigo, the company has gone on to secure contract wins in several new international markets, including Australia, Norway, India and Denmark.

In terms of spreading risk across the revenue portfolio, the firm is on track to derive 60% of its income from nonUK sources, representing an enormous shift of the dial since 2019 when just 20% of income came from outside of the UK. Indeed, AFGlobal has qualified with 20 new clients over the past two years, a feat which will only give it more confidence moving forwards as it seeks to apply its innovative problem-solving approach to an even greater spread of projects in the future.

About AFGlobal Based in Houston, United States, AFGlobal provides fast, reliable, and cost-effective solutions for advancements in productivity and success. As a trusted partner, AFGlobal brings forth technology, services, and fully integrated manufacturing capabilities to clients worldwide, aligning well-established precision engineering with gamechanging innovation – all under an approach that combines conventional processes with unconventional thinking.

Within the oil & gas space, AFGlobal’s technologies and services support the offshore drilling, subsea production, onshore stimulation, petrochemical and refining segments of the sector.

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35

Story type #export (main category) #innovation Benefits • Savings of $30m • New export opportunities were opened Key findings For industry • Do not rely on one project only, spread your wings widely • A strong customer relationship is key to success For government • Be realistic about the pace of energy transition Government support?

The company has not received any type of government support.

AFGlobal at a glance: Key products and services: Subsea to surface engineering. O&M offering FEED subsea connection systems, manifolds, compact flanges, offshore support.

Main industries served: • Oil & gas – 100% Headquarters: Bromborough, UK Year established: 2005 Number of employees: 40 Revenue: £8m Revenue from exports: 20%

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Success stories

AIS

Unlocking new opportunities in China and Brazil How is AIS thriving?

AIS has innovated at every turn to emerge from the pandemic period as an even stronger force. The company achieved this through successful export-led growth in China and Brazil, the development of local expertise in key markets, new product innovation to help clients dramatically cut costs, and a team that has willingly embraced change to overcome the challenges of COVID-19.

The challenge While COVID-19 has presented innumerable challenges to energy companies globally, there has arguably been no greater impact on the industry from an operational standpoint than the subsequent travel restrictions and supply chain disruptions.

These are the key hurdles that faced AIS, a leader in the supply of insulation, passive fire protection, buoyancy, and cable protection systems. Almost overnight, the business was plunged into uncertainty as travelling staff were restricted by quarantine and lockdown rulings and raw material supply and delivery issues grew.

The UK’s furlough scheme helped to weather the storm initially. However, if AIS was to successfully navigate these strong headwinds, managing both client expectations and staff wellbeing effectively, it would need to adapt.

The solution A company that had primarily operated by sending its

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EIC Survive and Thrive

employees to projects all over the world, AIS rapidly sought to switch up its approach, building local operations to both better manage COVID-induced mobility difficulties and capitalise on new opportunities.

This paid dividends in Brazil where AIS today provisions its entire portfolio of buoyancy, fire, protection, subsea installation, and polyurethane cast products, these having quickly gained traction in the market. Consequently, the company successful enhanced its annual revenue in Brazil alone from £1.6 million in 2018 to £5.9 million in 2021.

This spike was not the product of luck. AIS meticulously strategised, considering how to maximise regional opportunities at every turn, extending its facilities and investing in automation as well as the hiring and training of local installers. Furthermore, the company focused on diversifying its local client base, serving a range of firms not just in the energy sector but equally across other industrial segments.

At the same time, AIS managed to bolster its export business with a significant focus on amplifying its influence in the Chinese market. This was thanks to the growing recognition of the benefits of modular builds rather than conducting large fit outs on site.

Here, the firm refocused its Asia sales team to concentrate on ship and fabrication yards in China, appointing agents who specialised in specific products and sub-regions of the country to support this emphasis. Equally, it also developed a new, lower cost LNG and insulation product for the protection and insulation of decks, known as MS200 – this proved to be critical in enhancing sales.

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Success stories

Furthermore, the company focused on contracting and training local people and developed new ways in which work could be supervised on site locally. Regarding the latter, a camera-led system was used to allow site operations to be viewed remotely, enabling external specialists to advise and answer questions as needed at all times.

Indeed, there were several challenges with AIS’s China ambitions. With no direct flights available from the UK, workarounds had to be found to get people into the country. There were also challenges with visas owing to various legislation applying to different areas of the country. However, AIS’s perseverance paid dividends yet again.

Between 2018 and 2021, its Chinese export revenues increased from £0.4 million to £9.1 million – the country overtaking South Korea to become its primary export market – while its total export revenues increased from £22.8 million to £36.6 million.

Such achievements are commendable under the circumstances. Indeed, AIS demonstrated extreme resilience and innovation in a period of uncertainty to emerge as an even more successful entity during the pandemic period.

About AIS AIS, formerly Advanced Insulation Systems (incorporating Covertherm, Manuplas, and Bardot) is an award-winning global supplier of insulation, passive fire protection, buoyancy, and cable protection systems. From design and build to installation and maintenance, our customers count on us to deliver best-in-class service advanced material products — off-the-shelf and bespoke — that perform in the world’s most challenging environments. The company’s R&D expertise, combined with its global manufacturing and testing capabilities, means the company has an outstanding track record of innovative advanced material solutions for the world’s toughest protection challenges.

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Story type #export (main category) #culture, #innovation, #resilience Benefits • Export revenues increased by £15.9m in two years • Revenues from new MS200 product targeting China grew from zero to £4.3m in 18 months Key findings For industry • Stick to the core values of your business • Allow more time in the early procurement stages to enable better decision-making • A collaborative approach with clients is far better than an adversarial one when problems arise For government • Step-up cooperation with other countries Government support?

AIS has received Innovate UK grants, UKEF support as well as R&D tax credits. The company has also benefitted from the Apprenticeship Levy.

AIS at a glance: Key products and services: Subsea products, buoyancy insulation, cable management, fire protection and insulation for oil & gas Main industries served: • Oil & Gas – 73% • Energy transition – 27% Headquarters: Gloucester, UK Year established: 1993 Number of employees: 384 Revenue: £47.2m Revenue from exports: 78%

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Alderley

Shifting the mindset of an energy solutions provider to build a reimagined future How is Alderley thriving?

The solution

Previously reliant on large, capital intensive oil and gas projects, Alderley realised it had to adapt its business model and engineer a mindset shift throughout the organisation.

Once formed of many regional autonomous business units, the company is now operating under a one-group ethos and seeking to balance its portfolio of work, positioning itself as a solutions provider for clients to maximise the efficiency of their energy assets. With CEO Colin Elcoate on board since 2019, the new strategy has been gathering momentum ever since, not least in the context of the pandemic, which has served as a catalyst to move even faster. Alderley’s new focus extends to the growing low carbon sector, including emerging technologies such as hydrogen and CCUS as well as the oil and gas industry.

The dual-pronged service and cultural transformation kickstarted towards the end of 2019, just before the pandemic struck – an event which served as a catalyst to impart change even faster and deeper.

The challenge If the oil crisis that hamstrung the energy sector during the middle of the last decade has taught us anything, it is that service providers and suppliers need to diversify their project portfolios in order to spread risk. Back then, Alderley was a company heavily reliant on traditional oil and gas projects, developments that were capital intensive.

Indeed, the firm was operating on an 80% CAPEX basis, a reality which has been exposed as unsustainable in recent years, not least during the COVID-19 pandemic, when many projects were brought to a standstill.

Alderley used to function as a series of autonomous business units spread around the world, each geared up to support their local markets’ large energy projects. CEO Colin Elcoate arrived knowing that these dynamics needed to change. The company needed to develop a more balanced portfolio to build up resilience and, ultimately, better serve the realities of a modern-day energy sector in rapid transition.

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In terms of services, Alderley is pivoting towards becoming an end-to-end solutions provider, able to support clients through various stages of their project lifecycles in order to maximise the efficiency of their operations. This is what clients have been demanding. The first step of the transformation was to re-engage clients and take stock of their changing needs. The company also realised that more sustained communication was needed to stay abreast of key developments.

Targeted recruitment was prioritised, especially in digital and aftermarket skills. Here, Brian Scorer (hired in February 2020) has already proven an influential addition to the team as the Head of Aftermarket Services, which is on track to make £20 million this year – more than double what it was a couple of years before.

Alongside this repositioning, there has been a cultural and structural shift towards a one-group company. Scorer, for example, has a global remit in his role and represents one of many reporting line changes designed to simplify standards across business units, and liberate the talent within the organisation. Indeed, heavy investment has been made in training and rewarding talent, and communications between management and employees has become much more frequent and wide-reaching in scope.

Importantly, Alderley now operates with two internal teams (Business Improvement and Culture), which are responsible for boosting collaboration, instilling cultural values and driving internal feedback mechanisms.

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With a new structure and ethos well on its way to being cemented, the company can now look ahead with positivity.

This is reflected in its financial targets, which centre around deriving 50% of revenues via aftermarket services, consultancy, and digital solutions by the end of 2023. This year, the firm is on track to achieve a revenue split of 60-40 in terms of CAPEX and solutions-based services, underpinning a profit forecast of more than £1 million.

An important part of this will come from Qatar, where Aftermarket Services Country Manager Nithin Jacob has been delivering promising results. Through his focus, the Qatar market has grown from £30,000 in aftermarket services bookings in 2019 to over £800,000 in 2021 and, with his growing relationships in-country, he has also supported recent systems and project (CAPEX) wins as the market re-engages following the pandemic. Bookings in Qatar are forecast to reach £15-20 million this year.

Given Alderley was in loss-making territory between 2018 and 2021, this is tremendous step forward and gives cause for optimism for the coming year. Alderley now is matchfit and ready to take on the challenges of the 21st century energy transition.

About Alderley Alderley is the end-to-end integrated solutions provider for the global energy industry. The company’s priority is to maximise the value and efficiency of its clients’ energy assets – from concept to operation and beyond. Alderley achieves this through its end-to-end integrated solutions: Advanced Consultancy, Systems and Projects, Digital, Aftermarket Services and Training Solutions to meet the challenges and needs of a global energy system in transition.

As an independent solutions provider, it’s Alderley’s people that make the difference. Alderley’s regional teams work closely with its clients to understand their needs and deliver the right solution – with the flexibility, integrity, and customer service you would expect from a family business.

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Story type #transformation (main category) #service & solutions Benefits • Bookings in Qatar predicted to reach £15-20m in 2022 Key findings For industry • Make sure that employees have the freedom to express themselves and be innovative • Better to overcommunicate than not at all; be honest and transparent • Be relentlessly client-focused For government • Oil & gas has much to offer and should not be left behind Government support?

The company is supported by the UK Apprenticeship Levy programme.

Alderley at a glance: Key products and services: Advanced digital, mechanical, hydraulic, electrical, process, metering, consultancy, systems, and aftermarket services to meet the challenges and needs of a global energy system in transition.

Main industries served: • Oil & Gas – 95% • Hydrogen – 5% Headquarters: Wickwar, UK Year established: 1989 Number of employees: 330 Revenue: £70m Revenue from exports: 80%

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Ankura

Providing optimal consultancy services through effective collaboration How is Ankura thriving?

Global business expert and advisory services specialist Ankura has consolidated its position as a go-to advisor for critical challenges facing firms in the energy sector. With an unwavering focus on finding the optimal outcome for its clients, the firm provides bespoke packages underpinned by its varied expert teams, helping customers to effectively manage their threats, solve complex issues, and maximise opportunities.

The challenge Founded in 2014 and backed by private equity, Ankura has enjoyed rapid expansion since its incorporation, driven by both organic and acquisitive growth. A key mandate was clear: to provide strategic, high quality expert advice to clients in the energy sector that were increasingly dealing with growing risks.

Through this mission and backing, the firm quickly established a global reputation, opening offices and establishing its footprint in several key markets around the world.

As it grew, it became clear that internal collaboration between different practice teams would be crucial to its success long term, such synergies within the business helping to deliver better value to its clients while also unlocking new opportunities.

Managing this rapid growth curve and sustaining such synergies to continue to deliver maximum value to customers and sustain key relationships was, therefore, considered vital.

The solution Implementing the right strategy and solutions from the top

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was critical in maintaining this focus. The messaging was simple – to be an open, transparent, and expert advisor to clients facing volatile market conditions.

For many of the firm’s customers this proved to be refreshing. Whilst competitors presented large and complex transformation strategies, comprising various services and add-ons designed to extract value, Ankura focused solely on its clients’ critical issues.

This unwavering attention on addressing clients’ critical issues in the most straightforward and effective manner quickly became the company’s primary unique selling point, with Ankura’s investments in local regions also paying dividends in supporting this mission. Each of its regional branches operate in a transparent and cooperative manner, pursuing these same overarching goals and ideals.

During this expansion, the firm has equally invested in data analytics to support its existing offerings, strengthened its Turnaround & Restructuring practice to be ready to support businesses with uncertainty and distress, while also investing in a geopolitical advice service to manage in-country risk. In addition, it has established an “Ankura Office of the CFO” service – a hotline enabling CFOs to pick up the phone and speak directly with experts to discuss critical issues that need targeted and objective expert advice.

Through such investments, and an overarching commitment to providing exemplary service, Ankura has developed strong ties with its customers globally, each having encouraged the firm to follow them wherever they’ve stationed themselves around the world.

Of course, no rapid start-up venture is without its challenges. Yet, the firm has been incredibly successful in the eight short years since its inception, which is evidenced

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by the significant sustainable growth across key sectors and geographies.

Indeed, as an example, its work for a major transport infrastructure client epitomises the value it can offer to clients. This client, observing sharply rising energy costs, sought to understand the financial risks it faced in a rapidly changing landscape. Ankura was appointed in 2021 to develop several energy price scenarios to determine financial and other risk exposures – covering both internal operational risks as well as supply chain risks.

To offer the best possible analysis, Ankura teamed up with a strategic partner. Together, the alliance identified significant labour and material cost issues as well as problems stemming from the significant local geo-political risks, providing an otherwise unforeseen horizon and perspective that allowed the firm to prepare and optimise accordingly.

This is just one example of the insights that the firm can provide to its client base. Many of its assignments involve cross-practice teams as well as strategic partners, the company securing and leveraging the right expertise as needed to deliver targeted and bespoke solutions on a case-by-case basis, ensuring optimal client outcomes in every instance. The importance placed on practice collaboration is clear.

Story type #collaboration (main category) #scale up, #service & solutions Benefits • Ties with international clients reinforced • Successful preparation work for a major transport infrastructure client Key findings For industry • Track your clients’ agenda before defining your service • Don’t underestimate the power of collaboration

It is this attention to detail that has allowed Ankura to firmly place its stamp as a leading consultancy in the energy sector – a reputation that will undoubtedly act as a springboard for further growth in years to come.

For government • Recognise the importance and engage with private financing players to bridge the UK’s energy infrastructure gap

About Ankura

Government support?

The company has not received any type of government support.

Founded in 2014, Ankura is a global business advisory and expert services firm. The company helps clients navigate a wide range of corporate performance and risk management challenges, including those pertaining to compliance, disputes, investigations, forensics, technology, turnaround and restructuring, and corporate strategy.

Ankura’s unique blend of subject-matter expertise, wealth of cross-disciplinary and cross-industry experience, and proven track record enables the company to deliver tailored, effective solutions and unparalleled service in a broad range of matters.

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Ankura at a glance: Key products and services: global business advisory and expert services firm.

Headquarters: New York, USA Year established: 2014 Number of employees: 1,700+ Revenue: N/A Revenue from exports: N/A

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Applica Resourcing Taking a personal approach to recruitment How is Applica Resourcing thriving?

Having only started out in 2018, Applica Resourcing was determined to provide a different approach to recruitment for energy projects. Centred around empathy, trust and building personal relationships from the outset, Matthew Halle’s vision is beginning to be realised with the company showing positive signs of growth following the challenges brought about by the COVID-19 pandemic. Although it brought an unexpected and initially highly concerning challenge to the business, the slowdown period provided the opportunity to build networks with key project decision makers and lay the foundation for relationships that have since propelled it forward.

The challenge Leaving employment and tak ing the leap to form your own business is never a mean feat. For Matthew Halle, who had spent years working in larger companies and experiencing first-hand how recruitment processes worked for energy sector projects, a new approach was needed.

The solution The company began operating in 2018 and immediately brought a point of difference. Having assembled a small but highly experienced cohort of specialist recruitment professionals, Applica positioned itself as a bespoke solutions business, one which conducted client relations based on high-level discussions based around what customers want to achieve. Crucially, time is invested upfront, free of charge to the client, helping to establish trust and understanding as opposed to selling a dream that inflates expectations.

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Early signs were promising. After turning over £0.5 million in its inaugural year, the company has gone on to grow its annual revenues ever since, picking up new clients and building up a reputation based on its personal touch along the way.

It has not all been plain sailing. Applica’s journey had only just begun when the COVID-19 pandemic hit. This naturally led to concerns related to reduced client activity, logistics and financing of the business. The greatest challenge was Applica suddenly having to adopt a remote working set up.

Whilst this was true of almost every business at the time, one of Applica’s greatest strengths is having senior decision-makers set in one place, allowing them to make agile decisions for their clients. Losing that took away Applica’s differentiators when compared to larger competitors.

However, while tough, the pandemic period has brought out the positive attitude of Halle and his team, who have always been actively involved in steering the company’s culture and core values. Indeed, rather than panic, they decided to use the COVID downtime to network projects and opportunities more effectively, and found prospects were more available than normal – they were often at home, had time, and were happy to chat.

This led to Applica securing its most lucrative contract to date in the form of a project tendered by a major UK energy player just before the pandemic arrived. Involving recruitment for a major LNG import terminal, the client needed personnel for the building of its fourth degasified storage tank. After an 18-month tendering process,

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Applica secured the contract in March 2021 which so far has delivered £4 million in revenue. Its scope includes the supply of indirect labour for the entire LNG site, with teams of workers managed in a scope of work format and on the Applica payroll.

Key to securing the was the company’s mix of specialised energy recruitment experience (especially around IR35) and assurance that it would keep a core team on the project’s site as opposed to moving personnel on to kickstart the next Applica contract with a new client.

Indeed, Applica has offered flexibility and convenience. It handles the work permits, payroll, safety training and PPE provision, with the client able to ramp up and scale down as and when needed.

Such has been the success with this work, Applica’s personal touch approach is starting to pay off, not least in the literal sense with its 2022 income forecast to reach £12.5 million. With a tightknit, motivated team all pulling in the same direction and continuing to build relationships across the sector, that gap in the market appears to have been filled.

About Applica Resourcing

Story type #service & solutions (main category) #culture, #scale up Benefits • £4m secured so far from contract with the major UK energy player • Income forecast to reach £12.5m in 2022 Key findings For industry • Give opportunities to niche companies For government • Lead by example – set culture from the top Government support?

The company has not received any type of government support.

As a recruitment firm, Applica works across the oil & gas and energy sectors with clients to mitigate both operational and commercial risk and with candidates to ensure they receive the best opportunities to develop their careers. Its head office, based in Manchester, serves both the UK market and acts as a global recruitment hub. Applica has businesses registered in both Houston and Stavanger to support the energy markets of North America and Scandinavia and have solutions in place to support Europe and Asia.

Applica Resourcing at a glance: Key products and services: Resource projects in global locations, contract workers for major initiatives all over the oil & gas and energy sectors.

The Applica team prides itself on developing long term relationships with clients and contractors. This approach combined with in depth technical knowledge of the energy industry ensures that it provides a holistic solution when resourcing an entire project.

Headquarters: Manchester, UK Year established: 2018 Number of employees: 10 Revenue: £7.6m Revenue from exports: 50%

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Main industries served: • Oil & gas – 65% • Chemicals – 20% • Renewables – 10% • Hydrogen, CCUS – 5%

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Aquaterra Energy

A business re-fuelled by embracing energy transition How is Aquaterra Energy thriving?

Faced with a perfect storm of challenges caused by the 2016 and 2020 oil price plunges, drive to net zero and COVID-19 pandemic, Aquaterra Energy knew it had to diversify in order to futureproof its business. Having pivoted towards clean power arenas such as offshore wind and green hydrogen, the company is starting to gain traction with various industry stakeholders. Indeed, its latest project – Haldane – could represent a crucial step towards proving the viability of offshore green hydrogen as a reliable fuel source for the UK. The challenge The past few years have presented some serious disruption to firms operating up and down the oil and gas value chain. For Aquaterra Energy, a key supplier of engineering products and services to the offshore industry, oil price crashes in 2016 and 2020 slowed its momentum somewhat. Throw a global pandemic into this mix, and it is easy to see why profits took a hit.

Oil and gas operators significantly slashed their hydrocarbon output and capex budgets together with a steeply delcining rig utilisation across the globe. Aquaterra Energy was also operating against an energy sector backdrop that is moving fast towards energy transition and net zero ambitions, a trend reinforced by the UK’s hosting of COP26 in Glasgow in November 2021.

The company therefore needed to change course in order to navigate this new set of dynamics that have emerged over the past few years.

The solution Fortunately, Aquaterra Energy was at least partially

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prepared for the logistical challenges posed by the COVID-19 pandemic and associated restrictions. The firm had already kickstarted a more agile approach to working, with refurbished offices and IT changes making it fit for the ‘new normal’ of hybrid and remote work. Indeed, such was the pace in which the transition was made, MD James Larnder confirmed that what was planned have taken 1-2 years was completed in just 6 months.

In early 2021, strategic changes became the priority by way of implementing a diversification and collaboration strategy. Here, Aquaterra Energy identified ways in which it could apply its core values of ‘intelligently engineered’ technology led products and innovation to new markets in the net zero and energy transition space. It is already in the process of hiring a Renewables Director to manage interests in the offshore wind arena, and is also engaging in carbon capture, use and storage (CCUS). Meanwhile, the firm is constantly refining and releasing enhanced product solutions, with two riser systems entering the market this year.

The most intriguing development, however, appears to be Aquaterra Energy’s interest in developing the UK’s capability to produce green hydrogen offshore.

Project Haldane could prove to be a pioneering and significant breakthrough in the offshore green hydrogen sector. Such an undertaking is reflective of the firm’s willingness to operate outside of its comfort zone and take calculated risks – green hydrogen cannot be purchased in the UK market today, and therefore early adopters who get it right could be perfectly positioned to capitalise upon huge opportunities.

Haldane currently stands as a three-company project consortium that aims to repurpose oil and gas infrastructure

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into a commercially viable green hydrogen operation powered by offshore wind. The first of Aquaterra Energy’s partners is Borr Drilling, which has the offshore jack-up rigs that can be adapted to house electrolysers, these supplied by a third partner, Lhyfe.

The project may require a fourth participant to oversee pipeline infrastructure, with new or adapted pipelines to be used to transport hydrogen onshore. By producing the hydrogen offshore, Haldane can avoid onshore facility planning consent issues and thus offer a faster route to market, which should make the proposition more attractive to investors. Aquaterra Energy has played a key role to date, holding negotiations with wind farm developers for the supply of green electricity as well as talks with potential hydrogen off-takes in the UK. The plans have generated a lot of attention in media and oil and gas industry circles, with the next clear target being to acquire the necessary funding. Currently, the project aims to utilise 300MW of electricity to produce 100Te of green hydrogen a day, which would be the largest offshore product facility of this kind of fuel. However, such is the size of the opportunity ahead if the concept is proven, this would only represent 0.05% of the hydrogen needed to meet the UK’s 2030 targets.

Haldane offers tremendous cause for optimism for Aquaterra Energy. With profits already recovering in 2021 to £4.2 million EBITDA, the years ahead can be viewed through a far more positive lens than even a 12 short months ago.

About Aquaterra Energy Founded in 2005, Aquaterra Energy helps the offshore oil and gas industry increase efficiencies and reduce costs through a range of products, systems and projects. At the forefront of offshore oil and gas engineering for over a decade, the company specialises in riser systems and the analysis, tools and products needed from the first days of a well’s operation, through to full field development, asset life extension and decommissioning. Aquaterra Energy’s specialist engineers have supported customers in the North Sea, South East Asia, the Caribbean and Australia and completed more than 1,000 projects to date. Some of the world’s biggest brands and leading players rely on Aquaterra Energy’s products and services for their offshore needs.

Headquartered in Norwich, the company is also present in other parts of the UK, as well as in Australia, Norway, and Egypt.

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Story type #energytransition (main category) #collaboration, #diversification, #innovation Benefits • Early mover into a key sector for the global energy market Key findings For industry • Business diversification, flexibility and evolution is essential For government • Key projects in the UK should feature local content, but the industry needs to support to become competitive Government support?

The company has benefited from the Apprenticeship Levy, R&D tax credits as well as the government’s Furlough scheme.

Aquaterra at a glance: Key products and services: oil and gas service company and consultancy Main industries served: • Oil and gas – 100% Headquarters: Norwich, UK Year established: 2005 Number of employees: 105 Revenue: £25m Revenue from exports: 85%

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Success stories

Arc

Opening up a lucrative line of nuclear waste business How is Arc thriving?

Armed with formidable welding engineering expertise, Arc is on the road to futureproofing its business against uncertainty in the oil and gas space by applying its expertise to the nuclear trade. One of the first to be audited under the Fit4Nuclear scheme around a decade ago, the company made a key breakthrough in 2017 when it secured involvement in the UK government’s development of next-generation nuclear intermediate level waste containers. Having proven its worth to the project, which is now on the verge of ramping up in scale, Arc could be in line to open up a huge line of business domestically and abroad in the coming years.

The challenge Recent times have highlighted how vulnerable suppliers to operations in the oil and gas sector can be if they are overly reliant on this single revenue stream.

Arc was fortunate enough to have some of the impact of the 2014-15 crisis absorbed by its work in the defence sector, as well as its decision to step into the nuclear realm in 2011, the firm being among the first to onboard to the Fit4Nuclear initiative. In 2014, the board approved the development of a nuclear market entry plan as part of becoming a more proactive enterprise that did more than reactively bid on opportunities.

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However, through the latter half of the 2010s, the company was finding it slow-going in terms of reapplying its cladding and welding capabilities to industries outside of oil and gas, which in 2015 still accounted for half of the firm’s revenue. A new catalyst was needed.

The solution That moment arrived in 2017 in the form of a UK government project to develop a new breed of intermediate level nuclear waste container.

The Nuclear Decommissioning Authority (NDA) wanted to evolve the current design which had previously swallowed significant amounts of taxpayer money. Looking for a more economical and efficient answer, it challenged the supply chain to come up with superior design ideas.

Having progressed through various stages, Arc was paired with Sheffield-based Eadon Consulting to form a consortium responsible for delivering the project, the next step being to build a working prototype. The design they produced is cheaper, more flexible and performs to NDA requirements, with all parties that have witnessed it giving positive feedback.

Indeed, the new solution is 50% more cost efficient and provides a per unit saving of £25,000, which would equate to an annual saving of £25 million. It is also easier to operate and maintain, safer (operable by robots) and bolt-free.

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Now in the third round of funding, Arc is focussed on developing a new set of prototypes which can be produced at scale and fulfil NDA’s demand for 1,000 units a year. Once this sort of magnitude is fulfilled, both the government’s and Arc’s investments will start to deliver a lucrative return.

The prospect of delivering this project at scale has also prompted the company to set out ambitious plans to invest in building a new factory, which it aims to have up and running in the final few years of this decade. It is a clear indicator of the huge potential which has been unearthed, with Arc now building up a track record with NDA as a solutions innovator that will undoubtedly appeal to other customers both in the UK and internationally.

Indeed, the company has been able to get to this point thanks to a can-do attitude and strong thirst for a challenge, its flexible blue sky thinking approach enabling it to pioneer a solution that looks like becoming a game-changer.

The financials also look promising. In 2021, revenue from oil and gas dropped to 40%, with nuclear now accounting for 5% of income alongside defence. Its construction sector activity has also grown strongly, now responsible for 40% of turnover.

Without question, the company has found its new catalyst for growth, now on much further footing to progress moving forwards.

About Arc Welding specialist Arc Energy Resources was established in 1994 with four staff and sales of just £1,148. Today, Arc Energy has expanded into a multi-million-pound business with 45 staff, regularly trading with some of the largest companies in the world. In contact with the defence, energy, petrochemical and water & wastewater industries, Arc is recognized as an expert in corrosion resistant cladding and specialist fabricator of several products, delivered by a highly qualified, fully-accredited and experienced team.

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Story type #diversification (main category) #collaboration, #innovation, #resilience, #service & solution Benefits • First prototypes would provide savings of £25m • Prospect of opening a new factory • Nuclear now accounting for 5% of the total revenue Key findings For industry • Be optimistic – research and planning are nothing without it For government • Stick to stable policies, even when shocks happen; they allow investment confidence Government support?

The company received R&D tax credits and support from the UK’s Fit For Nuclear (F4N) programme.

Arc at a glance: Key products and services: Supply of corrosion resistant cladding and manufacturing of specialist fabrications for the energy, petrochemicals, defence, renewables, and water industries.

Main industries served: • Oil & Gas – 40% • Construction – 40% • Petrochemicals – 10% • Defence – 5% • Nuclear – 5% Headquarters: Gloucester, UK Year established: 1994 Number of employees: 45 Revenue: £3.6m Revenue from exports: 20%

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Success stories

Belzona

Finding resilience in ‘make to order’ and ‘right first time’ strategies How is Belzona thriving?

Faced with mounting pandemic-induced raw material supply pressures, Belzona was successfully able to demonstrate resilience through a rapid transition from ‘make to stock’ to ‘make to order’, and landmark successes in meeting ‘right first time’ targets of continuous product improvement.

The challenge Having successfully consolidated itself as a go-to supplier of critical solutions in the energy industry for the repair and protection of industrial assets, Belzona was impacted heavily by the sudden and volatile implications of the pandemic.

Pre-COVID, the protective coatings and repair composite specialist would produce a stockpile of its most popular products, their long shelf life and Belzona’s confidence in its most highly desired range allowing for this.

However, when global lockdowns hit, this approach was no longer an option.

Having quickly become incredibly difficult for the company to source the raw materials in the quantities it needed to continue to produce at scale, owing to global supply chain disruption, the firm was forced to switch to ‘make to order’ processes in order to make best use of its limited raw materials and meet the needs of its clients on a caseby-case basis.

The solution Belzona responded to the challenges it was facing with a combination of planned and reactive actions.

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The culture at the company needed to change – here, transparent and candid communication between its purchasing, quality, IT, manufacturing and warehousing teams was imperative to its overall success during a period of significant operational adjustment.

Beyond this big picture, each team faced its own individual challenges, having to work proactively and innovatively to find resolutions.

The purchasing department was, fortunately, able to rely on the strong relationships it had developed with raw material suppliers over many years. Having built partnerships centred around trust, quality and mutual benefit, Belzona was successful in securing strong support from them in a critical time of need – backing that the firm continues to be grateful for. This was further helped

by Belzona’s reputation as a coatings innovator and fastadopter of new technologies, leading to the company being a strategic partner for many raw material suppliers.

However, challenges remained. The suppliers themselves were not able to provide forecasts, so the firm had to be responsive to what was available, investing in increased critical raw material stocks when they became available, in order to maintain responsiveness to client’s specific needs.

Meanwhile, its manufacturing and warehousing teams faced similar difficulties. With COVID assessments introducing social distancing, strict hygiene measures and isolation protocols, that required new work routines needed to be designed and developed, initially resulted in extended lead times. These spiked from 10 days to 1520 days during the pandemic and were exacerbated by additional delays in shipping to distributors due to freight delays, driver shortages, the implications of Brexit and even the Suez Canal disruption.

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Faced with so many hurdles, Belzona’s ability to continue to process orders was a critical achievement. In no uncertain terms, it was testament to the resilience of its employees, each and every team member ensuring that a seamless transition from make to stock to make to order could be achieved.

For Belzona, the period wasn’t wholly defined by the need to stay afloat either, the company did strive to meet its values of delivering premium solutions with the highest possible quality standards. Having implemented a ‘right first time’ strategy pre-COVID that was aimed at minimising impact to the environment by maximising the use of resources and limiting the return or replacement of products wherever possible to ensure customer satisfaction, it was able to ensure that 99.7% of its products were manufactured ‘right first time’ last year – up from 98.5% in 2019.

Story type #culture (main category) #optimisation, #resilience Benefits • Revenues increased by £4m post-COVID as a result of many factors, including changes implemented throughout COVID • Right First Time (RFT) KPI increased from 98.5% in 2019 to 99.7% in 2021 Key findings For industry • Don’t be afraid of changes - evolve with the world.

Such successes have placed Belzona on firm footing.

The company is now eyeing significant investment into innovative product development in order to target opportunities in high growth industries such as renewables, petrochemical and mining moving forward.

For government • Allow time for the supply chain to react to policy changes.

• Provide more training and support for staff to facilitate export administration

For Belzona, it is now very much a case of building on these improvements to offer even better customer satisfaction as we move through 2022.

Government support?

The company has received R&D tax credits.

About Belzona Specialising in the design and manufacture of repair composite materials and protective coatings for machinery, equipment, buildings and structures, Belzona offers solutions to an extensive range of engineering problems and repair situations. From full turnkey systems to simple in-situ repairs, the company’s innovative materials provide the answer to a variety of industrial issues, including erosion, corrosion, chemical attack, abrasion and wear, water and weatherproofing.

A company committed to providing bespoke solutions, technical support and on-site assistance tailored to each client’s specific needs, Belzona has a global network of distributors supported by its headquarters in the UK, US, Canada and Thailand. The company’s engineered solutions come with international accreditations and a proven track record in performance.

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Belzona at a glance: Key products and services: design and manufacture of protective coatings and repair composite materials Main industries served: • Oil and gas – 30% • Mining – 15% • Marine – 10% • Steel – 10% • Water treatment – 10% • Conventional power – 6.7% • Nuclear – 6.7% • Renewables – 6.6% • Others – 5% Headquarters: Harrogate, UK Year established: 1952 Number of employees: 174 Revenue: £26m Revenue from exports: 80%

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BMT

Emerging from adversity through cultural and operational transformation How is BMT thriving?

From the 2016 oil price crash to the global pandemic, the energy sector has weathered a testing storm. Through shifting from tailored engineering to a standardised, modular approach, BMT has successfully improved commercial viability, increased profit margins and secured contracts direct with O&G operators, showing immense resilience to instil major cultural changes during a difficult period.

The challenge BMT is a formidable global player. A market-leading engineering design consultancy, the company employees more than 1,500 professionals in 47 locations across four continents.

Integral to BMT’s energy business is its team of energy experts located in a global hub of energy production in Houston, Texas. By 2015, the 40-strong division was bringing in annual revenues of $40 million owing to the team’s focus on marine monitoring and advisory systems that offer proven solutions to meet the needs of customers in this market.

The 2016 oil price crash saw the entire energy sector facing exponential challenges, forcing the majority of energy companies to put strict CAPEX and OPEX spending controls in place. In an industry still reeling from the impact of this, the blow that was then brought about by the COVID-19 pandemic carried a significantly detrimental financial impact, alongside challenges with site work, safety and its supply chain.

In order to support the energy sector in its recovery from these seismic events, BMT’s Houston division understood it needed to fundamentally change the way in which it

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worked with clients, ensuring the company was offering a cost competitive solution representing a move away from competing with standardised, small agile vendors that did not have the same NRE and documentation costs.

The solution In response to evolving market conditions, the Houston division pursued a corporate restructuring programme that was spearheaded by its newly appointed CEO. The goal of this transformation was to create more standardised process that would be more cost effective and repeatable for clients, moving away from solely custom solutions that were no longer fit-for-purpose.

Configuration management principles were introduced in 2018, which BMT has continued to build on to ensure they are always delivering the best possible value for clients.

Through this delivery model, the company has been able to maintain its ability to adapt to client needs for each project, while increasing margins, project profitability, and reliability of service through standardisation.

To ensure this process was optimised and with minimal impact to the client, BMT effected this transition gradually, first working on IRMS – a modularised and repeatable unit that had full coverage of sensors through to near-realtime cloud reporting during major hurricane events.

Thereafter, incremental innovations were made, enabling BMT to unlock new value propositions for its clients.

Building on IRMS, BMT modified its DCU to include a Willow IOT gateway which allows for connection to a standardised sensor suite, as well as new Wireless IOT sensors. Further, it now supports MQTT IOT protocols and can send data in real time to its cloud platform, BMT Deep.

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Reducing time spent on administrative tasks was deemed a priority, key to both labour cost reductions and therefore price reductions which could then be passed on to customers. This was achieved through the introduction of a modular framework that used standard sets of documentation for proposals and operation manuals.

At the same time, BMT shifted its focus from solely EPC contracts to operators. Here, a selection of differentiated support teams was established, each with unique skillsets and behaviours that would best meet the needs of different kinds of client. Dedicated points of contact were also deployed, ensuring that meaningful and lasting relationships could be established and sustained, enhancing client retention.

Metrics were implemented to measure key indicators such as customer experience, from response times to percentage of standardisation delivered and on-time delivery success rates. The result was a significant change in both business model and culture that advocated a more disciplined process in a difficult period, underpinned by a streamlined quality management system that ensured outcomes were still optimal for the client in each instance.

Having recognised the opportunity to adapt to challenging market conditions, the Houston division of BMT is now expecting to achieve a $15 million take home in 2022.

Further, its gross margins have improved from 28% to 35%, demonstrating success in its more disciplined approach.

Amid a backdrop of exponential challenges for the business and its clients, BMT has now laid the foundation of best practice in the energy sector, and one on which it can build to ensure continued excellence in the future.

About BMT Formed in 1985 following the merger of the British Ship Research Association and the National Maritime Institute, BMT is a leading international design, engineering, science and risk management consultancy with a reputation for engineering excellence. From initial concept through to design, construction, operation and eventual decommissioning, the company supports customers at every stage of the project lifecycle. Active in the oil and gas, defence, renewable energy, ports, risk management and maritime transport sectors, BMT has around 1,500 professionals located in 47 offices in the Asia, Australia, Europe and North America.

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Story type #transformation (main category) #culture, #optimization, #resilience Benefits • Greater autonomy and responsibility for process owners • Revenues to achieve $15m in 2022 after a difficult period • Margins improved from 28% to 35% • New clients and markets being targeted Key findings For industry • Build good relationships with operators Government support?

The company has received R&D tax credits and training from the UK’s Fit 4 Offshore Renewables (F4OR) programme.

BMT at a glance: Key products and services: Engineering design consultancy.

Main industries served: • Defence – 70% • Oil and gas – 19% • Maritime – 10% • Renewables – 1% Headquarters: London, UK Year established: 1987 Number of employees: 1,200 Revenue: £160m Revenue from exports: 50% (Energy)

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Bureau Veritas

A new and sustainable strategy with CSR at its core How is Bureau Veritas thriving?

Leveraging formidable technical expertise, Bureau Veritas has developed a value proposition and the expertise in helping clients to visualise, assess and act upon their key ESG and sustainability targets. Through its digital platform, Clarity, it provides independent, third-party tool and dashboard for companies to manage and demonstrate their social and environmental responsibilities. Clarity is built on Bureau Veritas’ own objective of contributing to shape a better world.

The challenge The origins of Bureau Veritas lie in the world of marine classification – a sector where it remains a leader today.

So, for almost 200 years, the Bureau Veritas brand and reputation has been synonomous with trust in the world of testing, inspection and certification (TIC) – assisting risk reduction and providing confidence to stakeholders in supporting innovation. Bureau Veritas is a first-choice partner for clients seeking to ensure their assets, products, infrastructure and processes meet the required exacting standards.

However, sustainability, the environment, societal demands and governance have become key growth enablers and drivers and where trust is demanded by all economic players. Beyond financial performance and their ability to innovate, companies are now being valued for their positive impact on people and our planet – not just their immediate profitability. Indeed, Bureau Veritas’s own ambition, ‘Shaping a better world’, demonstrates conviction and engagement.

This ambition kick-started the journey to become a CSR leader in the TIC market. As an independent, expert third party, Bureau Veritas helps clients to acquire credibility in

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their management of CSR ambitions and activities and to both measure and proof commitments of environmental and social impact.

The solution Several tools and services have been developed to support clients’ CSR ambitions.

In the fourth quarter of 2020, BV’s Green Line was launched. A strategy comprising a range of services and solutions, the company now partners with clients in their efforts to improve performance and demonstrate the transparency and trustworthiness of their actions. In doing so, Bureau Veritas provides the tools to support clients to protect their brand and reputation, with BV Green Line now encompassing around 60% of overall BV group revenues due to reallocation and growth in this area.

A major value-add Bureau Veritas is providing is untangling the complex webs that can arise throughout ESG and sustainability roadmaps due to the range of stakeholders and global nature of the data pool. Indeed, the data quality can be an issue, and certain data sets are hard to collect and often self-declared.

In response, Bureau Veritas launched the Clarity CSR tool in late 2021 following pilot projects with the likes of two major clients. The tool is designed to manage and steer a company’s sustainability roadmap. On-the-ground data is collected from clients’ assets, subsidiaries and/or suppliers through self-assessment questionnaires which are reviewed by Bureau Veritas or on-site audits conducted by the firm’s 80,000-plus people located around the world. It is then scored by module reflecting the ESG concerns of the industry and displayed on a dashboard to help clients take actions in a timely and efficient way.

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One of these major clients, for example, trialled the solution across all 1,200 of its suppliers. Following the pilot, it is now signed up for two years to benchmark its European supply chain against environmental and biodiversity metrics, with dashboarding, ranking and improvement journeys all part of the package.

Importantly, the Clarity solution is accessible to not only corporate giants like this specific customer, but also smaller firms with smaller budgets. Each module costs €600 with an upfront cost of €6,000 to access the Clarity dashboard.

And the company is also all too aware of the need to practice what it preaches. It has its own set of ambitious sustainability targets directly linked to the UN Sustainability Development Goals of Good Health and Well-Being (#3), Gender Equality (#5), Climate Action (#13), Decent Work and Economic Growth (#8), Peace, Justice and Strong Institutions (#16) and Life Below Water (#14).

Financially, Bureau Veritas also appears to have recovered from the impact of the COVID-19 pandemic. Revenue and profit margins are back in line with 2019 levels, showing a remarkably robust performance which more than justifies its CSR-driven strategic pivot. Certainly, it now stands on a firm footing in its bid to become the world CSR leader of the TIC market.

About Bureau Veritas Created in 1828, Bureau Veritas is a global leader in testing, inspection and certification, delivering high quality services to help clients meet the growing challenges of quality, safety, environmental protection and social responsibility.

The company is active in a range of markets, including infrastructure, oil and gas, marine, power, chemicals, commodities and automotive, among others.

The Bureau Veritas Group has around 80,000 employees located in more than 1,600 offices and laboratories around the globe.

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Story type #sustainability (main category) #digital Benefits • Significant growth of BV Green Line, which now represents 60% of the overall revenue Key findings For industry • Time for change: the world is ripe for new ways of working towards net zero and sustainability • Don’t tolerate greenwashing.

For government • Implement sustainability policies with pace and vigour, with significant deterrents for noncompliance Government support?

The company is supported by the Scottish Apprenticeship Scheme.

Bureau Veritas at a glance: Key products and services: Classification, laboratory testing, inspection and certification services.

Main industries served: • Oil & gas – 12% • Offshore wind – 6% • Solar power – 1% • Others – 81% Headquarters: Neuilly Sur Seine, France Year established: 1828 Number of employees: 90,000 Revenue: £4.2bn Revenue from exports: N/A

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Cellnex

Driving private network growth through market diversification How is Cellnex thriving?

Europe’s leading TowerCo Cellnex is growing its portfolio of connectivity solutions by investing in its Private Networks business, taking it from zero to 45 deployments in the space of just three years. By capitalising on the high demand for guaranteed network availability at critical industrial, energy and logistics sites, the improvement in 5G technologies and the need for greater data security and site productivity, Cellnex’s new market potential is undeniable.

The challenge Founded in 2015, Cellnex has established itself as a leader in the European telecommunications industry, playing a crucial part in developing and operating the continent’s cell-site and becoming a leading name in neutral host infrastructure.

Its expansion has been rapid. In 2019-2020, the firm acquired the telecoms business of Arqiva, making it the largest TowerCo in the UK with 9,000 towers, equating to one in every four towers. More recently, Cellnex UK received the green light to acquire Hutchinson’s assets, which will take its total portfolio to 14,000 towers, equal to one in every four towers across Europe.

As there are limitations on the number of assets that one company can acquire in the European market, the company is expanding its range of connectivity solutions.

The solution Cellnex has begun to develop a more extensive portfolio, including in-building DAS, smart city technologies, IoT, and Private Networks. The latter of these offered particularly

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fertile ground in the energy sector, where cellular networks are used in industrial applications to support 5G devices with high bandwidth requirements, such as video cameras, asset-tracking devices, drones and augmented reality headsets.

Indeed, private networks offer several benefits over their public counterparts. From enhanced security and reliability to offering dedicated spectrums that best suit the needs of specific applications, a much higher quality of service can be guaranteed while total control and ownership of the network and equipment are provided to the user.

To support its ambitions, Cellnex acquired Edzcom – a specialist private network company in Finland and Europe’s leading independent provider of Private Networks – in 2020, then integrated it into the wider business. Private Networks are complex, and Cellnex now has the in-house expertise to develop, deliver and operate them.

The company has, unsurprisingly, encountered several challenges through its expansion, finding that the energy industry appetite is still relatively small owing to knowledge gaps. Yet this also points to significant growth opportunities, while adoption cases have equally already proven to be tremendously successful.

BASF Spain stands as a prime example. One of the country’s leading chemicals players, it needed to migrate many mobile assets (including headsets, tablets, phones and assisted augmented workers) onto one singular platform. To achieve this, Cellnex installed a private 5G network at its production centre in Tarragona, completed in 2021.

The client has benefited from the installation in multiple ways, including dramatically enhancing its data and

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cybersecurity capabilities while also achieving better availability, with service level agreements guaranteeing network availability 99.99% of the time. Ultimately, Cellnex has provided an array of benefits, including ensuring mobile worker communications, improving safe safety, people- geolocation, better monitoring of downtime of assets, and focusing on the root causes of failures to improve uptime.

Boliden Mining is a second such example. Where the firm had been experiencing a decline in productivity (dropping by 28% compared to the previous decade), Cellnex implemented an automated hauling solution that enabled the remote monitoring of 20 autonomous vehicles. This solution was a revelation, allowing vehicles to operate 24/7, dramatically improving productivity. It is estimated that the network has bolstered revenues for the firm by as much as €8.8 million a year.

Indeed, the past couple of years have seen major transformation for the company, enabling it to diversify into new markets and land on firmer footing as it expands its offering into the energy market moving forward, providing a critical role in the drive to reduce energy and CO2 emissions.

Between its broadening in focus from TowerCo to Private Networks and efforts to ensure its clients have highly connected sites with guaranteed service availability, the benefits of its offering are clear. Having achieved extensive deployments in just three years, the scene is set for Cellnex to thrive.

About Cellnex Cellnex is the independent wireless telecommunications and broadcasting infrastructures company that enables operators to access Europe’s most extensive network of advanced telecommunications infrastructures on a shared-use basis, helping to reduce access barriers for new operators and to improve services in the most remote areas.

Cellnex manages a portfolio of more than 130,000 sites – including forecast roll-outs up to 2030– in Spain, Italy, the Netherlands, France, Switzerland, the United Kingdom, Ireland, Portugal, Austria, Denmark, Sweden and Poland.

Cellnex’s business is structured in four major areas: telecommunications infrastructure services; audiovisual broadcasting networks, mission critical and private networks and solutions for smart urban infrastructure and services management (Smart cities and the “Internet of Things” [IoT]).

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Story type #transformation (main category) #digital, #diversification, #scale up, #service & solutions Benefits • Cellnex’s product solutions for the energy industry stronger • Enhancement of clients’ productivity and operational activities successful Key findings For industry • Do not be bound by a traditional approach to technology investment; embrace the service model • Elaborate different solutions for different client use cases For government • Take the reduction of fossil fuels as a serious priority Government support?

The company has received R&D tax credits and is involved in a number of projects from the UK’S Department for Digital, Culture, Media & Sport (DCMS).

Cellnex at a glance: Key products and services: Neutral host infrastructure company.

Main industries served: • Oil & gas – 5% • Others – 95% Headquarters: Madrid, Spain Year established: 2015 Number of employees: 3,000 Revenue: £2.1bn Revenue from exports: 85%

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Cokebusters

Adapting in the face of adversity How is Cokebusters thriving?

Faced with financial turmoil, Cokebusters’ showed extreme resilience and overcame serious pandemic-induced challenges, ensuring the business emerged largely unscathed.

The company quickly determined new ways of working to ensure their international clients’ needs could still be met despite COVID restrictions, which rendered the company’s core function almost impossible.

The challenge The prospect of a complete business collapse is not something any firm wants to face, yet this is exactly the situation that Cokebusters was presented with when the COVID-19 pandemic struck in 2020.

Having consistently recorded annual revenues of $6-8 million in previous years, the firm was suddenly confronted with the fact that its current model would deliver zero earnings, placing collosal pressures on the business and its staff. As a service selling company leveraging in-house technology and equipment, it wasn’t possible to simply transition to home working. The entire business was built around the ability to work on site, an ability that had been blocked by lockdown restrictions.

Whilst furlough helped to weather some of the storm, the business was plunged into a perilous position. Its employees were worried about their health, while its clients were stressed amid operational uncertainty. In March 2020 the company watched as all scheduled works were cancelled or indefinitely postponed, resulting in an immediate cessation of income.

Shortly thereafter, Cokebusters faced a different problem.

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Their clients could not defer essential maintenance any longer and placed the onus on Cokebusters to find a safe and responsible way to reach site and deliver their vital service.

The solution Indeed, this is a story that epitomises survive and thrive.

With no protocol to react to the COVID-induced situation, the firm decided to continue trading, boldly demonstrating to its clients and employees that Cokebusters was open for business.

With air travel not possible, the company purchased crew manned vehicles and transitioned to road travel, driving all over Europe, often from site to site. It was recognised that such a decision would prove costly, but there was no alternative if the company was to survive. Permissions were sought from foreign embassies to cross land borders.

Its site operators showed incredible resilience. Required to isolate in hotel rooms for long periods before being granted site access, they spent weeks and sometimes months away from home leaving their families in lockdown. Once on site they rose to meet new challenges, often performing multiple roles outside their usual job description.

It was a monumental and unorthodox effort, yet such proactivity proved pivotal to the firm’s survival.

In a period of significant uncertainty between May 2020 and April 2021, the UK business successfully completed jobs for numerous clients including Shell, Galp, Petroineos, Repsol, ENI, Equinor, Nynas, KNPC, SAMREF, Thai Oil, Phillips 66 and Occidental. Many facilities were visited more than once during lockdown in order to cover the entire inventory base.

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One such undertaking provided an indication of the difficulties that the Cokebusters teams faced. A project that would normally have taken a 1 week lasted almost 10 weeks. The company initially lost 20 days to isolation before being presented with numerous disruptions that included specialist labour shortages in country, challenges of getting utilities on site and further isolation during the works.

Such challenges resulted in the erosion of all project profits and indeed overhead recovery. Thankfully, in the vast majority of other cases, such difficulties were overcome and projects were completed successfully.

Collectively, these undertakings boosted Cokebusters’ prospective revenues from zero to approximately $4 million. Not only did this allow the firm to turn a small profit over this same period, but it was equally able to retain all operational staff, whilst also employing several more.

Furthermore, the company used this time to extend and renovate their UK Technology Centre in the 12 months leading up to August 2021.

Indeed, not only did Cokebusters adapt to survive, it is now also operating on a much firmer footing.

In more recent times, the company has completed its first ever job in Algeria. The same client now seeks to create a longstanding partnership to conduct further business in the wider North Africa region. Further afield, Cokebusters is now on the brink of opening a business in Central America, as well as targeting the launch of a base in the Middle East in the next two years.

Such expansions will not only serve to accelerate the company’s ambitious growth plans, but also drive further diversification. The share of profits derived from hydrocarbon activities is anticipated to reduce from 90% to 70% in the next five years. Having shown tremendous resilience under extreme pressure, Cokebusters now looks into the future with distinct optimism.

About Cokebusters Headquartered in the United Kingdom, Cokebusters is an international company which was founded in the field of mechanical cleaning and inspection of traditionally ‘unpiggable’ systems. Having developed and deployed leading technology in this sector for almost 20 years, the company now offers a full range of practical solutions and expert consultancy in one combined service.

Cokebusters designs and builds its own specialist equipment, continuously innovating and improving the tools it uses to serve clients’ needs.

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Story type #resilience (main category) #diversification, #technology Benefits • Jobs completed for numerous major clients.

• Development of the world’s smallest smart pig solution in six months.

• Prospective revenues boosted from zero to approximately $4m.

Key findings For industry • Remain positive • Encourage collaboration • Abandon dumping practices that greatly impact the supply chain and cause business closures For government • The supply chain is not ready yet for energy transition.

Government support?

Cokebusters has joined trade missions and received grants from the Welsh government. The company has also benefited from R&D tax credits and the government’s Furlough scheme.

Cokebusters at a glance: Key products and services: mechanical decoking services Main industries served: • Oil & gas – 80% • Conventional power – 15% • Others – 5% Headquarters: Chester, UK Year established: 2005 Number of employees: 90 Revenue: £12m Revenue from exports: 95%

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Crondall Energy

A one-team company broadening its horizons How is Crondall Energy thriving?

Having been purely reliant on clients in the oil and gas sector to generate revenue, offshore floating production and subsea engineering consultancy Crondall Energy knew it had to diversify in light of the market turbulence witnessed in 2014/15 and ever-strengthening energy transition trends.

By focussing internally on company culture and seeking out new opportunities in alternative markets, the firm has been able to navigate the additional challenges of the pandemic, its newly diversified revenue split having helped to safeguard the business from future oil and gas market volatility.

The challenge Having been successfully operating as an offshore floating production consultancy since 2001, and adding subsea expertise to its offering in 2011, Crondall Energy has built itself a sound reputation in oil and gas markets both at home in the UK and around the world.

The past five years, however, have presented a series of challenges which have impacted the long-term viability of its business model, one which until 2020 entirely relied upon the O&G sector to generate revenue. The mid-decade oil price crash, coupled with accelerating momentum being gathered in the world of energy transition, highlighted the need to diversify into new lines of business and evolve its offering to both attract new clients and support existing customers also making lateral strides. Meanwhile, the COVID-19 pandemic created practical hurdles that would have to be overcome in order to continue offering consistency of service to clients.

The solution Crondall Energy’s approach to the challenges of recent years can be categorised into two broad strands.

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The first has focussed internally, chiefly around building a thriving culture and team. Here, the company is already fortunate in that its employees enjoy the problem-solving nature and breadth of interesting projects it undertakes – a facet which has strengthened now it is taking on more work outside of its core oil and gas scope.

During the pandemic, Crondall Energy’s leadership adopted as flexible an approach as possible to accommodate the needs of their colleagues, allowing staff to work from either home or anywhere of their choosing – whatever worked best for them.

Its small team functions well remotely, with the natural approach of company owners and senior leaders helping to create a culture that sees people connected and not divided by corporate politics. Crucially, Crondall Energy has strengthened its emphasis on unity by reorganising its two divisions (subsea and consulting) into one coherent unit.

Alongside this, the firm is pursuing ways to apply its subsea knowledge beyond its traditional oil and gas scope.

Commitments to net zero strategies and energy transition targets have opened up new opportunities, the company initially focussing on the carbon capture, utilisation and storage (CCUS) space.

Crondall Energy has also targeted securing work through tenders from the UK government’s Department for Business, Energy and Industrial Strategy (BEIS), a body with a hugely important role to play in the country’s delivery of net zero strategies. Here, the company secured involvement on a CCUS project in partnership with WSP and GeoEnergy Durham, for which it is serving as an expert subsea and offshore partner.

In January 2022, the company also began work on an

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18-month study in collaboration with the University of Southampton which is looking into a specialised buoy system for low and unmanned floating platforms. The company has been developing the technology for the past five years and, should the testing prove successful, it could carry significant implications for the establishment of offshore operations in the future.

This project, which is being funded by BEIS to the tune of £240,000, coincides with a move into the University of Southampton Science Park, an initiative which places the company at the heart of an innovation hub in the south of England.

In addition, Crondall Energy has been awarded £150,000 Phase 1 funding under the BEIS Longer Duration Energy Storage Demonstration Programme (Stream 2) to develop energy storage technology in conjunction with Durham University. Energy storage and carbon capture are recognised as key transitional technologies that are required to facilitate a smooth transition to net zero.

It is exciting activities such as this which is helping Crondall Energy to diversify its revenue base and build long-term viability for the future. In just two years since 2019, the firm has transitioned from deriving 100% of revenue from oil and gas endeavours to just 60% in 2021, with 20% attached to renewables and another 20% from CCUS. If this pattern continues, Crondall Energy looks set to thrive in a diverse set of energy sector verticals for many years to come.

About Crondall Energy Crondall Energy is a leading independent provider of commercial, strategic and technical consulting services for oil and gas projects using floating production and subsea technologies. The company works with a range of project stakeholders, including oil and gas companies, investors and law firms. Founded in Crondall Energy, Hampshire, in 2001, the company today is present in London, Winchester, Aberdeen and Newcastle, in addition to international offices in Houston, Singapore and Stavanger.

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Story type #energytransition (main category) #diversification Benefits • £1.4m of new revenues from CCUS in 2021 Key findings For industry • Invest is needed to recruit and retain.

For government • The energy business is a complex one and it needs more visibility and awareness by taxpayers.

Government support?

The company has been awarded a contract by the Department for Business, Energy & Industrial Strategy (BEIS).

Crondall Energy at a glance: Key products and services: Floating production and subsea engineering consultancy Main industries served: • Oil & gas – 60% • CCUS – 20% • Floating offshore wind – 10% • Energy storage – 5% • Emissions tracking – 5% Headquarters: Aberdeen, UK Year established: 2011 Number of employees: 40 Revenue: £7m Revenue from exports: 33%

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Crowcon

Unlocking a first-mover advantage with hydrogen gas safety sensor innovation How is Crowcon thriving?

The solution

Crowcon has successfully demonstrated first mover advantage in the past two years. Targeting ambitious double-digit growth, the firm actively sought out promising hydrogen gas safety sensor innovations, identifying the potential of molecular property spectrometer technology.

Through a unique partnership with Nevada Nano, the firm has transitioned at speed to position this innovation at the forefront of its offering, a move which stands to benefit the organisation for many years to come.

To expand as required, a three-pronged strategy was launched focusing on sensor innovation, improving its digital solutions, and driving towards localisation in key markets.

The challenge

In the case of the first of these three buckets, significant potential was identified. While Crowcon does not manufacture sensors directly, it saw an opportunity to partner with leading-edge sensor producers and take an active position as a first mover in the deployment of sensors in hydrogen projects.

As a provider of gas safety detection equipment and air quality systems, Crowcon has developed an esteemed reputation among its clients, renowned for its expertise in detecting a broad range of hazards with long-lasting, high-quality products.

Namely, Crowcon took the decision to partner with Nevada Nano in 2020 and invest in molecular property spectrometer (MPS) technology – a next generation flammable gas detection sensor solution identified as the perfect sensor for gas detection for hydrogen.

By the beginning of 2020, the firm had cultivated a substantial footprint in the energy sector, with one third of its revenues derived from market-driven solutions. Further, it had been gathering significant momentum, continually breaking growth records year after year. Yet despite the positives, it was clear that more needed to be done to not only consolidate but grow this position.

Crowcon was looking to showcase a significant point of differentiation in what was a slow-moving, crowded market, particularly as a smaller firm facing up to larger competitors.

MPS shows promise in several ways. Owing to the way they’re manufactured, the sensors do not need calibration during operation where other sensors often required this on an annual basis at a minimum. This is important where sensors are at risk of being ‘poisoned’ due to the properties of hydrogen. Further, the sensors can provide critical insight into the true lower explosive limit of hydrogen – the point at which the gas has built to a level that it could ignite, triggering shutdown and evaluation. Within a blended gas scenario, MSP offers such insights into the cumulative risk of both methane and hydrogen accurately – something that is unique in the market, offering improved risk assessment, safety and a lower cost of operation.

With bold ambitions of reaching double-digit growth, improving market share, enhancing revenue, and improving its unique selling points, something needed to change.

What’s more, its MPS detectors come in fixed (Gasman and T4x) and portable (Xgard Bright) varieties, both capable of accurately identifying over 15 different flammable gases.

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Within the partnership, Nevada Nano develops and manufactures the sensors, Crowcon then integrating it into its products which are offered to various markets to meet varying requirements.

Here, Crowcon’s position as a smaller market player pays dividends. A company capable of operating in an agile manner, the firm has been able to move quickly in investing into a highly promising technology, identifying and pursuing cutting-edge market innovation at speed.

All resources were redirected to the project as it was made the sole priority for all development, test and validation teams. Further, new colleagues were onboarded, including a new marketing director overseeing an expanded marketing team.

Of course, there have been challenges, the firm having faced supply chain crunch issues, having to re-engineer products to account for shortages of materials and components while ensuring key products remained available at suitable lead-times. Yet through its ability and agility to move faster than its larger competitors, Crowcon has been able to successfully change direction at speed and grasp the new opportunities presented to it.

In recent times, the firm has been successful in working with a Malaysian offshore supply company, helping the client to save costs while adhering to very strict offshore safety compliance requirements. Further, an award winning, fastgrowing engineering company called upon Crowcon for gas detection solutions to implement within its latest large-scale hydrogen refuelling project, helping it to move closer to its goals of reducing carbon emissions and local air pollution.

Having first explored MSP in 2020, the firm is now anticipating MPS tenders to grow throughout 2022.

Such figures are in keeping with an impressive bigger picture. Having previously achieved revenues of £36 million in 2020, the firm is now on course to see this expand in 2022. Indeed, backed by savvy investments and proven agility, the future looks incredibly bright for this rapidly expanding enterprise.

About Crowcon Created in 1970, Crowcon Detection Instruments Ltd is part of the Halma family, a group dedicated to providing safety, health and environmental technologies to support organisations across multiple industries. Through a network of regional offices and authorised channel partners, the company is focused on gas detection by understanding current and future market requirements and responding accordingly, with a track record of growth that speaks for itself.

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Story type #energy transition (main category) #collaboration, #technology Benefits • Revenues to expand to £50 million in 2022.

• Revenues from MPS expected to grow to £1 million in 2022 Key findings For industry • Actively engage and listen to your clients, no lip service.

• Respect your business’ own pace.

For government • Overinvest in energy transition; it’s a chance for the UK to be in the forefront Government support?

The company has been supported by the UK Apprenticeship Levy programme.

Crowcon at a glance: Key products and services: production of gas safety detection equipment, portable and fixed, as well as air quality systems.

Main industries served: • Oil & gas – 28% • Process industries – 24% • Water – 20% • Renewables – 5% • Air quality – 5% • Others – 18% Headquarters: Didcot, UK Year established: 1970 Number of employees: 230 Revenue: £45m Revenue from exports: 62%

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deugro

Proactively improving customer care amid significant uncertainty How is deugro thriving?

Multi-modal freight forwarding and logistics services specialist deugro has been effective in enhancing its offering during a time of significant uncertainty, taking a proactive approach in listening and responding to the needs of its clients in the face of pandemic-induced difficulties. Through effective engagement with clients, significant investments into transformative digital capabilities and restructuring efforts designed to target new opportunities, the firm has simultaneously futureproofed and consolidated its reputation as a market leader.

The challenge Towards the end of 2019, deugro recognised that its customers’ requirements were changing. Owing to uncertainty in the oil and gas market, its client base was facing financial and contractual challenges stemming from cancelled projects and declining share prices.

Looking through a proactive lens, the firm recognised that relying on this traditional customer core would likely result in the stagnation of its own growth. Indeed, it concluded that its business models had to change to sustain profitability long term.

across multiple disciplines within the business – especially sales and business development. Meanwhile, customer engagement also became a major pain point with the firm’s client base in firefighting mode. deugro then recognised that it had to adapt.

The solution The first objective was to re-engage with customers in a meaningful way. To do so, the firm implemented various market reports which were relevant to the challenges faced by its client base. Customers were provided with both general and bespoke reports on how regions and modes of transport were affected by the pandemic, studies which they could use to help articulate to project owners the real financial impact that the supply chain crisis was having on project delivery. Here, IT tools and market indices were employed, helping to illustrate growing trends in the cost of shipping cargo and risks within the supply chain.

Once this dialogue had been improved with clients, the firm started to develop alternative contracting methods that could support its customers in mitigating the risk of major losses on live projects, as well as helping them avoid these same issues altogether on new contracts.

The COVID-19 pandemic and resulting supply chain crisis at the start of 2020 added fuel to this fire, presenting the harsh reality that projects contracted on a lump sum turnkey basis would return significant losses if project owners were not willing to grant change orders.

In parallel, the company also invested in several technologies aimed at digitally transforming operations internally. Here, a series of IT tools were adopted to dramatically reduce manual data input, reduce duplication and increase data accuracy, each helping to both improve productivity and profitability.

For deugro, the pandemic created major challenges regarding internal efficiency. Almost immediately it was taking three or four times longer to effectively manage projects operationally, leading to a lack of resources

Resultantly, deugro was able to successfully implement critical customer-facing information platforms, going the extra mile in meeting demands for the automated delivery of bespoke project information.

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Towards the end of 2020, the firm began to roll out VisioTrack – its highly customisable customer information portal built designed to help clients focus on the logistics, QHSES and financial information of a project.

Since its initial rollout, VisioTrack has evolved substantially, continuing to improve and adapt in line with both changing needs and customer feedback. Indeed, since April 2022, the system has incorporated a new function which provides customers with visibility into carbon emissions stemming from their project supply chain, as well as identifies areas for potential emissions reduction.

With its customers engaged and a series of new IT tools implemented successfully, attentions then turned to its internal sales strategy. Considering the shift in its existing customers’ models and the need to diverse into highgrowth industry verticals, deugro rebooted its Global Key Account Management strategy on top of introducing a Global Business Development function.

Here, industry specialists were recruited directly from those new sectors the firm was looking to target to accelerate expertise and insights and enhance focus on new opportunities, both in the firm’s existing verticals of interests and new ones including energy storage and data centre projects.

Indeed, deugro’s story is one of adaptation in response to changing customer demands, the business having demonstrated unwavering proactivity and flexibility in the face of challenging and changing circumstances.

Having re-routed focus in multiple ways to better serve the needs of its client base, the firm has not only enhanced relevancy in its offering but equally futureproofed at a time where others have struggled in the face of uncertainty.

About deugro The deugro group is comprised of four companies that offer far-reaching competence, experience and knowhow in their fields of business: deugro – project freight forwarding; dship – global ocean transportation; dteq – transport engineering solutions; dhaulage – specialised transportation of assets. The deugro group redefines the one-stop-shop concept for complex logistics services and unifies the dedication, synergies and competences of the whole group. It stands for entrepreneurial, dynamic, bestin-class service and has a solid reputation for our clientcentric and best minds approach.

The deugro group originates from deugro, the first company, founded in 1924 in Frankfurt am Main, Germany.

Today, it continues to be a family-owned enterprise with a strong financial foundation.

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Story type #digital (main category) #innovation Benefits • Client base remained supported throughout the COVID-19 crisis • Digitalisation process helped to increase productivity and profitability • New opportunities and markets being explored Key findings For industry • Have a close collaboration with stakeholders and your team to implement new strategies • Listen to your clients in order to anticipate customer demand For government • Let independent logistics services providers contribute to the UK’s infrastructure development Government support?

The company has been supported by the Furlough scheme. deugro at a glance: Key products and services: Multi-modal project freight forwarding and logistics services.

Main industries served: • Oil and gas – 50% • Renewables – 30% • Power – 10% • Others (mining, mobility and infrastructure, pulp & paper) – 10% Headquarters: Pfäffikon, Switzerland Year established: 1924 Number of employees: 1,400 Revenue: £809.4m Revenue from exports: 90%

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DNV

Driving and developing opportunities in the UK’s energy transition market How is DNV thriving?

DNV is, first and foremost, full of optimism when it comes to the UK market. While there is a lot to do in terms of laying the groundwork for energy transition, the company is aligning itself perfectly to play its part, diversifying its UK facing business by adopting a segment model that will see its formidable base of oil and gas expertise used to add value to numerous new categories, including storage and electric vehicles.

Indeed, the UK renewables division is enjoying sound year on year growth, driven by an uptick in energy transition related work that includes conceptual studies on the proposed Northern Horizons offshore windfarm in Scotland.

The challenge The UK represents an exciting challenge and opportunity for DNV. The company, which has 12,000 employees spread across 100 countries worldwide, is displaying its confidence in the UK&I market with continued investment of resources into the country, not least in renewables – a category which now has 80 dedicated employees under the leadership of Francesco Vanni.

Indeed, for DNV and Vanni, the size of the opportunity ahead is huge. The UK needs 50GW of offshore wind by 2030. To hit this target, a constant stream of innovation is needed across critical areas such as turbines, ports, cranes, vessels, grid connectivity and more. For DNV, the key question is how it can position itself to drive innovation in some of these areas and help the UK along its energy transition journey.

The solution Interestingly, the company was already in the process

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of a restructuring to coincidentally align itself with the emerging dynamics of the UK market. In 2021, DNV globally brought oil and gas together with renewables into a single entity, bringing different processes, systems, cultures and competitive drivers under the same roof. The aim was to crosspollinate expertise and give colleagues from the oil and gas line of business the chance to apply their knowhow in the new technical domain of offshore wind and other alternative energy sources.

In the UK, the diversification into energy transition projects began in 2017/18 through the creation of a Storage segment within the business, which sits within Vanni’s department. It exemplifies DNV’s wider commitment to sharing knowledge and pioneering new ideas, the company is committed to investing 5% of revenue on R&D every year and dedicating an entire innovation and digitalisation division to the process.

The firm is determined to break down a common perception, bringing together what were two disparate teams, oil and gas and renewables, and creating service lines that will satisfy the needs of an entire energy ecosystem.

DNV’s role in developing the concept for the Northern Horizons windfarm off the coast of Scotland is a case in point.

It is an enormous project, one which aims to deliver 10GW of renewable energy in the North Sea and transform the UK into a clean energy exporter. Aker Horizons, in collaboration with DNV, are now embarking on a consultation project with governments and businesses to mature the project toward a future investment decision.

This follows the production of a conceptual study on how to produce green hydrogen through floating electrolysers

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(powered by the offshore windfarm), before transporting the fuel to the mainland for processing. The study required a wide range of DNV expertise originating from both oil and gas and renewables, a combined effort which would not have been possible had the two lines of business still been separated. It uncovered some advantages of using floating infrastructure, not least in the areas of cost and scalability versus alternatives that require foundations being fixed to the seabed. One of the main viability challenges identified relates to Scotland’s onshore grid infrastructure and capacity, which would also need to be upgraded to accommodate the additional power produced.

DNV’s work on this project has highlighted a profitable business opportunity that has the potential to contribute greatly to the UK’s net zero targets. Further, it underlines the confidence the company has in the market moving forwards.

Indeed, 2021 saw DNV’s UK renewables division take £15 million in revenue, with 20% deriving from energy transition projects that required overlapping expertise from oil and gas, battery storage and other areas. This represents a solid increase on 2020 which saw a turnover of £13.5 million, 10% of which came from energy transition work.

Without question, as the UK continues to move towards it net zero and energy transition ambitions, the value DNV can add through its multifaceted knowledge base is clear for all to see.

About DNV Present in more than 100 countries with experience dating back to the 19th century, DNV has grown to become one of the world’s leading quality assurance and risk management players. The company provides classification, technical assurance, software and independent export advisory services primarily to the maritime, oil & gas, power and renewables industries. Focus areas also include digitalisation, ocean space, cities and ports, and life sciences.

A company that invests 5% of its revenue in R&D, DNV is engaged in several industry projects (JIPs) in collaboration with customers with a view to develop solutions, standards and practices that help solve industry challenges.

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Story type #solutions (main category) #diversification, #energy transition Benefits • Identification of major business opportunity • Energy transition projects representing 20% of the company’s 2021 revenue Key findings For industry • Check the next 30 years projections to see where you fit in the future • Your company, department, staff need to have a history to attract and retain key people For government • Do not leave the industry to sort itself out during transition • Create appetite for investors to put money in developing countries Government support?

The company receives R&D tax credits.

DNV at a glance: Key products and services: Global assurance, risk management, and technical advice and services.

Main industries served: • Maritime – 35% • Energy systems – 37% • Certification – 18% • Digital solutions – 5% • Others – 5% Headquarters: Oslo, Norway Year established: 1864 Number of employees: 12,000 Revenue: £1.7bn Revenue from exports: 25%

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Eastman

Finding the wow-factor in Fluid Genius™ How is Eastman thriving?

The solution

Embarking on a four-year journey focused on developing a new wow-factor for clients, Eastman is now delivering a best-in-class customer experience through its new Fluid Genius platform. Moving away from a previously painful manual sampling process, the firm’s bold ambitions have offered a new lease of life, underpinned by the creation of the first comprehensive digital platform for heat transfer systems that enables plant engineers to monitor issues that could impact unplanned shutdowns, safety, yield, and maintenance budgets.

Kicking off four years ago, Eastman set out by ensuring that no stone would be left unturned. From operational streamlining and technological innovation to commercial excellence, and data and decision making, potential improvement areas were scrutinised at length under the broad umbrella of multi-faceted optimisation.

The challenge A global manufacturer and marketer of advanced chemicals, materials and specialty additives, Eastman offers various service packages to support its customers.

A core part of its offering focuses on maximising the life of its customers’ heat transfer fluids, doing so by conducting a sampling process to measure system performance and identify areas for improvement.

For years, this was a manual undertaking that had slowly yet surely come to face stiff competition from fellow industry innovators. Not only was the manual process inefficient and laborious, but it was equally reactive and full of room for error. While the firm was delivering on its promise of providing clients with free heat transfer fluid analysis, clients rarely knew how to interpret the data.

Come 2018, Eastman reached a critical juncture. Urgent change was needed, the firm embarked on a transformation strategy that sought to consult clients directly, uncover their pain points, and pave a new roadmap for delivering a best-in-class customer experience.

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The initial phases involved remodelling the company’s traditional paper sample analysis reports with a new multicoloured version, this quickly being gratefully received by clients and distributors, making it significantly easier to look at recent sample analyses.

However, this was just the first step. In parallel, Eastman looked at how it could further enhance the use of heat transfer fluids, creating a 10-metre-long process map to outline each of the key pain points of the customer that could be eased.

To address this critical issue, Eastman set about creating a digitised platform that would simultaneously address this primary issue for clients while also providing ample opportunity for value-add initiatives, from predictive maintenance to automated sample kit ordering.

The process was littered with challenges. A chemical company through and through, the project proved to be a steep learning curve with Eastman learning to design the digital technology that was largely completed in-house.

Within one year, the Fluid Genius tool was developed, and eventually launched in May 2021.

Built to be both easy to use and intuitive as well as scalable to ensure future improvements, it has been transformational in enabling the company to solve the

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key issues associated with its previously painful manual sampling process and optimise it with predictive analysis.

For clients, the benefits are numerable. In day-to-day plant operations and maintenance planning, there are many details to ensure each asset is operating effectively. And heat transfer system is just one component of the many process operations that enable a plant to run smoothly, but it cannot go unattended. A poorly performing heat transfer fluid system can impact the quality and quantity of yield production, increase energy costs, and – when unattended for too long – result in costly unplanned shutdowns.

Fluid Genius has enabled the simplification of heat transfer fluid system management thanks to insightful analysis that highlights key data in a simple manner.

Customers are now empowered to review visualised trends and use these for predictive maintenance decisions, with the in-platform algorithm also offering key recommendations. Remaining fluid life has also been optimised, avoiding premature shutdowns of chemical plants due to knowledge gaps.

Meanwhile, for Eastman itself, from client management to reduced data interruptions and improved maintenance resistance, there have been various positives. Additionally, the firm’s ability to provide better fluid maintenance awareness has also ensured customers are taking action earlier in order to avoid unscheduled failures, propelling proactive customer action, and increasing earlier orders from Eastman.

To date, the Fluid Genius has been adopted by more than 1,000 users globally, Eastman having unlocked a true competitive advantage. With the technology now patent pending and a dedicated team of specialists to develop the system, it is clear to see how the firm will excel with its new offering as it continues to unlock both internal and client-centric benefits in the future.

About Eastman Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products.

Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company’s innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end-markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,000 people around the world and serves customers in more than 100 countries.

2022

Story type #innovation (main category) #digital, #optimization Benefits • Eastman’s reputation with clients significantly enhanced • Fluid Genius unlocked a great advantage in the market for the company Key findings For industry • Test your offerings with real customers • Seek innovation to keep ahead of a volatile marketplace For government • Offer subsidies and incentives to compensate the current raise in general costs Government support?

In addition to government grants, the company has received R&D tax credits.

Eastman at a glance: Key products and services: Global manufacturer and marketer of advanced chemicals, materials and specialty additives.

Main industries served: • Oil & gas – 5% • Others – 95% Headquarters: Kingsport, USA Year established: 1920 Number of employees: 14,000 Revenue: £8.3m Revenue from exports: 3%

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ECITB

‘Train to Retain’ helps industry to avoid pandemic losses How is ECITB thriving?

In the midst of a pandemic crisis that threatened to drain a huge amount of skills from the engineering construction sector, the ECITB had to respond quickly and effectively in order to save jobs and give workers the skills required to thrive. Thanks to its Train to Retain initiative, more than 500 apprentices, graduates and training have been supported across 170 companies, continuing their training throughout the lockdown period.

The challenge As the employer-led skills body responsible for upskilling and training the engineering construction workforce in the UK, the ECITB has encountered huge disruption over the past two years.

The chief cause has been the coronavirus pandemic, which almost overnight brought the UK economy to a halt and saw industrial sites close in light of restrictions.

That included Hinkley Point C, which haved the number of people on site, as well as countless other projects where contractors had to reign in expenditure to keep within tightening margins. And with oil prices collapsing as a result of a drop in demand, those margins were being squeezed even harder.

It was clear that the engineering construction industry, in order to safeguard its future, had to rethink its approach to skills and find ways to retain its workforce. The last thing the sector could afford was a mass exodus of people, meaning that the ECITB had to respond as a matter of urgency.

The solution Shortly after the pandemic struck in March 2020, the

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organisation carried out an urgent analysis of the situation, discussing and road testing with stakeholders a range of ideas. After this and several in-depth board discussions, several critical focus areas emerged.

The first priority, it was agreed, was to retain and safeguard early-career graduates and apprentices to avoid them leaving the sector. Regarding apprentices, the sector suffered from a 50% reduction in uptake across 2020, a trend which ECITB identified early and rapidly needed countering.

The second priority focused on how the ECITB could support the training requirements of the workforce in regard to remote working. How could they be taught the skills to execute their roles effectively without access to physical training facilities?

After careful and considered planning, a solution in the form of Train to Retain (T2R) was born.

The programme supported the training and development activities of over 500 new entrants to engineering construction, with the ECITB investing nearly £4.6 million across 170 companies to support more than 35,000 days of learning during the pandemic, an average of 70 days of support per learner. The major aim of T2R was to ensure that key people were not just retained, but also trained in new skills fit for a flexible workforce.

Such has been the impact of the scheme, Train to Retain has spared the industry and economy losses of £6.5 million according to a new independent report by the Centre for Economics and Business Research (CEBR), marking a significant return on investment.

The CEBR also found that 98% of potential redundancies were avoided as a result of T2R funding, with 53 learners directly

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spared redundancy and hundreds more apprentices, trainees and graduates able to stay in post during the pandemic.

There were some bumps along the way. For instance, in the initial phase the eligibility criteria was too tight, leading to low uptake, which prompted ECITB to reassess and reissue the scheme – a move that paid huge dividends.

Another challenge was raising awareness, especially among SMEs which could not be reached due to travel restrictions and were difficult to pin down on the phone due to being occupied with managing the COVID-19 crisis.

However, with 170 firms receiving support, it is fair to evaluate that the programme has been wide reaching and extremely well received. A survey of companies that participated felt overwhelmingly positive about their experience, with a 95% satisfaction rating for the scheme and the majority of learners saying T2R has augmented their current and future career prospects.

Recipient companies also responded positively. For example, Wood Group UK, headquartered in Aberdeen and a large recruiter of apprentices, trainees and graduates, praised T2R as “great initiative” and reported that the scheme provided a vital source of funding that supported “a variety of development activities across a large number of learners”.

Kent Energies, meanwhile, said that T2R made a significant contribution to its capacity to retain apprentices through the pandemic period, helping to shield the business from potentially damaging revenue losses in the process.

Faced with a rapidly developing crisis, ECITB has stepped up to the mark and helped to mitigate what could have been a devastating skills drain from the engineering construction sector.

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About ECITB

The Engineering Construction Industry Training Board (ECITB) is the employer-led skills, standards and qualifications body for the development of the engineering construction workforce of Great Britain. An arms-length body of the UK Government, the ECITB reports to the Department for Education.

Along with the education sector, government and employers, the organisation works to ensure the UK has workers with the skills to meet the needs of the engineering construction industry. The ECITB designs and awards a wide range of qualifications, covering craft, technical and managerial disciplines. The organisation is also responsible for developing and maintaining National Occupational Standards for the industry, which form the basis of its Training Standards, Vocational Qualifications, Technical Tests and Licensed Programmes, delivered by an approved network of training providers.

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Story type #innovation (main category) #serviceandsolutions, #resilience Benefits • Train to Retain enabled £6.5m in verified value for the industry • High ratings from employers regarding service from ECITB account managers Key findings For industry • Empower and trust people, which leads to loyalty and pride Government support?

ECITB is able to raise levy on the industry, based on proven need, every three years.

ECITB at a glance: Key products and services: skills, standards and qualifications body for the development of the UK engineering construction workforce Main industries served: • Oil & gas – 38% • Nuclear – 36% • Renewables – 10% • Water – 8% • Food – 8% Headquarters: Hemel Hempstead, UK Year established: 1964 Number of employees: 79 Revenue: £30.8m Revenue from exports: 1.6%

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Edward Gunn

From recruitment frustration to filling a gap in the market How is Edward Gunn thriving?

Following years of frustration with the process of recruiting for highly skilled sales and marketing positions, Alex Cardnell and Richard Garrod decided to take the plunge and form their own operation. Rather than rely on head-hunters, the company conducts candidate selection processes via a panel of industry and disciplionespecific experts. Today, it is armed with a string of client testimonies and is in the luxurious position of having to navigate through a journey of rapid growth.

The challenge Having built marketing and sales teams for 15 years, Alex Cardnell and Richard Garrod were well-versed in the struggles of finding recruiters with a genuine understanding of the expertise needed to continue adding value to an organisation. This was resulting in a dearth of candidates with the skills needed to even make it beyond the CV stage to interview, and so the duo started to look for examples where candidate selection was done well. Having identified the medical and chartered surveying sectors as promising templates that adopted a panel-based selection process, they set about changing the way recruitment was handled in their line of work for the better.

The more Cardnell and Garrod looked into it, the more they realised an opportunity to plug a huge gap in many industries where senior leaders held the same frustrations.

With the proof of concept realised, they decided to start their own business.

potentially rewarding backdrop with prospective clients taking the opportunity to rethink all manner of business processes, including hiring. Step one involved partnering with a market research firm to investigate executive networks and see if any other players were using a panel selection. Six weeks later, Cardnell and Garrod were informed that nobody was offering such an approach, meaning they had an enormous opportunity to gain first mover advantage in multiple disciplines and geographies.

Armed with this insight, Edward Gunn began trading in the second half of 2020, initially focusing on its habitual markets of media and marketing. In September 2021, Edward Gunn established an operation in Houston, Texas, in order to better serve the energy market. Supported by a panel with more than 180 years of experience within the sector, Edward Gunn’s team is now one of the most experienced within the talent-sourcing market available to energy firms both in North America and around the world.

This volume of experience positioned the company very well in assisting clients dealing with both energy transition and different staffing requirements related to it. Testament to the volume of experience Edward Gunn brings to the energy market, Chris Cottam (President North America) was appointed to the EIC Central and North America Advisory Board in late 2021.

The solution

The panel approach made an immediate impact. Rather than rely on head-hunters who often don’t have discipline, sector or geographic experience, the panel is made up of experts who peer review candidates to help focus selection processes. Such experts can span across several important metrics, including sector, discipline, organisation type and market territory.

The duo went full throttle into the new venture in the start of 2020. The pandemic provided a risky but also

One of the firm’s first clients sparked a lightbulb moment when they asked about replicating the process to find sales

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candidates for their finance department. From this point on, it became clear that the panel selection concept disrupted all sectors and disciplines and could arguably be more impactful in areas away from the original sales and marketing focus.

Knowing that the panel and its knowledge were the key to the success of Edward Gunn, the founders set about diversifying the expertise of its panels into other sectors.

Rapid growth followed, with the company overcoming obstacles such as being pigeon-holed as a regular recruitment agency and accessing decision makers in the same position that inspired Cardnell and Garrod to establish their business.

This includes the fintech space, which the company entered in February 2021 when it was contracted to fill a marketing position for an international client based in London. The CEO was unanimous in their feedback: “We had not used panel selection prior to instructing Edward Gunn. Having seen how powerful the sector and discipline experience is, in evaluating candidates, we will look to adopt it in all of our senior recruitment needs from now on.” Such was the success of the panel selection process here, Edward Gunn has placed seven people with the company, with fintech now representing its fastest growing sector.

Across the board, the numbers continue to trend upwards.

The company enjoys a 70% repeat business rate, and has grown its client base by 68% in the space of 12 months since the beginning of 2021 – this translates into a 120% growth in the number of roles being pursued.

Meanwhile, its panel expertise comprises 21 fixed contracted panellists on top of a selection of freelance options, with combined internal leadership experience growing from 80 years on day one in July 2020 to 542 years today. For Edward Gunn, the biggest challenge ahead will be resourcing in a period of rapid growth – a problem that Cardnell and Garrod would surely have accepted when they started exploring the concept two short years ago.

About Edward Gunn Edward Gunn is an empathy-first business partner which strives to ‘do the right thing’ in everything they do. The company’s hiring panel, with leadership experience spanning more than 500 years and 45 countries, is uniquely placed to research, evaluate and select the best talent for senior and strategic appointments.

The company fully understands the hiring rationale of its clients and gains an appreciation of the niche hiring needs of every business. The company places client stability and growth at the forefront of the selection process, taking the time to ensure that both the candidate and client are a perfectly aligned in their working lives.

2022

Story type #innovation (main category) #scaleup Benefits • Five new clients over the last six months • 70% repeat business rate Key findings For industry • Short-term hiring behaviour is detrimental to the industry. Companies must address reskilling strategy and strategic workforce planning.

For government • Adopt a clear energy transition policy Government support?

The company has not received any type of government support.

Edward Gunn at a glance: Key products and services: panel selection and talent evaluation firm Main industries served: • Financial services – 30% • Technology – 20% • Media and marketing – 20% • Oil and gas – 20% • Renewables – 10% Headquarters: London, UK Year established: 2020 Number of employees: 21 Revenue: N/A Revenue from exports: 40%

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EthosEnergy

Adopting a localised, ‘OneEthos’ approach to put the customer first How is EthosEnergy thriving?

The solution

EthosEnergy, once comprised of 12 disparate business units, has undergone a huge transformation into a more unified company now split across two regional divisions.

With a newly streamlined, focused operating model, the organization is better able to cater to its customers’ needs and help them navigate key industry trends and challenges, especially in regard to energy transition, reducing risk and reducing operating costs against a tough economic backdrop. Such an approach is already paying dividends, with record financial performance being recorded in the past two years.

Early 2020 marked a key turning point. A change in executive leadership brought a change in thinking along with new ideas and behaviours to drive a root and branch transformation.

The challenge With 4,000 employees spread around the world operating across 12divisions, EthosEnergy (a JV between Wood and Siemens formed eight years ago) was morphing into an organisation that was becoming difficult to maintain a bestin-class approach to serving the needs of its customers.

By 2020, both EthosEnergy and its client base were faced with a cocktail of challenges. Changing buyer behaviours, challenging market conditions and supply chain crunches, a landscape evolving towards energy transition, and pressures to run assests cost-effectively while meeting emissions targets... these were just some of the issues being discussed and deliberated on a daily basis.

The onset of the COVID-19 pandemic also caused disruption and exposed an urgent need to digitize and streamline operations. Meanwhile, EthosEnergy leadership were concerned that clients were not fully aware of its capacity to help them navigate an increasingly complex landscape. A new approach was needed, one which placed the customer at its core.

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One of the first priorities was to build closer, trusted relationships with customers to enable the delivery of better support through the complexity of today’s business and future transition. EthosEnergy’s customers were facing a challenging future, and wanted a partner with the vision to tailor solutions in order to reduce risk and operating overheads. Customers also sought a partner that can help make energy affordable and sustainable while supporting their business through operational complexity and transition.

These insights have informed the OneEthos cultural evolution that kickstarted in July 2020. To better serve customers with a broader range of solutions to fit bespoke needs, the company streamlined its structure from 12divisions to two regional operations covering the eastern and western hemispheres, each with autonomy for sales, execution, project management and field service.

The 12business units now operate as expertise-driven centres of excellence, responsible for cost efficiency and the supply of parts and services to their respective regions.

Meanwhile, new behaviours and values were ingrained, and its brand repositioned to focus on energy transition trends and challenges. Indeed, its commitment to sustainable business has been underpinned by the launch of a new ESG programme.

However, the strategy is already starting to yield some

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important dividends. Customers are already being served by an EthosEnergy which is closer to them and able to act more flexibly, made possible by a balance of local presence and scalable structure.

The company can also celebrate success in other important areas. For instance, significant efforts have been made within diversity and inclusion with global leadership having 30% female representation, a remarkable increase versus the previous year, its people centric culture has been recognised with an EIC Culture of the Year award, while CEO Ana Amicarella received a personal award for Executive of the Year.

Indeed, there is no coincidence in the fact that the company has enjoyed a strong financial performance over the past two years. In 2020 it recorded its best ever profit since inception as a JV, while last year saw record revenues generated, taking it back to 2018 levels and recovering all of the effects of the pandemic slowdown.

Individual market successes are helping to build on these financials. For example, in Israel the company has embarked on a 15-year contact to service multiple equipment types across several different designs including steam turbines, gas turbines and generators at a power plant operated by two large energy companies. A key feature of the project is the establishment of a strategic parts inventory for the client, allowing for short lead time and ensuring that downtime at the plant is kept to a minimum. As a result of this long-term service agreement, the firm now has the platform from which to increase its local market presence.

Now thriving under a localised model and an offering that is compelling and relevant to customers, EthosEnergy has begun what is sure to be an exciting and fulfilling next chapter of its development.

About EthosEnergy EthosEnergy is a global leading independent service provider of rotating equipment services and solutions to the power, oil & gas, industrial, and aerospace markets. The company has depth and experience in asset management and long-term maintenance agreements, whilst offering transactional, factory-based parts and repair services across all industry sectors. Its services include power plant engineering, procurement and construction; plant start-up; facility operations and maintenance; design, manufacture and application of engineered components, upgrades and re-rates; repair, overhaul and optimisation of gas and steam turbines, generators, pumps, compressors and other high-speed rotating equipment. In 2019, KTREthosEnergy was awarded a Certificate of Recognition by North Caspian Operating Company (NCOC) for valuable HSSE contributions, high quality work and timely delivery.

2022

Story type #transformation (main category) #optimisation Benefits • Overhead costs reduced by 25% between 2019–21 • Best financial results since the inception of the JV Key findings For industry • Energy transition is a too important topic to be left to political debate. Take action now.

For government • Provide more funding to new technologies and energy transition solutions.

Government support?

The company has not received any type of government support.

EthosEnergy at a glance: Key products and services: Independent service provider of rotating equipment, providing services and solutions to power, oil & gas and industrial markets Main industries served: • Conventional power – 50% • Oil and gas – 25% • Industrial – 25% Headquarters: Aberdeen, UK Year established: 2014 Number of employees: 4,000 Revenue: N/A Revenue from exports: 85%

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EXS Synergy

Going digital to differentiate in a crowded marketplace How is EXS Synergy thriving?

As a highly specialised company competing against large corporates with bountiful workforces, EXS knew it had to find a way to differentiate itself to survive. As well as diversifying to remove some of the reliance on the explosion protection (Ex) wing of the business, the company has developed an app-based offering to help clients reduce paperwork and admin burdens. With the app in the midst of its development in 2020, a new client with demands for a customised version came knocking – the resultant success of this project laying the foundations and providing a highly valuable case study for EXS to draw on in the future.

The challenge EXS launched at the right time. Founded in Malaysia in September 2014, it filled a gap in the market for explosion protection expertise and secured its first job a few months later, kickstarting a period of serene progress. Its adherence to IECEx, the only globally accepted scheme for inspection and maintenance services in hazardous areas, was initially a real point of difference.

However, by 2018 the firm was beginning to feel the effects of operating in an arena with little to no barriers to entry. In spite of NOC PETRONAS attempting to deploy some basic compliance standards, competitors were still entering the fray, prices were dropping and EXS was beginning to lose valuable market share.

One solution has been to explore and diversify its activity outside of explosion protection services. In 2020, a collaboration with Aggreko saw it develop a local business unit offering one-stop shop rental solutions for power and temperature control equipment. With presence worldwide, including depots in Singapore and Dubai, Aggreko did not

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have a base in Malaysia. EXS provided the market access, the unit now engaged in sales, marketing and integrated rental services involving install and commission, service and transport.

But its core line of business also had to be strengthened as well. Indeed, to continue being successful in the Ex space, EXS needed to offer a USP – something which would differentiate it from the large corporates able to undercut labour costs with their large workforces. The answer, it was determined, would lie in digitisation.

The solution Discussions around offering a digital Ex solution began internally in 2018. Having invested heavily in an external developer, the company decided to bring the development of an app in-house to better align with its expertise in the subject matter. The firm knew how it wanted the app to look and feel, and so hired five developers to tailor the solution accordingly.

The solution was launched in 2020, with EXS learning a few valuable lessons along the way. Most significant was finding a balance between speed and due process – here, it enlisted the help of a project management specialist to help it build an environment where its young team could move fast but also systematically.

Indeed, EXS’s development team now operates with a healthier balance between discipline and agility, the culture of freedom to explore ideas still very much going strong.

The resultant app, which draws on substantial amounts of in-house data gathered over several years, offers a mirror simulation of how inspectors perform jobs on site. The app mimics how inspectors think, allowing for the introduction

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of certain short cuts in the system to enable a faster process and substantial productivity enhancements, while ensuring compliance to standards, taking away the manpower advantage of competitors.

Before the app was fully developed, a new client from Thailand came calling. Here, PTTEP was seeking a customised version of the app to suit its own Ex needs, most notably in the area of risk-based inspection (RBI), which is ordinarily used on piping and mechanical structures. Here, the client also wanted to deploy the solution on electrical equipment, with EXS able to tailor the app to meet these requirements.

As well as enabling PTTEP to conduct inspections at longer time intervals, the digital element has also removed a huge amount of manual labour and cut inspection times in half. Typically, it would need 7,000 offshore man-days to inspect 200 platforms and wellheads, this being cut to 3,500 and saving PTTEP around $2 million a year.

Thanks to successes such as this, EXS has grown the proportion of its revenue which involves digital solutions from 5% in 2020 to 30% in 2021, with margins also improving by 15% thanks to enhanced efficiency. With an unrivalled digital capability that is building up a track record, EXS is far better placed to stand out from the crowd both at home and abroad.

About EXS Synergy EXS Synergy is a Malaysian company based in Kuala Lumpur and was established as an explosion protection (Ex) company in 2014, during the largest oil price decline in modern history.

Despite the challenges in business and operations then, EXS registered tremendous growth, becoming in 2017 the world’s first IECEx Certified Service Facility for Ex Inspection and Maintenance. Besides managing the explosion risks of numerous oil and gas facilities, the company also offers reliable power and industrial cooling solutions for sale and rent, employing digital solution as a core strategy throughout its business activities.

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Story type #innovation (main category) #digital, #culture, #export Benefits • Direct savings of up to 80% (8.75m MYR, £1.5m per year for PPTEP) • Inspection time reduced by 50%, with clients saving up to 75% of inspection cost • Decrease in unscheduled failures with RBI, contributing to more reliability Key findings For industry • Network is fundamental for a business to grow • Good talent is worth their weight in gold • Diverse teams open doors to more possibilities For government • Learn from history is necessary in order to prevent recurring mistakes Government support?

The company has received support from trade missions and benefitted from SME Corp. Malaysia’s High Impact Program (HIP) 5 for the expansion of the app.

EXS Synergy at a glance: Key products and services: Electrical and instrumentations (E&I) services, explosion protection, and integrated rental and digital solutions.

Main industries served: • Oil & Gas – 80% • Petrochemicals, refinery – 15% • Aviation – 5% Headquarters: Kuala Lumpur, Malaysia Year established: 2014 Number of employees: 35 Revenue: £1m Revenue from exports: 5%

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Firenor

Removing Risk by Focussing on Core Strengths How is Firenor thriving?

The solution

Having been acquired by its Swedish parent firm and rebranded in July 2020, the new leadership at Firenor quickly realised that the traditional business model in the UAE was broken. The contract structure for onshore EPC projects in the UAE made it nearly impossible to operate profitably, meaning a step change away from this type of work was needed to reduce risk and build a more secure future. Having exited EPC projects that have significant site construction scopes, the company is now concentrating on E&P, supporting installation, commissioning, and providing long term asset maintenance, maximising value from their key strengths as a high-end fire protection solutions provider.

Underpinning this strategic shift was a fact-finding mission that took place last year, an investigation which gathered enough data to highlight what the business needed to focus on to make the most of future opportunities.

The challenge Firenor, which was formally known as Consulium Middle East, has been on something of a rollercoaster journey over the past couple of years.

It was operating against an extremely challenging backdrop. In the UAE, onshore EPC projects (organised through FIDIC contracts) were suffering from a lack of sufficient financing as well as damaging delays, with the COVID-19 pandemic adding to these difficulties. Negative cashflow was stifling the business, which was only staying afloat in 2020 becasue of the strong financial position of its new parent company.

With the Firenor Norwegian Headquarters assuming control of the business, the decision was made to hire a new Regional Managing Director, Gavin Appleby, and provide new business support with the introduction of Iain Hill as the Global Business Development Director. Faced with a number of underlying issues to resolve, the decision was taken to pursue a new direction for 2022 and beyond.

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Indeed, this approach is typical of the Firenor Scandinavian success culture. Over the years, it has focused strongly on building an organisation that delivers to its customers using the PDCA (Plan Do Check Act) principles in all it does. This enables the company to set targets, create plans, execute these plans and measure the performance accordingly – if expectations are not met, Firenor can take action and adjust.

In the UAE, the investigation confirmed the need to move away from onshore EPC contracts involving third party scope execution, such as civil groundworks, and focus upon high-end engineered solutions, systems and associated products.

Traditionally, the EPC project supply model is to break up the provision of fire protection systems across different subgroups of packages such as deluge systems, foam systems, fire blankets, hydrants and more. However, Firenor is able to offer a ‘’platform-wide’’ protection solution and is promoting their capability to offer such a service to clients operating onshore facilities or offshore assets.

The proposition is a compelling one. By working with a single fire protection system provider, clients can save notable project costs, dealing with a single interface point of contact, reduce documentation and ensure consistency of a quality delivery across the breadth of the asset. The key objective for the Firenor management team is to

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position and promote themselves as that specialist, which can provide asset wide fire protection solutions.

With the new focus adopted, Firenor is instilling a form of a cultural transformation.

Firenor is seeking to ‘’kick start’’ the business and operate with an agile start-up mentality, led by a strong management team with formidable experience in many areas of the energy markets. The company is also looking to maximise its wide geographical reach, leveraging the expertise of its people from around the world in a new ‘’One Firenor’’ approach to business. Here, Firenor shall maximize the potential of its engineering expertise in Norway and China, but in a way that blends with client-facing local engineers in the Middle East – a dynamic that will significantly help to reduce the overall cost of engineering.

While the early signs are promising, Firenor is in a transitionary phase as it ‘’resets’’ the old business and kickstarts the new ‘’One Firenor””. Detailed plans and targets are in place for the Middle East and International target markets, with achievements being measured as monthly and quarterly segments in the sort of detail that shall enable the company to succeed as it has done in the past. Operating with a fresh impetus and purpose, there is no reason why that success cannot be replicated once again within Firenor.

About Firenor Firenor is a Norwegian based company with international presence, mitigating risks by delivering high end engineered fire safety systems since 2001. The company designs, engineers, and supplies fire safety solutions to international projects in the energy, oil and gas, and renewables sectors. Firenor customers are supplied with turnkey solutions, ranging from fire protection and safety systems to electrical and instrumentation systems, for conceptual design stage to on time delivery of pretested equipment. Firenor currently has operating hubs in Norway, Middle East, India, and China.

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Story type #transformation (main category) #culture Benefits • Successful cultural and restructuring process, laying the groundwork for new business opportunities Key findings For industry • Focus on facts and data, not assumptions – quality, not quantity in the market • Apply PDCA principles to all activities • Have a deep knowledge of your core business For government • Engage in actual planning and development of green energy projects • Establish an export finance package to support energy transition Government support?

The company has received export financing, R&D tax credits and grants by the Norwegian government.

Firenor at a glance: Key products and services: Provision of advanced fire suppression systems for safety critical industries and for greenfield, brownfield and aftersales services.

Main industries served: • Oil & gas – 90% • Renewables – 5% • Others (hospital, IT) – 5% Headquarters: Kristiansand, Norway Year established: 2001 Number of employees: 140 Revenue: £14.5m Revenue from exports: 10% (UAE division)

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HKA

Remaining at the forefront of power sector development How is HKA thriving?

As part of its strategy to provide a more holistic dispute service for energy sector clients, HKA is increasingly involving itself earlier in project lifecycles. Appreciative that this requires a highly bespoke and tailored approach, HKA worked closely with a key client in Malaysia in 2018, when a natural gas-fired power plant project commenced.

After encountering delays and disruption during its various phases, the plant has already been in successful operations since completion. HKA was at hand playing a key role in resolving these disputes in collaboration with the client.

The challenge As a firm renowned for resolving difficult disputes on complex construction and engineering projects, HKA broke away as a separate entity from Hill International in 2017 and has progressed since to be the world leading consultancy in risk mitigation and dispute resolution.

Today, a central part of its business objective is to operate reactively to dispute resolution, as a facilitator and a proactive dispute mitigation partner; a company that clients can turn to on complex projects, no matter where in the development cycle it is.

Following HKA’s successful service collaboration with a Malaysian stakeholder in a major first-of-a-kind IWPP in Saudi Arabia, HKA was invited to tender for a contract involving a natural gas-fired power plant in South Malaysia developed by Southern Power Generation (SPG). The $1.1 billion, 1.44 GW plant is equipped with advanced power technologies, including the world’s first GE 9HA.02 gas turbines. The project’s engineering, procurement and construction (EPC) contract was executed between a

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Taiwanese and American contractor consortium with SPG, with commercial operations having started in January 2021.

The challenge? To support SPG, in ensuring minimal disruption from claims and disputes as much as possible.

This was done through anticipating, investigating and resolving potential disputes, which can only be effectively achieved when working collaboratively with the client team.

The solution HKA was selected as a project partner to SPG in March 2018 to provide advisory expertise on the EPC contract.

HKA’s scope mirrored the various power projects it completed, both locally and abroad, where HKA facilitated the avoidance of claims and disputes by monitoring risk and providing real-time progress reviews and strategic advice to help mitigate delays and costs.

A bespoke, tailored approach was needed, one based on HKA’s formidable combination of in-house technical, risk, contractual and commercial competence. Extensive support was provided: regular reviews of the contractor’s programme updates, identification of any misreporting, analysis of possible delay events, assessment of variation and other cost claims for accuracy and robustness, and generally strategy advice in defending SPG’s position.

The first two years were relatively straightforward, except for technical issues which leveraged on HKA’s forensic team to resolve engineering disputes. In March 2020, the first significant delays to the EPC work were reported due to planning, workmanship and other defects. The simultaneous untimely onset of COVID-19 restrictions imposed by the Malaysian government exacerbated the

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situation. This prompted HKA to investigate a series of claims for costs as well as extension of time. Its analysis showed the claims presented were not entirely substantiated as a direct consequence of an excusable event, including force majeure. Indeed, with HKA’s assistance, several claims around commissioning defects, unreadiness for integration with grid, and significant loss of productivity not linked to COVID-19 management were rebutted.

With further claims made in 2021 eventually resolved amicably with HKA’s support, HKA continued to be critical in devising appropriate mitigation measures. The plant is operating profitably with SPG more than satisfied with the facilitating role HKA has played throughout.

The project’s success is all the more impressive given the element of risk involved. The plant’s use of cutting-edge technology, which is by no means widely adopted, meant there was little to no track record of implementation to predict how the process would play out. However, the fact that HKA was involved early certainly paid dividends in avoiding large disputes towards the end of the EPC contract, not least because of the unforeseen pandemic impact.

With over 1,000 professionals operating across 18 countries around the world, this is just one leading example of the company’s 45-plus years of experience helping to push the power sector forward.

About HKA HKA is the leading global consultancy in risk mitigation and dispute resolution, using its multi-disciplinary expertise to provide a comprehensive set of specialist services: Expert, Claims and Advisory services for the capital projects and infrastructure sector; Forensic Accounting and Commercial Damages services for all types of contracts, including commercial and investment treaty disputes; Cybersecurity & Privacy services and training to protect critical systems and data, and comply with legal and contractual standards; and Consulting services to support companies working on US Federal Government contracts.

HKA brings a proud record of excellent service and high achievement to bear on today’s challenges. As trusted independent consultants, experts and advisers, HKA helps clients manage disputes, risk and uncertainty on complex contracts and challenging projects across a wide range of industries.

The company works with government agencies, local authorities, contractors, legal firms and other professional service providers, as well as owners and operators, financial institutions and insurers.

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Story type #service & solutions (main category) #collaboration Benefits • Successful advisory project • Client avoided large disputes • Unpredictable risks from COVID-19 pandemic mitigated Key findings For industry • Leaders need to have a grasp of processes and not only be technical • Deliveries and presentations are a good way to go beyond expectations For government • Pay attention to environmental and social aspects of projects, not only its commerciality Government support?

The company has not received any type of government support.

HKA at a glance: Key products and services: Consulting, expert and advisory dispute services for the engineering and construction industry Main industries served: • Oil & gas – 7% • Renewables – 5% • Conventional power – 5% • Nuclear – 2% • Others – 81% Headquarters: Warrington, UK Year established: 2017 Number of employees: 1000+ Revenue: £191m Revenue from exports: N/A

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Howden

Repositioning as a key innovator in energy transition How is Howden thriving?

A world leader in air and gas handling technologies, Howden is accelerating the energy transition efforts of its client base across the energy sector. Underpinned by a clear vision centred on sustainability and impressive business acumen, the firm continues to secure repeat business among some of the sector’s biggest players in the world’s foremost energy transition projects, establishing itself as a go-to in the sphere of application engineering for hydrogen compression.

The challenge Originally founded in 1854, Howden has a strong heritage of innovation in the air and gas handling field, the company having reached numerous milestones throughout its long and illustrious history. The organisation is cemented in its values, recognising the role of its people and innovation in striving for excellence, all while delivering value to wider society.

Such is reflected in its shifting priorities. Given the growing climate crisis, Howden has recognised the need to support energy customers, as well as customers across all other industries Howden serves, in their move away from fossil fuels and reduction of CO2 footprint. Resultantly, the firm has recently established a reputation as an energy transition specialist, focused on enhancing its customers’ vital processes so that they may contribute to a more sustainable world.

This change has been relatively recent in the grand scheme of the enterprise’s 168-year history. Indeed, it became a clear strategic focus in 2020 when the firm became acquired by KPS Capital Partners and Ross Shuster was appointed as its new CEO.

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Its aims were simple: to reapply expertise and redeploy existing products and solutions to support its customers’ energy transition goals. Yet this shift in direction was by no means a walk in the park. To be effective in these ambitions, Howden needed to undergo widespread transformation. The right values and capabilities were there, but needed to be refocused.

The solution In 2020, Howden developed and defined a clear vision about what it wanted to achieve in the energy transition space. The firm began to reprioritise its actions to support those goals, identifying key markets and developing a view of target verticals segments. At the same time, the firm developed a clear view of robust processes with a core focus on execution to enable consistency in operations and delivery.

Such extensive change has culminated in a huge amount of work over the course of the past two and a half years.

Yet Howden’s profit has grown significantly in the last three years – indicators that its clear strategy is being executed effectively.

The firm’s success is equally reflected in several projects, a case in point being the work completed for HYBRIT – a consortium in Scandinavia and led by SSAB focused on producing steel without emitting CO2. Here, Howden provided a vital hydrogen compression solution for the world’s first pilot plant for fossil-free steel that will help reduce emissions from iron and steel production globally. The firm deployed its high-pressure diaphragm compression package to seamlessly integrate the storage cycle of the hydrogen production.

Similar successes can be seen in Howden’s delivery of

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its hydrogen compression solution to the world’s first e-methanol plant designed to harness energy from the wind, located in Chile. Working directly with both project lead Johnson Matthey and Siemens as the plant manufacturer, the company uses air-captured CO2 as a means of generating green hydrogen to produce methanol, which is then deployed as a zero-carbon fuel.

With this initial contract, the firm has subsequently secured a new contract in 2022. It will contribute to decarbonise the marine industry, with Maersk having recently decided to leverage e-methanol for its fleet.

Thirdly, Howden has also recently supported Shell’s Red II Green Project after it was tasked by the Dutch government to reduce its carbon footprint. To do so, it decided to focus on repurposing an existing plant to process vegetable oil, therefore producing biofuel instead of traditional hydrocarbon-based fuels, as a greener alternative to energy demand.

Again, Howden was mandated to provide hydrogen compression solutions. In doing so, it also worked closely with Shell to design units that are more sustainable, smarter, more efficient and of lower cost.

The project has resultantly delivered immense value. Not only has the repurposing saved Shell significant investment versus an ulterior project that would have to have been built from scratch, but it has also helped the company to accelerate its energy transition, progressing its carbon footprint reduction efforts more quickly to catch up to COP26 commitments.

About Howden Howden is a leading global provider of mission critical air and gas handling products. The company supports customers across a broad and diverse range of industries, enabling their vital processes to achieve environmental and operational compliance and efficiencies including decarbonisation of operations. Howden has over 160 years of heritage as a world-class application engineering and manufacturing company with a presence in 35 countries.

It manufactures highly engineered fans, compressors, rotary heat exchangers, steam turbines, other air and gas handling products, services and solutions.

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Story type #energy transition (main category) #innovation, #optimization, #resilience, #service & solutions, #sustainability, #technology Benefits • Supporting the energy transition and help reduce customers’ CO2 footprint • Revenues of approximately $1.6bn in 2021 Key findings For industry • Support the energy transition and decarbonisation targets of the industry to achieve net zero emission objectives • Be a life-long learner able to adapt to society needs • Have multi-generational plan for your products and services that go beyond financial cycles and immediate financial results For government • Embrace different energy scenarios in new and traditional sectors Government support?

The company has received support through the UK’s Apprenticeship Levy programme, financing for export (not UKEF), grants (including from the European Commission’s GreenSkills4H2 fund) and R&D tax credits.

Howden at a glance: Key products and services: air and gas handling products and technologies.

Main industries served: • Conventional power – 19% • Energy & Renewables – 26% • Others – 55% Headquarters: Renfrew, UK Year established: 1854 Number of employees: 6,400 Revenue: £1.3bn Revenue from exports: 85%

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Inductosense

A sensor-centric start-up focused on streamlined success How is Inductosense thriving?

Internal corrosion and erosion monitoring specialist Inductosense brings a unique start-up success story to the table. Having developed a streamlined, battery-free and maintenance-free wall thickness monitoring sensor for oil and gas operators, it has been successful in saving huge sums for its customers, breaking into the market with the reputation, backing and client satisfaction rates to suggest it’s a company that will be here for the long haul.

The challenge Launching a start-up is no simple undertaking, yet Inductosense immediately had all the makings of a sound enterprise upon its formation in 2015.

A spin-out from the Ultrasonics and Non-Destructive Testing Group at the University of Bristol in the UK, the firm quickly captured attention, becoming one of the first entities to secure funding through a new programme from Innovate UK aimed at bringing cutting-edge university ideas into the marketplace.

A team of ultrasonics experts with a unique concept of designing, developing and manufacturing repeatable, embeddable, wall thickness sensor technology for internal corrosion and erosion monitoring, the start-up immediately had two things that all new entities desire – credibility and financial backing.

However, promise on paper offers no guarantee of success. Faced with a volatile market impacted by the oil price crash of 2014-16 and the pandemic from 2020

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onwards, the company launched in the midst of extreme global adversity, having to navigate several challenging external factors in its inaugural years.

The solution In many ways, Inductosense looked to use this uncertain climate to its advantage, working tirelessly to ensure its offering was straightforward, streamlined and cost effective to attract attention in the market. With many oil and gas players under pressure to reduce spending wherever possible, Inductosense identified an opportunity.

The firm set about trying to understand customer problems in corrosion monitoring, quickly finding a consensus among sector players that solutions available at that time were either viewed as being too capital intensive or highly labour-intensive maintenance that produced inaccurate and unreliable data.

Inductosense reacted, positioning itself as the solution to these problems. By adopting a modular approach, the firm ensures that every sensor would be compatible and upgradeable, offering a variety of products to suit customers at various points in their digital journeys.

Having received feedback from the market that the risks are often too high with new technologies, Inductosense again worked to address pain points, offering its products via a subscription-based model to remove worries over warranty and obsolescence that had been breeding caution in customer adoption.

To be successful with its subscription-based model, the

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firm needed to ensure that its products were not only costeffective, but equally easy to maintain. Here, Co-founder and CTO Dr Cheng-Huan Zhong (nicknamed Bamboo) developed a robust battery-free solution capable of providing accurate and reliable measurements – a critical maintenance-free competitive advantage that many firms have come to enjoy.

Australian energy firm Santos stands as a prime example.

Having trialled three different NDT technologies on its CO2 absorber tower in 2021, the results proved to be favourable towards Inductosense’s solution. Not only was the corrosion rate reliably and accurately calculated, but Inductosense was also recognised as the cheapest of the three solutions and estimated to have double the lifespan given its lack of need for a battery.

Indeed, the company has faced several difficulties along the way, the pandemic having made it tricky to demo its system with clients. Yet in no uncertain terms, the venture can so far be considered as a resounding success.

Since securing the Innovate UK funding, the enterprise has also received a grant from the Net Zero Technology Centre (NZTC) to develop a large area coverage sensor.

Meanwhile, the firm’s product has taken the market by storm, now represented by over 10 partners and selling throughout 15 countries.

About Inductosense Inductosense is an ultrasonic sensor technology company made up of a dynamic team of industry specialists. The company designs, develops and manufactures in-house permanently installed, semi-automated internal corrosion and erosion monitoring systems for asset integrity.

Inductosense stemmed from an innovative idea called WAND: the solution was developed and patented back in 2014 at the Ultrasonics and Non-Destructive Testing Group in the University of Bristol. Since then, Inductosense has only grown, having had sensors deployed in volume across the globe.

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Story type #innovation (main category) #collaboration, #digital, #optimization, #technology Benefits • Award of grant from the Net Zero Technology Centre (NZTC) • Product validated by 8 major operators • Open doors for new markets and milestones, including first year of profit Key findings For industry • Listen to customer problems and invest in their support For government • Encourage big operators to approach new technologies Government support?

The company has received financial support from the UK’s Innovation Funding Service and NZTC. Inductosense at a glance: Key products and services: Design, development and manufacturing of sensor technology for internal corrosion and erosion monitoring.

Main industries served: • Oil & gas – 100% Headquarters: Bristol, UK Year established: 2015 Number of employees: 20 Revenue: £1m Revenue from exports: 50%

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Integrity ISS

Remaining resilient to overcome a near total halt to business How is Integrity ISS thriving?

Having only started trading in 2018, Integrity ISS’s relatively short journey hit the buffers when the COVID-19 pandemic struck in 2020. Having shown promising signs of growth in its first two years thanks to its one-stop shop Integrated Service offering, revenues almost entirely dried up due to UK offshore oil and gas activity being put on hold.

However, after holding discussions with its majority shareholder, a management buyout was enacted that allowed founding partners Stuart Charles Sinclair and Peter Fraser to execute their vision, one which has encapsulated an admirable amount of resilience in the face of adversity and enabled the firm to resume its growth journey. Indeed, 2021 marked a record year thanks to a string of contact renewals and wins.

The challenge Stuart and Peter have always wanted to be their own boss.

Having worked with large organizations in the past, the duo approached XL Group to acquire the working capital needed to kickstart Integrity ISS – a deal was agreed with XL assuming a 60% stake in the venture which initially began as a newly formed subsidiary named Integrity XL. After breaking even in its first year (no mean feat), the company was headed in a positive direction – ISO

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accreditations were in place, and the company was making its way onto approved vendor lists. Meanwhile, 2019 saw the first profits being made on the back of turning over £1.9 million.

Unfortunately, the pandemic struck just when momentum was building up. Thanks to domestic offshore activity nearly completely drying up, 2020’s income plummeted.

The impact was disastrous, the firm becoming forced to rely on furlough pay-outs in order to survive.

The solution Indeed, the dire situation that developed in 2020 prompted XL’s desire to exit the business. This was contrary to the aims and ambitions of Stuart and Peter who were determined to keep going, not least because they saw an ongoing demand for the company’s service.

A management buyout was brokered with the help of an Enterprise Scotland Loan, a move which granted the founding duo full control of the business (which has also been renamed to Integrity ISS). Since then, the story has been all about resilience and staying true to its values and approach. The company has always prided itself on taking a solutions stance, operating as a one-stop shop designed to solve clients’ problems by leveraging a formidable inhouse pool of knowledge on all things UKCS oil and gas.

This includes vast experience and knowhow on specific

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assets, a key USP which clients have found necessary to fill their own knowledge gaps.

The popularity of the Integrity ISS approach has been proven throughout the course of 2021, which saw the company yield record revenues of £2.3 million in what was a clear vindication of Stuart and Peter’s instincts to persevere with the business.

Some of this business came from current and existing clients since incorporation of the company in 2017. Here, Integrity ISS is responsible for providing a mixture of services to various sites throughout the UK, the clients selecting the firm as a key partner thanks to its all-encompassing offering, competitive cost structures and direct access to leadership which enables an agile, bespoke relationship between the two parties. Indeed, the renewal of the contract in 2021 is a major sign of confidence that bodes well for the future.

And that future involves an immediate target to achieve a £3.5 million turnover in 2022. Although admittedly optimistic, the fact the company is looking to apply its expertise to a wider range of subsectors such as renewables suggests that new lines of business will be opening up soon. Having adsorbed the shock of the pandemic, Integrity ISS can now look ahead with far more optimism than it did just two years ago.

About Integrity ISS Based in Aberdeen and established in 2017, Integrity ISS is a specialist Integrated Service Solutions provider for plant turnarounds, operations and maintenance, plant integrity (find and fix), construction, commissioning and decommissioning projects. The business focusses on safe and efficient delivery of services to support clients to increase plant uptime, improve asset performance and optimise operating expenditure. The company has an extensive track record of projects completed to date, offering a diverse yet complimentary range of services across multiple industry sectors and operates to ISO 9001:2015, 14001 and 45001 accredited management systems.

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Story type #resilience (main category) #service & solutions Benefits • Company overcame the impacts of the COVID-19 pandemic • Revenue of £2.3 in 2021, with a turnover target of £3.5 in 2022 Key findings For industry • Be aware that your business’ journey will be very different from your expectations • Stick to your game plan despite challenges For government • Don’t be abrupt on energy transition policies, support oil & gas Government support?

The company has received government support by the Furlough scheme and funding from Scottish Enterprise.

Integrity ISS at a glance: Key products and services: Integrated service solutions.

Main industries served: • Oil & gas – 95% • Renewables – 5% Headquarters: Aberdeen, UK Year established: 2018 Number of employees: 8 Revenue: £2.3m Revenue from exports: 0%

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KBC

An urgent transition to productised consultancy How is KBC thriving?

The solution

By responding to both their own situation and changing client needs during the COVID-19 pandemic, KBC is on an upward trajectory, its transformed business model now seeing it offer product-based technological solutions alongside its traditional consultancy work for companies in the energy sector. A process which has not been without challenge at times, the early signs are the shift in strategy is starting to prove its worth, as the industry demand for energy solutions increases.

Indeed, what started as a pandemic crisis has evolved into a positive new way of working.

The challenge

Once these internal basics had been instilled, focus turned to how best to serve clients and remodel the company’s offering in alignment with their needs.

Even before the pandemic, margins were tight for consulitng companies like KBC. Pre-pandemic, approxmiately half of the company’s revenue derived from traditional consulting work, an arm of the business that was well established over many years. Experts routinely travelled to different parts of the world to provide a face-to-face service built on trust and deep knowledge of the workings and challenges of operating in the sector.

The COVID-19 pandemic brought this ability to travel to a halt. Consultants were either no longer able to travel or became severely disrupted depending on regional and national restrictions, which had a knock on affect to revenues in the sector. The traditional delivery model had become unsustainable, especially as client demands were also changing in light of the pandemic disruption.

KBC therefore needed a change of approach, one which would place its technology arm at the front and centre of a product-driven business model.

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One of the first undertakings was a practical transition to a digitally driven workplace. The firm had already switched to Microsoft Teams before the pandemic struck and invested further resources into remote networks, ensuring its 350+ staff felt safe and secure by adapting to each individual’s home situation.

In fact, something of a strategic shift had already been in the offing since the business was acquired by Yokogawa in 2016, the new owners seeking to transform globally to a more solution-based offering moving forwards.

Come 2020, client priorities shifted dramatically. In response, KBC began developing and delivering virtual workshops to demonstrate how its various technological solutions – chiefly Digital Twins (Petro-SIM) and supply chain and energy management software (Visual MESA) – could address some of the market opportunities.

Pivoting towards a technology-led solution approach backed by Subject Matter Expert (SME) consulting knowledge required decisive action from top to bottom.

KBC’s leadership set the direction of travel early and soon decided that the pivot should evolve into a permanent change, with R&D investment at the long-term core of the future revenue pipeline.

Meanwhile, KBC employees adapted to the world of

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virtual meetings, rising to the challenge of building rapport without being able to connect face to face and overcoming issues related to travel and the pandemic situation. Most KBC employees were positive on the company’s handling of the pandemic and engagement levels are on the increase according to recently completed company surveys. While KBC recognises that there are still challenges to overcome in relation to hybrid and remote working cultures, signs are that employees have taken the changes on board and are actively embracing the new normal. Indeed, operations are still largely remote, but performance is now past prepandemic levels once again. There has been a significant shift in revenue performance to Technology-led solutions which has also spurred an increase in Consulting and advisory work.

New projects such as those recently completed for a Spanish oil company are contributing to these promising trends. Using its Petro-SIM Digital Twin software and a local AI technology, together with consulting knowhow, KBC was able to optimise the operation of crude distillation units on various different crude slates. The optimisation considered both the energy to process the crude as well as the CO2 impact and health of the asset.

A crucial detail here was that the customer wanted to use local AI as opposed to the system KBC had internally, feedback which the company acted upon and delivered.

Meanwhile, R&D spend is up by significantly versus 2019 levels, a sign that KBC is backing its technology and solution led strategy coupled with SME Consulting. A unique approach in the energy industry today.

About KBC KBC is a consulting company for clients in the energy and chemical industries. Founded in London in 1979, the company is nowadays part of the Yokogawa group with 20 offices across the globe, including locations in UK, Argentina, Singapore, the United States and Japan.

To deliver with excellence its business and technical consulting services, the company provides technologybased solutions for the simulation and optimization of operations, production planning, supply chain scheduling and other activities of interest. One of KBC’s leading products is Petro-SIM, a software designed for the simulation of hydrocarbon processes throughout the oil and gas production chain.

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Story type #transformation (main category) #digital, #resilience Benefits • Contract margins have improved as a result of the transition to ‘productised consulting’ • R&D investment increased significantly compared to 2019 levels • Technology revenues above pre-pandemic levels Key findings For industry • Know your business purpose and align it with your activity • Trust clients, actively listen and engage with them For government • Educate young people to set them up for skills of the future Government support?

KBC has not received any type of government support.

KBC at a glance: Key products and services: technology-based consultancy company Main industries served: • Oil and gas – 90% • Renewables – 5% • Others – 5% Headquarters: London, UK Year established: 1979 Number of employees: 300 Revenue: N/A Revenue from exports: 90%

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Kent

A new company at the heart of energy transition How is Kent thriving?

Launching last year as a merger of several entities, Kent is looking to be at the forefront of energy transition over the coming decades. With formidable expertise across the whole spectrum of the sector (from oil and gas to renewables), it is in a position to support and provision sustainable enhancements of energy facilities around the world. But painting a culture and purpose onto a blank canvas from several large companies with their own previous identities and strengths was always going to be a challenge, one which appears to have been overcome just 10 months from its formation.

The challenge Since forming out of several company mergers in 2021, Kent (previously Kentech) has been on a mission to place energy transition front and centre of everything it does. It has set it’s purpose to “Courageously tackle the greatest challenge of our time, to bring our world the energy it needs in the most responsible way ever imagined”. In order to do this, it is drawing on the expertise contained within its new constituent parts – Kentech, and the oil and gas divisions of SNC-Lavalin and Atkins, as well as the latter’s new energy business.

Crucially, for Kent the issue of energy transition cannot be ignored in oil and gas circles, hence the decision to acquire the O&G businesses that SNC-Lavalin and Atkins were seeking to offload. Energy transition away from hydrocarbons will take time, and Kent sees a huge opportunity to be at the forefront of that process by enacting sustainable change from within. Indeed, the decision was taken not to carry over the core values of any of the original businesses, instead starting with a blank canvas.

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But this is no conventional start-up business. The new company comprises around 12,000 employees with a turnover of more than $1.2 billion and 100 years of experience operating in various parts of the energy sector.

In order to reposition successfully as a new brand, Kent needed to culturally align into one cohesive unit if it was to make its mark in the industry.

The solution One of the first major undertakings of the new Kent business was a cultural listening project. The plan was to hear as many voices as possible from the new business about the impact they wanted to have. Around 10% of the entire global workforce had their voice heard through workshops and surveys conducted over a 12-week period. After this they held a comprehensive strategy session among key stakeholders. Critically, this included not only the executive management team, but colleagues in multiple expertise areas from multiple regions and of multiple generations It was from this listening tour that the energy transition as a core mantra surfaced, meaning it had organisational buy-in from the start. What does this mean in practice?

For Kent, its purpose would be all about looking at how it can design and build facilities with lower carbon footprints, as well as support clients in decarbonising their existing facilities – right across the spectrum from oil and gas to renewable energy.

Technology will play a key part in delivering on this purpose. Here, Kent is making enhancements to its CIRT Decarbonisation software program (originally made in 2019) to make it more user friendly and better serve its purpose as a tool to lift the operational performance of plants. Key features include plotting carbon emissions

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of the plant, developing roadmaps to improve emissions performance, and costing profiles for each option presented.

Story type #transformation (main category) #culture, #digital, #energy transition, #innovation

Although it is still early days, Kent has enjoyed ongoing involvement on some landmark projects. For example, it is working on Hynet UK, a blue hydrogen development that seeks to use traditional fuels to generate a lower carbon output with pre-combustion carbon capture technology.

Kent has been involved in the concept development, with the project now going through funding phases with the UK government, this having been recognised as a leading global project in 2021 by the Institute of Chemical Engineers. They are also leaders in offshore wind, having had involvement in over 70% of the UK’s entire offshore wind portfolio.

Benefits • Employee attrition below 1% since the merger took place • Global milestone with the award of 2021 leading global project by the Institute of Chemical Engineers

Moreover, success can also be measured from a cultural perspective. Such has been the effectiveness of the new Kent approach, its employees feel that they are part of a unified team with a common purpose, with employee turnover less than 1% since the merger took place.

Looking ahead, the company is seeking to grow its energy transition revenues to a point where it assumes an equal portion of revenue within the next five years. With the cultural and technological grounding in place, there is little reason to doubt this target will be met.

About Kent With over 100 years of experience, Kent designs, builds, and maintains assets around the world through engineering and consultancy; project execution, commissioning, completion, and start-up; and operation and maintenance of a variety of projects. Having begun as a small electrical and instrumentation business known as MF Kent in rural Ireland, 1919, Kent is now engaged with projects in conventional power (including decarbonisation initiatives of this sector), low carbon and renewable energies, and process and chemicals. Kent has a worldwide presence, with projects ranging from Australia to Iraq, from Canada to Kazakhstan, to name a few.

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Key findings For industry • Be bold, but always consider and understand all risks • Congratulate organisations that took energy transition seriously For government • Support growth of new technologies such as hydrogen, as did before with offshore wind • Implement carbon tax globally Government support?

The company has received government support through the Furlough scheme in a selection number of regions.

Kent at a glance: Key products and services: Engineering services (design, build, maintain) with focus on energy transition.

Main industries served: • Oil – 50% • Low carbon & renewables – 20% • Process and chemical – 30% Headquarters: Dubai, UAE Year established: 1919 Number of employees: 12,000 Revenue: £1.6bn Revenue from exports: 90%

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Koil Energy

Rebranding in the pursuit of energy transition-focused opportunities How is Koil Energy thriving?

A well-renowned entity in the offshore oil and gas space, Deep Down took the bold decision to rebrand as Koil Energy in order to more effectively pursue a new strategy of energy transition-related opportunities without losing sight of its traditional business. With a renewed focus on core competencies rather than just core products and services, the company is futureproofing itself through the expansion of core competences in diversified markets and has realized successes in quayside, shallow water and hydrogen projects, and is actively involved in discussions for wind and other renewable projects.

The challenge Koil Energy is still a relatively new name in the energy sector, yet the organisation behind it has been operational for more than a quarter of a century. In February 2022, Deep Down – an international leader and provider of full cycle subsea technology solutions – took the decision to change its name in line with a shift in strategic direction, grounding itself in a series of new solutions and core competencies beyond just oil and gas and more closely aligned with energy transition.

The move was a logical one. While the firm had begun actively working on new products for wind energy projects, the brand was proving to be a stumbling block.

Deep Down was indeed an established presence, yet its name was linked too heavily with deep water oil and gas, leading to a series of questions being raised as the firm began to pursue more projects in wind and shallow water.

The solution To pivot effectively into new markets, the rebrand was

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launched – a move that was accompanied by a relocation which saw the establishment of a smaller footprint in Houston, Texas with much greater potential for future expansion. Not only has this allowed the business to segregate more readily, but costs have also been reduced by as much as $50,000 monthly, in addition to its new premises further helping to improve convenience by being in close proximity to George Bush International Airport in Houston.

Such efforts have also provided renewed foundations. The firm has been able to diversify more readily, repositioning for a variety of markets such as renewables, shallow water and hydrogen, while also consolidating its deep-water oil and gas services.

Albeit a significant transformation, the company’s existing expertise has provided the grounds from this to be achieved. Indeed, Koil Energy is comprised of world-class experts in engineering and manufacturing who provide innovative solutions to complex customer challenges – individuals who don’t shy away from the prospect of change or innovation.

Resultantly, the firm is now in a position to begin acquiring new work, demonstrated by a recent contract win for a leading global energy producer. While the initial value is less than $100,000, it will be looking to support the energy producer’s ambitions of establishing HRS infrastructure (automotive hydrogen refuelling stations) that will begin with the rollout of tens of units across the West Coast of the United States. Here, Koil Energy is looking to support the client with its tube bending and alloy welding capabilities, potentially building out the units on site and potentially performing or supporting the commissioning of the systems. Where the producer has completed the FEED and concept work, Koil is also

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looking to offer its support through validation and proof of concept verification.

Indeed, the two companies have already worked together previously, with this project hoping to expand on this already proven relationship further in new vertical segments.

This was followed closely by a contract award to provide cable management services for a military project in the northern half of the United States.

The project will require Koil Energy to provide equipment and personnel for installation and recovery activities for fiber-optic cables and accessories, which will be used for military exercises in inland waterways.

At the same time, Koil Energy has also recently appointed Felipe Lunardini as its new Director of Projects & Engineering – an individual with significant experience in traditional oil and gas as well as the energy transition.

Lunardini will be overall responsible for the execution of all Koil Energy projects, as well as serving as the technical leader for R&D efforts and strategic partnerships moving forward.

Indeed, his appointment signifies the firm placing the final pieces of its new, exciting puzzle, gearing up to excel in new markets geared more closely towards energy transition moving forward. Between its ongoing transformation and diversification, the firm is well on its way to successfully futureproofing for years to come.

About Koil Energy Houston-based Koil Energy, founded in 1997, is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. The company provides innovative solutions to complex customer challenges presented between the production facility and the energy sources. Formerly Deep Down, Inc., its core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. Additionally, the company’s experienced and resourceful team works with unmatched flexibility, making Koil Energy a key resource for offshore projects anywhere in the world.

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Story type #transformation (main category) #diversification, #energy transition Benefits • Savings of $50,000 per month • Diversification process advancing successfully • A $100,000 contract award by Shell Key findings For industry • Be authentic • Do not be afraid to make decisions • Traditional versus renewable energy doesn’t need to be an “either/or” proposition, but an “all of the above” one For government • US government should dedicate resources to help companies make progress in countries with local content requirements Government support?

The company has received R&D tax credits.

Koil Energy at a glance: Key products and services: subsea equipment and support services to the energy industry.

Main industries served: • Oil & gas – 100% Headquarters: Houston, USA Year established: 1997 Number of employees: 47 Revenue: £13.6m Revenue from exports: 25%

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McMenon Engineering Services Localising and diversifying to secure a brighter future How is McMenon Engineering Services thriving?

The solution

Celebrating 75 years of manufacturing heritage in 2022, Cumbria based McMenon (previously under ABB and Fischer and Porter ownership) is on a mission to strengthen its local roots and brand recognition. On top of this, the company is also seeking to diversify its client base to include a greater representation from the renewable and nuclear energy sectors. A key breakthrough arrived in early 2022 in the form of a first nuclear framework win at nearby Sellafield, a development which should not only pave the way for securing more work in this category, but also cement McMenon’s name as a proud local employer and provider of opportunities.

The inspiration to better ingrain McMenon into the local community came in 2019 during a company presentation to staff. Here, an employee, who had been with the firm since 1976, suggested changing the name back to Fischer and Porter – taking note, the organisation’s leadership was determined to make McMenon as well known as its forebears in the community.

The challenge For 75 years, the Workington business has been designing and manufacturing various instrumentation solutions, most notably flow and temperature measurement instrumentation. Now continuing under the name of McMenon, following an acquisition in 2018 from global corporation ABB, the company’s new leadership has outlined two major priorities.

The first is to reconnect with the local community. Based in Workington, Cumbria, the company was well-known to locals when it was under Fischer and Porter ownership, with current CEO Anand Puthran eager to make McMenon just as recognisable on the regional map.

Anand also saw the need to reduce the firm’s reliance on clients in the oil and gas sector, which in 2019 accounted for over 90% of its revenue. With Sellafield nuclear power station just down the road in Cumbria, McMenon could help to achieve both priorities by securing work at one of the region’s most prestigious industrial sites.

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Partnering with local educational institutions has been one such way McMenon is going about this. The company is proud to support the local engineering college Energy Coast UTC, Workington, as a member of the board. Since then, McMenon has pioneered a ‘Girls in Engineering Day’ to encourage more females into the sector, engages in regular activities with many of the primary and secondary schools in the area and is also offering students short placements and the opportunity to pursue apprenticeships.

Local ties have also been strengthened as part of the company’s diversification drive.

Kicking off in 2020, McMenon set out to qualify as nuclear capable, not only in terms of products but also capabilitywise, a move which would also fill spare operating capacity within the firm. Anand and his leadership team knew it was too good an opportunity to ignore, both from a diversification strategy and local reputation building perspective.

McMenon joined forces with fellow SME TIS Cumbria to create an unincorporated joint venture, named the North West Energy Coast (NWEC) Alliance. The two parties had enjoyed a long history of collaboration, with TIS also being a valued supplier to McMenon.

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Story type #diversification (main category) #collaboration

In 2022, the NWEC Alliance was named as part of a programme and projects partnership (PPP) framework along with a select few other companies to deliver fabricated and manufactured equipment packages for Sellafield, agreed for an initial three years and worth up to £20m.

The breakthrough, which has seen NWEC already quote multi-million pound projects, helps to fulfil a promise made by McMenon’s owners to its Cumbrian workforce – that its future growth would include diversification into nuclear and renewable sectors. Indeed, nuclear is targeted to account for 10% of the firm’s revenue in 2022. Also, since the acquisition by ABB, between 20 to 25 per cent of McMenon’s revenue now comes from non-oil and gas sectors, including water.

Furthermore, the company’s ambition is to be involved in various works at the site over the next 18 years as part of the wider package consisting of various goods and service agreements to be awarded by PPP. Within four years of acquiring the business, Anand and McMenon have already made great strides towards their chief objectives of re-establishing local ties and diversifying its revenue base.

About McMenon Engineering Services McMenon Engineering Services is a premium manufacturer and global distributor of differential pressure (DP) flow meters and temperature measurement products as well as a trusted partner for complete contract engineering and manufacturing services. The company’s main sector is oil and gas with increasing supply into other sectors, including water, food & beverage, nuclear and renewables.

McMenon’s Workington site has a 75-year track record of manufacturing industrial instrumentation. Starting out as a greenfield site owned by Fischer & Porter, the location was later transformed by ABB into a world-class facility for the design and manufacture of flow and temperature measurement products supplying products globally.

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Benefits • Ties with local community strengthened • Nuclear to account for 10% of total revenues in 2022 • 20-25% of revenue now coming from non-oil & gas Key findings For industry • Focus on what your company is good at and work towards optimising these strengths in new areas.

For government • Prioritise support for UK manufacturing, particularly for SMEs. • Help UK SMEs to invest more.

• Current government policies are making export finance to O&G companies into a major challenge.

• Energy transition should involve a viable and phased plan for businesses.

Government support?

The company has received an Analysis for Innovators (A4I) grant for product development. The company has also benefited from R&D tax credits.

McMenon Engineering Services at a glance: Key products and services: Design and manufacture and fabrication of DP (differential pressure) flow measurement and temperature measurement instrumentation Main industries served: • Oil and gas – 80% • Water – 15% • Renewables – 1% • Nuclear – 1% • Others – 3% Headquarters: Workington, UK Year established: 2017 Number of employees: 70 Revenue: N/A Revenue from exports: 90%

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MHB

Investing in capabilities to emerge stronger from the COVID-19 pandemic How is MHB thriving?

Rather than insulate itself and make cuts to expenditure during the COVID-19 pandemic, Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) has been building up its capabilities by investing in people, processes and equipment, as well as exploring opportunities in new markets. Armed with a can-do and collective culture, the firm looks well set to thrive over the next five years and deliver on its bold 2022-2026 business plan.

The challenge As a globally trusted energy and marine solutions provider for a wide range of heavy engineering facilities and vessels, MHB has more than 45 years of track record in delivering integrated and complex solutions to international oil and gas clients. Indeed, during this time, it has seen the highs and lows associated with fluctuating market fortunes, with few periods more disruptive than the 2014-2016 oil price collapse.

As a result, oil and gas majors slashed their capital spending significantly, creating stiff competition between MHB and peers in securing limited numbers of projects in the market. Add in the global COVID-19 pandemic, and MHB has been faced with a huge test of its resilience to sustain business growth.

Indeed, the pandemic caused losses that would have forced the closure of many other companies.

The solution Survival has been the order of the day for the past two years, and the firm’s healthy cash position has enabled it to not merely stay afloat, but crucially keep hold of its entire workforce.

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Understandably, MHB’s employees were concerned about losing their jobs. In response, the company held a townhall to reassure colleagues and set out their plan for remaining resilient through the pandemic – central to this plan was retaining experience, something it could not afford to lose for when opportunities picked up again. Moreover, a clear message was relayed that everyone was in the struggle together, a value which remains at the heart of MHB’s culture.

Indeed, far from making cuts to investment, the organisation continued to upgrade equipment, buy new machines and even a new workshop during the course of 2021, using the pandemic slowdown period wisely to make optimisations and prepare for the rebound. Notably, this has involved shifting tact from renting large amounts of equipment to buying it outright in a bid to make longterm cost savings and, ultimately, create better value for clients. Meanwhile, training, digitisation of processes such as tendering, and sharpening up of service execution have also been prioritised. And the company also established a core team to develop a full in-house engineering, procurement, construction, installation and commissioning (EPCIC) capability.

All of this is not to suggest that MHB’s external focus has been lost over the past two years. Far from it.

In 2021, the company strengthened its resolve to expand its international market presence by signing memorandums of understanding (MoU) with Kellogg Brown & Root Asia Pacific and Axens South East Asia (Axens SEA), moves which have better positioned MHB to explore opportunities and ventures within the energy transition space. In this sense, MHB stepped up on its sustainability agenda by drawing up a comprehensive strategy, which will be executed through a robust governance framework.

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MHB strongly believes that addressing sustainability issues through a strategy driven by Environment, Social and Governance (ESG) principles, business priorities and targets is crucial to ensure their long-term business viability.

Last year, the company also secured a contract for the provision of technical manpower to assist in the execution of a wind farm project in Taiwan. This initiative was possible through a partnership with Smulders Group formed in 2019. Furthermore, the firm’s Plant Turnaround & Shutdown Maintenance segment continues to develop its capability building journey. In 2021, it secured and delivered a turnaround contract for the Idemitsu plant owned by Idemitsu Kosan, clocking a total of 144,000 man-hours for the project.

Looking ahead, MHB is anticipating to build up a pipeline of work in the light engineering space, applying and fine tuning its existing skills to suit smaller projects that will help to balance its portfolio of work. Here, it will be specifically targeting plant maintenance and turnaround opportunities outside of oil and gas.

This is part of a five-year business plan from 2022 to 2026 that covers a range of other priorities, including the continued building of heavy engineering fabrication capabilities, improving its marine repair and conversion value proposition, and securing onshore module, offshore windfarm projects and other opportunities of serial fabrication.

Having ridden out the COVID-19 storm, MHB is ready to bounce back stronger.

About MHB MHB is a globally trusted marine and heavy engineering solutions provider for a wide range of offshore & onshore facilities and vessels. MHB has over 45 years of track record of delivering integrated and complex solutions, including deepwater support services to international oil & gas clients. MHB provides six major solutions, which are offshore, onshore, conversion, marine repair & refurbishment, plant maintenance & turnaround and other services. Prior to being a public listed company, MHB is mostly known as Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), which is its subsidiary that runs most of the operations for MHB.

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Story type #resilience (main category) #culture, #optimization Benefits • Consequences of the COVID-19 pandemic were controlled • Presence in the international market growing with new contracts • Plans for diversification outside of the oil & gas sector advancing Key findings For industry • Find a unique formula for your business, there’s no one-size-fits-all solution • Establish a mutual relationship with regulators, contractors, and others For government • Make room for balanced opportunities between industry players Government support?

The company has received government supports by the PROTÉGÉ-Ready-to-Work (RTW) apprenticeship programme, tax deduction and grants.

MHB at a glance: Key products and services: Solutions provider for a wide range of heavy engineering facilities and vessels.

Main industries served: • Heavy engineering – 83% • Marine – 17% Headquarters: Kuala Lumpur, Malaysia Operation yard: Pasir Gudang, Johor, Malaysia Year established: 1973 Number of employees: 2,649 Revenue: £257m Revenue from exports: 2%

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Myrcator

Sailing solo to provide much-needed vessel inspection in the UAE How is Myrcator thriving?

Having been made redundant in 2020, Cris Partridge has put his four decades of marine industry and consultancy experience to effective use in the time since. Seeing the COVID-19 pandemic as an opportunity to thrive and build a different kind of marine and cargo inspection offering, he set up his own one-man band in the form of Myrcator and has not looked back. Thanks to his ability to provide acute attention to detail and on-the-ground services for global clients with interests in the UAE, Partridge has already built up a track record and portfolio of repeat customers from around the world.

The challenge Few would argue that 2020 has been one of the toughest years businesses have had to endure in decades. For Cris Partridge, who for 40 years had built up a formidable career in the marine consultancy industry, being made redundant in combination with the pandemic situation prompted the start of a new venture.

Having worked in the UAE for the previous 13 years, he sensed an opportunity to provide high-end tailormade marine and cargo inspection services to customers who, due to travel restrictions, could not travel to the country and carry out the work themselves. Indeed, his presence on the ground could be the difference between companies halting and continuing their operations, the ability to prevent delays potentially carrying enormous value to prospective clients.

The solution

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Using his non-compete period wisely, Partridge put the foundations in place in the latter half of 2020 by building a website, conducting market research and honing his value proposition. From the outset he knew word of mouth and repeat custom would be vital to building some early momentum. Therefore, honesty and integrity had to be front and centre of all things Myrcator.

Indeed, it has not proven difficult to convince customers that there is no substitute for on the ground experience, and that partnering with Myrcator could generate significant practical and thus financial benefits. Partridge is already in the enviable position of being able to choose the clients he wants to work for, all with the time to spare for giving back to the community through volunteer events and mentoring.

That said, the early days were full of toil, with Partridge the first to thank his wife for stepping up to financially look after the family while the business was finding its feet. But the company was soon making money – in 2021, Myrcator turned over $100,000 thanks to a series of contract wins, appointment for expert witness services and successful project deliveries.

This includes inspection work on several vessels for Chilean ship operator OXXEAN, which was looking for landing craft to run services between its main base and a fish farm further up the Chilean coast. Having identified three possible vessels stationed in the UAE, the company came to Myrcator on recommendation from a contact ACL Brokers in London, with Partridge identifying the best of the three. The deal actually fell through (for other reasons), but ACL and Partridge were able to source a

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similar vessel and over the past six months have provided a range of services, including inspections, sea trials and mechanical assessments to bring the vessel up to spec including supervision of a dry docking to carry out the necessary work.

By choosing Myrcator, OXXEAN avoided having to spend vast amounts sending its technical team from Chile to the UAE and secured a vessel earlier than it otherwise would have been able to. In this business, time is certainly money – without the vessel, the firm would not have secured a 10-year charter agreement which will generate revenues of several tens of millions of dollars.

Other successes have followed. This year, the company is expected to double its income to $200,000 thanks to the establishing of a network of contacts in other parts of the world that Partridge is assembling. This includes Kenya, Angola and Norway, as well as a strategic partnership with Solis Marine which has offices in Shanghai, London and Singapore, with Partridge providing a useful UAE-based contact for the company.

Having been made redundant less than two years ago, Partridge and Myrcator have come an extremely long way in a short space of time, his hunch about a gap in the market being proven emphatically right.

About Myrcator Myrcator is a young, dynamic and responsive company committed to delivering tailored services and solutions to clients. The company’s flexible working approach, coupled with a network of trusted associates, provides clients with clarity and certainty in achieving their objectives in the most effective manner. With almost four decades in the industry working at sea, as a surveyor, marine accident investigator and providing consultancy services, Myrcator applies an extensive knowledge to offer bespoke, costeffective solutions to the market both locally and globally.

Myrcator brings experience, integrity and common sense to marine and cargo solutions.

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Story type #service & solutions (main category) #resilience Benefits • Revenue of over $100,000 in 2021 • A number of successful contracts firmed • Income to double in 2022 Key findings For industry • Have good understanding of your market, offer what people need • Be humble, don’t allow a toxic work environment and publicly recognise team members For government • Make sure that energy transition policies are promoting real green projects Government support?

The company has not received any type of government support.

Myrcator at a glance: Key products and services: Specialist marine and cargo inspection and consultancy services.

Main industries served: • Oil & gas – 60% • Non-energy (freight, asset purchase) – 40% Headquarters: Abu Dhabi, UAE Year established: 2020 Number of employees: 1 Revenue: £81,000 Revenue from exports: 85%

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NHOA Energy

An early mover in the market for energy storage systems How is NHOA Energy thriving?

Armed with an unrivalled pool of expertise in the area of energy storage solutions, NHOA Energy took the bold decision to move early, identifying energy transition trends and building up experience of delivering projects in emerging markets. Now, with the demand for lithiumion battery storage escalating, the company is in a prime position to continue growing in major markets such as the US, Australia and now Europe, its home market that is a long last taking off.

The challenge The momentum being gathered by energy transition policies around the world has opened up a huge opportunity for firms with deep knowledge on how power systems operate, not least in the area of storage and keeping grids stable during periods of flux and intermittent input from renewables.

For Milan-based NHOA Energy, the opportunity to commercialise worldwide its deep-rooted expertise arose in 2015. The merger of two university spin-offs, since 2005 it had mainly operated in R&D and pilot installations – but with more and more markets seeing renewables gain traction, a gap in the market was growing in relation to shoring up grid performance.

basis in early 2015, much of NHOA Energy’s early work actually involved the development of advanced storagebased microgrids combining conventional and renewable generation systems in challenging locations such as SubSaharan Africa, the Chilean and Australian outback, islands systems. There, the company gained significant project delivery experience, allowing it to build up a formidable reference list that has since proven invaluable in securing more work.

Falling costs for lithium-ion batteries proved to be a genuine game-changer. Dropping to $200 per kilowatt hour in 2020 (from $1,000 in 2015), demand for expertise in battery storage solutions surged, prompting NHOA Energy to scale up.

Funding had been secured from a Paris Stock Exchange listing in 2015 and two further capital rounds, giving the company the financial base it needed to serve the market.

The firm expanded its cohort of world class engineers in Italy which command unrivalled battery and storage knowhow. Building on this, NHOA Energy invested in local project execution capabilities in target markets, hiring or partnering with local project management and construction management companies.

The solution

Indeed, its early market successes have paved the way for what has been a remarkable growth in revenue – in just two years since 2020, income is forecast to increase from €10 million to €100-150 million, with an order backlog expanding to €200 million from €33 million just a year ago.

This is despite the challenges presented by the COVID-19 pandemic, which hampered the logistics of working globally and dispatching people to various locations.

Having started marketing activities on a commercial

In the US, in February 2022 the firm announced the

The question for NHOA Energy was therefore clear.

How could it successfully commercialise its expertise and understanding of energy storage solutions to serve a booming market?

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successful commissioning of a new 10MWh storage system awarded in December 2020 by Kearsarge Energy, part of a solar plus storage plant. Based on NHOA’s proprietary design, the plant successfully completed the UL 9540 system certification and is now online to provide competitive and fully-dispatchable solar energy, while also supporting and stabilizing the local grid. The commissioning was followed by a follow-on order of similar size still in Massachusetts, and a 30MWh order in Peru.

The company’s portfolio now stands at over 1 GWh of projects online and under development, most of which has been secured in the past 18 months and spread in key markets such as the US, Australia, Europe and Taiwan.

As well as unmatched engineering and system integration knowledge, NHOA Energy has grown its reputation through the quality and reliability of its service, cost competitiveness and willingness to be the first mover.

NHOA Energy also a young and diverse workforce, its team being made up of 170 people of 23 different nationalities, with over 25% of its employees being women, out of NHOA Group workforce of approx. 350 people.

Today, thanks to reading the market early, the NHOA Group proudly stands as global player in energy storage, e-mobility and electric vehicles fast charging infrastructure, its technologies enabling the global transition towards clean energy and sustainable mobility around the world.

About NHOA Energy NHOA Group (formerly Engie EPS), a global player in energy storage and e-mobility, active in the construction of the largest fast and ultra-fast charging infrastructure in Southern Europe, develops technologies enabling the transition towards clean energy and sustainable mobility.

It operates through its three Global Business Lines: NHOA Energy, Free2move eSolutions and Atlante.

NHOA Energy designs and delivers turn-key energy storage systems to transform solar or wind farms into sustainable and available 24/7 energy sources. Pioneer of microgrids with renewables and green storage systems, today NHOA is among the top 5 storage system integrators worldwide thanks to more than 15 years of experience. Among the most iconic projects, NHOA is deploying iconic utilityscale projects across Europe, America, Asia and Oceania, together with the projects already online powering over 500,000 people.

2022

Story type #energytransition (main category) #scaleup, #technology Benefits • NHOA Group 2021-2022 guidance: €100-150m • €194m in order backlog Key findings For industry • Look farther afield for early market successes For government • Work with the supply chain to identify solutions to logistics and supply chain challenges Government support?

The company has not received any substantial government support.

NHOA Energy at a glance: Key products and services: system integrator for energy management systems Main industries served: • Renewables – 60% • T&D – 30% • Conventional power – 10% Headquarters: Milan, Italy Year established: 2005 Number of employees: 170 (NHOA Energy), 350 (NHOA Group) Revenue: £28.1m Revenue from exports: 90%

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Oceancare

Breaking new ground to remain relevant How is Oceancare thriving?

Leading Malaysian oil & gas inspection company, Oceancare has its history grounded in innovation. Always open to new ideas, methods, skills, and technologies, the company from Miri, Sarawak, has grown exponentially since its foundation in 2001, especially after rearrangements motivated by the 2014-15 oil crisis. Now, Oceancare seeks to expand its business even further through new product lines such as well services and international technology partnerships.

The challenge Having made significant investment in training, equipment, and facilities throughout Malaysia, Oceancare is now recognized as one of the best inspection companies present in the country. Always aiming to be a go-to solution provider for the oil & gas industry, Oceancare adopted an in depth commitment to inspection and analytical services.

After the 2014-2015 oil crisis, however, Oceancare realized that an expansion of services beyond inspection could be welcome. It didn’t mean that oil & gas would be abandoned or put aside: on the contrary, Oceancare planned to diversify itself while deepening its support of the Malaysian oil & gas industry.

The solution Following direct conversations with the government and

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clients on possible improvements for the past five years, including talks with NOC Petronas, with whom Oceancare earned a close relationship, a new focus was set: well services, including cementing and drilling and integrated tool management. Oceancare had already worked within this specific niche, but was never dedicated to it as the company now prepared to be.

A market review seemed necessary and Oceancare conducted extensive studies in order to bring to reality the well services project. Results soon showed that Oceancare could only benefit from its 21-year experience with client communication, a good track record with Petronas and a very positive recognition as a Sarawak oil & gas service provider.

In order to approach it, new regulatory licences had to be secured and a new logistics infrastructure had to be designed, which required not only a large investment for new equipment and technologies – more than 50% of Oceancare’s investments in 2018 were directed to grow the well services line –, but also significant efforts: capability was also brought in and, to cope with industry and regulatory demands previously identified, a new board member was established.

Partnering with China Oil Company (COSL) was also a strategy for the development of the new well services line. Both the companies agreed to an exclusive, multiyear commitment partnership in which COSL would be responsible for the provision of the necessary new technology, part supply, and technical support, while

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Oceancare would be the manager of won contracts and implement workforce.

Results would be visible soon with Oceancare winning a major 5-year contract with Petronas in 2019 for cementing and drilling fluids, waste management, and integrated well services. Initially covering five wells, the agreement is open for expansion, with more contracts related to sets of wells to follow. For this job, 40 Oceancare employees were trained by COSL and are now seconded to Petronas and other partners.

Partnering with Allseas Marine Contractors Sdn. Bhd. in 2021, a subsidiary of Swiss-based Allseas Group S.A (ALLSEAS), Oceancare is planning to focus on other business opportunities in transportation, installation and decommissioning of offshore facilities, especially in Malaysia region. The activities include offshore engineering, construction and decommissioning, specialising in pipeline, heavy lift and subsea installation.

After all this work and still expecting more to come, Oceancare is really thriving: 5% of its revenues are already coming from the new business. Not only that, but the company’s long-term goal of becoming a renowned one-stop-shop for clients, attracting foreign integrated solutions centres to the Malaysian oil & gas industry, can only benefit from the promising well services product line.

About Oceancare Based in Miri, Malaysia, Oceancare was established in 2001 as a procurement company for stationery, personal protective equipment, and other miscellaneous items with a team of less than 10 employees. Today, it has gained the confidence and trust of customers through services provided by its managers, specialists, engineers, inspectors, technicians, and supporting staff all over Malaysia.

Activities executed by Oceancare go from inspection and electrical services to drilling and rig services, as well as aviation, pipeline maintenance, and consultancy.

2022

Story type #service & solutions (main category) #collaboration Benefits • Major, 5-year contract firmed with Petronas open to extensions • New business corresponding to 5% of the company’s revenues Key findings For industry • Understand core service before expanding and diversifying • Constantly seek improvements • Pay attention to the skill and development of young talent For government • Debate green energy policies with experts • Be clear when implementing industry standards and requirements Government support?

The company has received support from the Graduate Enhancement Training Sarawak (GETS) programme, as well as from the Sarawak Planning Unit (SPU) and Teraju Facilitation Fund.

Oceancare at a glance: Key products and services: monitoring of inspection and corrosion, electrical maintenance and instrumentation, drilling fluids & cementing, transportation & installation, commissioning & decommissioning, well restoration, manpower supply, and IRATA Rope Access Training.

Main industries served: • Oil & Gas – 100% Headquarters: Miri, Malaysia Year established: 2001 Number of employees: 380 Revenue: N/A Revenue from exports: 0%

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Orion

Stepping into life sciences recruitment to build organisational resilience How is Orion thriving?

Having been almost entirely reliant on the oil and gas market a mere decade ago, specialist recruiter Orion changed tact in a big way in 2018, realising that it had to spread risk and diversify in order to survive energy market volatility. Through collaboration with an existing client, the company discovered the life sciences sector, and since then has gone on to invest significant sums on finding the right people and opening new offices to spearhead this new avenue of growth. Today, the firm has a much more balanced revenue portfolio, one which has been strengthened by the addition of blue-chip healthcare and pharmaceutical brands to its client roster.

The challenge Orion had been riding the waves of boom and bust in the oil and gas sector for decades. Carving a reputation as a go-to for the recruitment and selection of highly qualified and experienced expat and national personnel for large scale oil and gas projects around the world, the volatility seen in the industry since the middle of the last decade has prompted a strategic rethink.

Margins were being compressed, with Orion finding itself competing against greater volumes of rivals for less work.

The risk profile was looking ominous – although the firm had reduced its proportion of income from oil and gas from 90% in 2014 to 75% in 2018, the reliance on an unstable sector was still too high. Action was needed, and in 2018 the decision was made to pursue a strategy of diversification.

The solution Orion has not pursued a diversified revenue stream

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by halves… Its team has been working hard to promote Orion’s renewables capability alongside its traditional oil and gas offering. The firm immediately made sizeable investments into research, personnel and real estate to ensure its foray into life sciences converted into a viable business for the long term.

In recent years, Orion Group has been focused on rebranding into a diversified business operating in a variety of sectors, continuing to evolve its product and service offering by embracing change.

Having already gone through many cycles over the years and more recently diversifying into a number of other industry sectors, Orion wanted to make sure that its brand identity not only acknowledges the evolutions of the company’s business, but also pays homage and showcases its relevancy – highlighting that people is its business worldwide.

But why life sciences? The opportunity arose from working with an existing client for whom it had already built a solid relationship.

Around £1 million of capital was invested in scoping out the market, building a winning team of key personnel with formidable life science and pharmaceutical experience, and establishing offices in Chicago (USA), Cork (Ireland) and The Hague (Netherlands) through 2018 to 2020.

The division has enjoyed exponential growth since. In 2021, revenues derived from the pharmaceutical sector reached $9 million, up from $5 million in 2020 and now accounting for 10% of overall income. This will be built on even further this year in the form of a series of big-name clients – including Johnson & Johnson, Amgen, Abbvie and GSK – and has gone a long way to reducing Orion’s

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exposure to the oil and gas market (now responsible for 55% of revenue).

This is not to suggest that its traditional markets are being neglected. Here, the company is using its technological expertise to add value for clients, diversifying from traditional recruiting services to project management and commissioning services. For example, in the North Sea, the firm secured an exclusive five-year agreement in 2020 to carry out brownfield asset modifications for TotalEnergies, leveraging the power of its flagship software application – Orbit completions and commissioning management system (OCCMS). Meanwhile, Orion also completed a £2 million project with Centrica on a CCUS development at its Easington gas terminal, the scope including software implementation and project management.

This is technology that Orion has housed for many years, but it has been reinvented by a new team and now stands as a class-leading project management tool. Today, managed services account for 5% of the firm’s revenues, which have started to reach back up to pre-pandemic levels following a slump from £276 million in 2019 to £231 million in 2020.

What’s more, while revenues fell, Orion’s operating margins have improved, another sign that the company is well on the road to futureproofing itself against many other challenges that may comes its way in future years.

And to round off this remarkable turnaround story, in six of the last seven years the firm has been recognised by KellyOCG with a supplier excellence award, standing out among 3,000 active partnerships the outsourcing and consulting group has around the world.

About Orion The Orion Group manages the placement of thousands of contractors and permanent personnel every year via their worldwide network of offices throughout Europe, the Americas, the Middle East, Asia Pacific and Africa. Orion provides specialist recruitment services across a range of sectors including life sciences, renewables, oil & gas, and others. As well as contract positions, the company also offers permanent recruitment models covering all industry sectors, with its recruitment model tailored to suit your exact needs and budget. Orion has the market intelligence and the experience necessary to take a holistic approach to project delivery, managing manpower provision from start to finish.

2022

Story type #diversification (main category) #service & solutions Benefits • Revenues from the pharmaceutical sector increased US$4m in a year (10% of overall income) • Significant development of renewable energy sector penetration • Managed services accounting for 5% of revenues • Attraction of big-name clients • Commissioning solutions – billings up by 400% over a 3-year period Key findings For industry • Be open and honest with your colleagues • Change management style to be more accessible; people are more willing to follow For government • Invest in education and STEM skillsets • Do not villainise the oil & gas sector to enable energy transition Government support?

The company has been supported by the Apprenticeship Levy programme.

Orion at a glance: Key products and services: Recruitment and selection of highly qualified and experienced expat and national personnel into the energy, life science and filtration sectors.

Main industries served: • Oil & gas – 57% • Renewables – 12% • Life sciences – 13% • Commissioning services – 6% • Petrochemicals – 6% • Shipbuilding – 6% Headquarters: Inverness, UK Year established: 1987 Number of employees: 200 Revenue: £280m Revenue from exports: 30%

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Petrofac

Leveraging UK late life asset and decom expertise to make strides abroad How is Petrofac thriving?

As the UK – along with much of the world – advances its energy transition journey towards net zero, Petrofac continues to assess and evaluate the role it can play in helping nations get there. A key part of its focus remains the maximisation of existing assets and decarbonising what is already in use, a proposition which the company can particularly support in regard to late life and repurposing (as well as decommissioning when the time is right). With its unique and integrated package of expertise and project management around well engineering, late life and decommissioning helping it to establish Petrofac as a go-to for best practice in the UK, the firm is now expanding this line of business abroad, picking up key project wins in Africa, Australia and the Gulf of Mexico.

The challenge Net zero ambitions, energy security concerns, supply chain crunches… the UK and indeed global energy sector is fronting up to a catalogue of issues at present.

Over the past few years, its centres of excellence in Aberdeen and Woking have been key hubs of knowledge and activity that has helped it to establish a best-in-class reputation, especially around well engineering and late life optmisation of energy assets. As a result, company leadership decided to leverage this position, along with its status as a duty holder, to expand its integrated service offering internationally.

To do so effetively, the organisation made a strategic shift in 2020, brining its well engineering and decommisioning service lines into one business unit. Come 2021, it then shuffled the pack further by reconfiguring its engineering and production services divisions to unify a body responsible for asset operations, asset development and the aforementioned wells and decomissioning work. The new unit, named Asset Solutions, stands as one of three main Petrofac business units alongside Engineering and Construction and Integrated Energy Solutions.

The solution

Its formally integrated structure aligning more closely with its clients needs right across the asset life cycle. As a result, greater numbers of clients have been onboarded with an integrated and long-term scope, including in the UK, where Petrofac holds a number of integrated services contracts, and in Africa, Australia and the Gulf of Mexico where it is using this operational experience to help customers prepare for, and undertake, decom work..

Petrofac firmly believes in maximising the potential of existing facilities as a key part of any energy transition and net zero journey.

In the late life arena, as recently as April 2022, the company secured a AUD $325 million contract tendered by the Australian government to conduct critical safety

For Petrofac, the only Tier 1 contractor with inhouse capability to manage all wells and asset decommissioning phases, this is an opportunity to position its extensive set of capabilities to clients both at home in the UK and abroad.

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and decommissioning work on the Northern Endeavour FPSO. Sat 550 kilometres off the coast of Darwin, the 250-metre vessel is moored and not producing oil, with Petrofac contracted to make the asset safe for disconnection. The project is a major breakthrough, not least because it is the first time in its 15 years of working in Australia that the company has been appointed as a duty-holder operator.

Indeed, its proven track record in the UK, which has similar regulatory processes, was a key factor in the Australian government’s decision to award Petrofac the contract.

The company will be fully accountable for all aspects of preparation and decommissioning – as the principal contractor, it has all the in-house skills to complete the entire first phase, scheduled for completion by winter 2023.

This project highlights the ability of Petrofac to leverage its UK expertise and track record as a go-to for best practice in asset end of life management.

With optimising late life operations of assets critical to ongoing energy transition movements around the world, Petrofac looks primed to play a key role in years to come.

About Petrofac Having started life in 1981 with just 25 people on board, Petrofac now has 31 offices with 8,200 staff worldwide.

The company is a leading energy services company that helps clients meet the world’s evolving energy needs.

Petrofac uses its engineering know-how and consultancy expertise to design, build, and operate world-class energy facilities made for safety, optimal efficiency, and low emissions.

Petrofac operates in a range of markets and works across the entire asset life-cycle – from design to decommissioning. These competencies, supported by flexible commercial models, robust local delivery, and a technology neutral approach, set it apart.

2022

Story type #service & solutions (main category) #export, #innovation Benefits • Clients’ access to full life cycle approach • Contract worth £185m secured with the Australian government • Contract worth £158m secured in Gulf of Mexico • Contract worth £47m secured in Mauritania, Africa Key findings For industry • Keep your strategy simple: it needs to be deliverable and understandable • Invest largely in carbon capture projects to responsibly keep the oil & gas industry going For government • Don’t put oil & gas aside, it will be needed to fund energy transition • Give more detail and develop more capacity to make current energy strategies achievable Government support?

Petrofac has received government support from the Apprenticeship Levy and ECITB funding.

Petrofac at a glance: Key products and services: Designing, building and operating of on- and offshore energy facilities and training of supporting staff.

Main industries served: • Oil & gas – 75% • Refining and petrochemicals – 16% • Renewables – 9% Headquarters: London, UK Year established: 1981 Number of employees: 8,200 Revenue: £2.46bn Revenue from exports: 76%

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Petrolec

Proving the power of partnerships with unique UPS and power generation solutions How is Petrolec thriving?

Malaysian electrical services specialist Petrolec is living proof of the power that can come from key partnerships in the energy sector, the firm teaming up with Eltek, Borri and Sunfire to deliver uninterrupted power supply (UPS) and power generation solutions that solve client problems while unlocking local content, expanding capabilities and generating new business growth.

The challenge Founded in 2005, Petrolec’s early years were defined by restriction. Born as a sister company, the firm consistently found itself operating in the shadow of its larger counterpart, struggling to compete in tendering, exhibitions and other aspects which ultimately limited its potential.

In 2018, the two entities split, providing renewed opportunity to Petrolec. Yet the company was equally left in a precarious situation – being the smaller of the two enterprises, it was left with little business and therefore had to start from near scratch.

Subsequently putting significant efforts into finding its feet in the energy market for the following two years, Petrolec was then faced with the difficulties presented by the pandemic, threatening to unravel all the progress that had been made and pushing the firm back into survival mode.

The solution Following the split from its sister enterprises, Petrolec set about consulting Petronas, engaging with the Malaysian

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national energy giant in the aim of sussing out how it could offer value-driven solutions.

Here, it identified Petronas’s ability to secure uninterrupted power supply (UPS) solutions as a significant pain point.

Indeed, it was proving to be a significant cost with all sourcing and servicing focused in Europe. Not only were the solutions expensive to install, but they were also equally costly to maintain.

Here, Petrolec saw an opportunity. As a small, localised company with low overheads, it could develop and sustain UPS systems at a cheaper rate by assembling and servicing them directly in Malaysia.

Here, a new niche was founded. Since that initial lightbulb moment, the firm has secured partnerships with two UPS solutions specialists – Eltek and Borri – to enhance its proposition.

In the case of Eltek, Petrolec will purchase UPS modules from the manufacturer’s base in Italy, then design and assemble the cabinet in Malaysia. Not only does this prove to be more cost effective for Petronas, but it also enables Petrolec to design and tailor the products to its key customer’s specific requirements.

Indeed, Eltek have proven to be a supportive partner, offering guidance and technical support whenever required. Their willingness to partner with the Petrolec’s local system design/assemblers in Malaysia has proven critical to the Malaysian firm’s business model – something that the firm highlights distinct gratitude for.

Indeed, the results have proven highly beneficial for both

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firms. In 2021, the duo secured a significant contract win from Petronas for the supply and installation of UPS systems for five of its sites. Further, Eltek’s digital UPS technology has also become the first of its kind to be deployed by Petronas, the digital cabinet having been designed by Petrolec.

And UPS aside, Petrolec has also grown its product range after partnering with Sunfire, whose off-grid fuel cell power generation technology secured approvals from Petronas Charigali to proceed with a pilot project for its gas pipeline power system.

Some of these successes have been overshadowed by COVID-induced challenges for Petrolec in recent times.

Excessive infection testing protocols have proven to be both restrictive and expensive, the firm having also been forced to tap into furlough schemes. Yet the company has been able to weather the storm owing to strong customer relationships, working with clients to try and solve their pain points proactively under difficult circumstances.

Having emerged from the pandemic successfully with a new lucrative value proposition underpinned by several successful partnerships, Petrolec looks in good shape as it seeks to continue building momentum through 2022 and beyond.

About Petrolec Established in 2005, Petrolec is managed by professionals and an experienced team with years of experience in electrical and critical power system technologies to provide high-quality services to all its clients. Petrolec maintains close co-operation with selected local and international firms, as well as with local infrastructure providers to meet the diversified needs of our customers with cost efficiency. Its core activities are related to electrical engineering services, marine equipment, and project management consultancy (PMC), especially in the oil & gas industry. Petrolec is staffed to provide all services from inception through design, bid, construction, and installation completion.

2022

Story type #collaboration (main category) #service & solutions, #technology Benefits • Major 500,000 MYR contract firmed with Petronas • Power generation market under consideration • Growth in product range Key findings For industry • Learn with times of crisis: how you manage and sustain your business in difficult times is key.

For government • Give more support to companies facing growth obstacles, such as shortage of skilled workforce.

Government support?

The company has been supported by the Furlough scheme.

Petrolec at a glance: Key products and services: Electrical engineering services.

Main industries served: • Oil & gas – 95% • Power – 3% • Others (telecom, government) – 2% Headquarters: Ampang, Malaysia Year established: 2005 Number of employees: 13 Revenue: £1.3m Revenue from exports: 0%

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PetrolValves

A diversification strategy that continues to exceed expectations How is PetrolValves thriving?

Valve and flow control equipment specialist PetrolValves is now five years into a new investment to diversify its solution offering. Having set out with modest revenue expectations, the new division, operating as VSI Controls, has breached the €15 million income mark and continues to build up its reputation through demonstrating value to clients. Thanks to its innovative production techniques and an offering that is highly bespoke and designed to solve problems, the subsidiary has proven its ability to save customers time and money.

The challenge Predicting what the oil and gas market will look like even in a few months’ time is a difficult undertaking. Since the price crash of the mid 2010s struck, the sector has been a volatile market to operate in, making it especially risky for firms that derive most of their revenues from associated activities.

This has been the case for PetrolValves. Formed in 1956, the firm has been a mainstay supplier of valves and control flow solutions for clients in the oil and gas industry for several decades. However, in light of recent events, its leadership realised the firm needed to spread its risk across new lines of business to futureproof – indeed, the company had become too reliant on oil and gas activity, especially in the Middle East.

Here, margins have been increasingly tightened due to

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heightening competition for work, a problem compounded by infavourable payment terms which have also been hurting the organisation’s financial health.

The solution Since the middle of the last decade, PetrolValves has been pursuing an ambitious diversification strategy, targeting growth in downstream and chemical sectors, as well as in the power generation market.

The most significant step in this direction has been the formation of VSI Controls. Established in 2017, the team has a dedicated area in PetrolValves’ Milan factory and is made up of newly recruited engineers who bring a diverse set of skills to the business.

Indeed, the company now has a more compelling value proposition for its clients. Thanks to a wide range of control valve solutions, it is adopting a problem-solving approach to business, with every valve designed to meet unique needs. This has been made possible by the development of new production methods which leverage 3D printing and additive manufacturing techniques. With such capabilities, PetrolValves can create far more complex internal valve structures which in turn can solve a broader set of client issues and offer superior performance.

All of this means the firm’s solutions will typically last longer than its competitors’ and therefore reduce costs related to replacing spare parts.

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The best example of this in action comes from Argentina, where Tecpetrol represents VSI Controls’ largest client to date. In this instance, the company’s problem-solving approach has proved a winning formula – Tecpetrol was having issues with a competitor’s product in 2018 and turned to VSI for an answer.

The solution presented was a multistage-multipath labirinth trim with 20 stages of pressure reduction on a gas vent application, offering a strength and flow profile capable of resisting the regular damage that was being inflicted on the previously installed valve, due to high velocity and vibration. Costed at $30,000 per valve, the installation of VSI’s solution is already paying dividends for Tecpetrol, which was previously having to routinely shut down its shale gas plant due to faulty valves. This would typically cost $50,000 per valve to repair and occur every six months, outlining the level of savings that the new solution has delivered.

It is contracts like this that continue to justify PetrolValves’ decision to establish the new subsidiary in 2017. Initially expected to make around €5 million in revenue, VSI Controls has grown from a first-year income of €1 million to €15 million in 2021. With its newly innovative methods and bespoke problem-solving approach already going down well with clients, there is no reason why those income levels can’t increase yet further in years to come.

About PetrolValves Established in 1956, PetrolValves is a leading flow solutions provider for the energy industry, specialising and pursuing product excellence in the engineering of valves, actuators and systems through advanced technology and delivering high-quality services. The company designs outstanding solutions and offers services in an efficient way and with the highest standards of reliability. PetrolValves likes to address the energy transition challenge in the market in an innovative and sustainable way, with new and original solutions to best match customer requests and needs.

2022

Story type #technology (main category) #diversification Benefits • Internal production processes enhanced, superior performance offered • Client acquired significant savings through VSI’s product • VSI Controls had a 2021 income of €15m Key findings For industry • Redefine the terms of energy transition – don’t see a stop on traditional oil & gas • Look after the existing supply chain throughout the energy transition process For government • Make free trade between countries as easy as possible, get the world moving Government support?

The company has not received any type of government support.

PetrolValves at a glance: Key products and services: Complete valve requirements for the energy industry – from subsea to downstream refining and chemical.

Main industries served: • Oil & gas – 85% • Refining, chemical – 10% • Renewables, water – 5% Headquarters: Milan, Italy Year established: 1956 Number of employees: 550 Revenue: £197.3m Revenue from exports: 85%

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Proserv

Finding solutions to meet the modern needs of customers How is Proserv thriving?

Operating in an ever-maturing energy market with infrastructure that has developed vulnerabilities over time, Proserv has recognised the need to pivot towards being a solutions provider geared towards extending the life of assets and helping to ramp up production efficiencies, all the while enhancing HSE and sustainability credentials. Its Smart Box technology is a case in point, a well monitoring system that sends alerts to users in the event of unplanned shutdowns and enables smart, safe and rapid responses to problems.

The challenge With more than half a century in operation, Proserv has been able to build up an enviable reputation and level of trust with its customers.

However, in 2014 the firm recognised that it is now operating in a mature market in the Middle East, a market comprised of a wide range of legacy equipment that is inevitably developing pain points that need fixing. Proserv wanted to support its key clients by providing solutions that mirrored their need to monitor and support vital, yet ageing, infrastructure swiftly and efficiently.

A challenge was therefore set, one which required answers to several questions if it was to successfully realign its offering and remain competitive. What are these pain points that customers need addressing? How can Proserv support them? What solutions could alleviate the issues relating to unplanned shutdowns of production wells?

The solution The first step of Proserv’s journey comprised a comprehensive information gathering exercise. The

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company employed a team to explore how it could approach the market in a new way, but at the same time support its manufacturing and service arms while offering further value solutions to clients. This involved canvassing local major players regarding issues maintaining production from ageing wells, and how Proserv may be able to help.

As a result of this review, the company focused its energies on enhancing the life of assets and devising solutions that would ramp up production efficiencies while supporting improved HSE, extended life, reductions in wastage and limiting emissions. Indeed, these priorities also align with Proserv’s ESG roadmap, its underlying target being to become a net zero organisation by 2050 or sooner.

Customers made their case clear – they were seeking a solution provider which can find simple answers to problems such as unplanned production shutdowns. This is a major challenge on old and remote wells where there is a lack of support infrastructure and real-time visibility – typically they are only physically inspected on planned biweekly manual visits, which can result in significant losses of production and revenue if a sudden outage were to occur.

To put the problem into context, studies estimate that the energy industry loses up to 2% of its daily oil production in unplanned shutdowns. With OPEC currently at a daily production of 28 million bpd, this would mean more than half a million barrels wiped off in a day, millions of dollars of revenue that could be used to invest in the industry, including transition roadmaps.

This prompted Proserv to develop Smart Box. The solution is fitted with a modem with daily alerts sent to designated phone numbers advising that the well is healthy and producing. If the well suffers a shutdown (due to a change

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in pressure, for example), the Smart Box receives a signal from the control panel and sends an SMS alert. This allows maintenance teams to be dispatched when needed to bring wells back online as quickly as possible. In the event of a serious problem such as a hydrogen sulphide leak, alerts are triggered, and a remote shutdown procedure can be activated to make the well safe.

Having undergone rigorous client testing, it now stands as a solution capable of providing benefits in several distinct scenarios that can impact well performance – be it for wells without connections to digital infrastructure, located within proximity to farms and urban areas where hydrogen sulphide is a danger, and/or made unsafe during periods of conflict which renders physical inspections dangerous.

With Smart Box providing that simple answer to a problem that clients have been demanding, Proserv has proven it can take stock and adapt to the changing dynamics of the Middle Eastern energy sector.

About Proserv Proserv is a global controls technology company delivering solutions for critical infrastructure right across the broad energy sector. Its capabilities encompass subsea and topside controls, holistic cable monitoring, SCADA systems, intervention workover control systems, sampling and measurement.

Proserv provides cutting-edge technologies to improve reliability, maximise production, enhance asset integrity and extend life. By combining technical ingenuity with engineering, manufacturing and field service expertise, Proserv creates innovative, industry-leading solutions that are flexible and agnostic by design, able to be integrated into any existing system.

Proserv has an extensive brand heritage spanning nearly 60 years. Headquartered in Aberdeen, the company has offices in 13 locations across three continents.

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Story type #service & solutions (main category) #innovation Benefits • First expected sales in 2022 to save $80m Key findings For industry • Listen to clients and work with them • Don’t expect innovation to come overnight, patience is necessary • True innovation comes from being ahead of the curve Government support?

The company’s renewables business in offshore wind has received funding from Innovate UK, part of UK Research and Innovation.

Proserv at a glance: Key products and services: Delivery of solutions for critical infrastructure across the energy sector, including subsea and topside controls, holistic cable monitoring, SCADA systems, intervention workover control systems, sampling and measurement.

Main industries served: • Oil & gas – 95% • Renewables – 5% Headquarters: Aberdeen, UK Year established: 1963 Number of employees: +800 Revenue: Booked a record £150M in 2021.

Revenue from exports: 75–80%

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Quanta

Exploring new markets and verticals to navigate the pandemic How is Quanta thriving?

Faced with work drying up as the COVID-19 pandemic shrouded many energy projects around the world in uncertainty, EPC Tier 2 contractor Quanta had to keep itself afloat and devise a strategy that would futureproof it for the longer term. In 2021, such a strategy was launched with the arrival of Steven Brett as Commercial Director, who instilled the confidence needed to pursue export opportunities and reduce reliance on oil and gas project work. Fast-forward to the present day, and exporting activities are forecast to account for a larger portion of revenue, with non-oil and gas revenue also growing strongly.

The challenge One of the greatest challenges facing EPC contractors serving the oil and gas sector during the pandemic has been a lack of certainty over the fate of projects around the world. Indeed, trying to acquire a holistic view of the market and what was happening in 2020 was notoriously difficult, making it impossible to plan ahead with any real degree of certainty.

For Quanta, while it was fortunate enough to be active on projects when COVID-19 struck thanks to a supportive client base, the need to refocus and realign was becoming clear. In 2020, the company saw its revenues drop 40% from those generated in 2019, creating a cashflow crunch that was exacerbated by losigtical supply chain issues.

Forced to restructure, Quanta was also having to grapple

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day-to-day challenges around project execution in light of working from home mandates and new safety protocols.

The solution This cocktail of challenges sparked a diversification acceleration from February 2021. Driven by the arrival of Steven Brett, the company’s existing five-year roadmap (which also centred around diversifying) was updated after close consultation with clients and an evaluation of internal skillsets that uncovered where Quanta could add value in new sectors. Supporting this was the EIC database, an arsenal of information containing valuable insights on projects and contacts in markets all over the world.

Communication has also been critical. As well as speaking openly with clients. Internal stakeholders have bought into the strategy, with some employees remaining on their existing lines of work and others being set the challenge of exploring different sectors away from oil and gas and securing new business.

Although there have been some bumps along the way, not least in terms of navigating the change and finding the best routes to market, clear headway has already been made which is now backed up by contract wins in new areas, including receiving requests for quotes (RFQs) from different organisations within the utilities sector. The company has kept its eye on the ball to still deliver to key oil and gas clients that had stayed loyal throughout the pandemic.

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In the Netherlands, as well as providing an EPC service to an oil and gas operator, Quanta secured a contract with a Tier 1 contractor working on the Sofia Offshore Wind Farm, a 1.4 GW site located on the shallow central area of the North Sea known as Dogger Bank. Still ongoing, Quanta is delivering technical safety provision across a range of areas, including wind towers, access and egress, and fire prevention, as well as providing health and safety manuals, leveraging best practice from its experience on countless oil and gas projects. The project has not only kickstarted the building of a track record in a new sector, but also provided vital insight on how Quanta’s skillsets can be transferable across multiple energy disciplines – indeed, it has vindicated the decision to accelerate its diversification drive.

The financials also point in the same direction. In 2021, 10% of income derived from non-oil and gas clients – this set to increase to 30% through 2022. Critically, exports will account for 50% of revenues, which compliments the focus within the company strategy.

Armed with the confidence to venture further into new markets and sectors, Quanta looks set to emerge in a stronger position than in 2020.

About Quanta Quanta delivers end-to-end engineering, procurement and construction services to the energy industry, covering the full life cycle of clients’ assets from concept to decommissioning. The company’s capabilities include brownfield modifications, flowlines and tiebacks, life extension and commissioning and underground gas storage, among other areas.

Quanta traces its origins from 1988, when it was known as Techmac Barton. The company was acquired by Fabricom in 1999, which was then acquired by GDF Suez (currently Engie). After a time operating as Fabricom Offshore Services, the company was rebranded as Quanta following a management buyout in 2018.

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Story type #diversification (main category) #export, #resilience, #service & solutions Benefits • Non-oil & gas clients now correspond to 10% of the company’s income • Exports calculated to account for 50% of revenues in 2022 Key findings For industry • Expect the unexpected and be ready to flex • Build resilience into your business For government • Quicken bureaucratic processes for starting projects • Ensure support for oil & gas’ long-term needs is communicated better to wider audience Government support?

The company has received government support from the Furlough scheme and has received R&D tax credits.

Quanta at a glance: Key products and services: Tier 2 provider of engineering, procurement, project management and construction services.

Main industries served: • Oil & gas – 80% • Renewables – 20% Headquarters: Northumberland, UK Year established: 2018 Number of employees: 60 Revenue: £8.2m Revenue from exports: 50%

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Re-Gen Robotics

Scaling up a unique proposition for O&G tank operators How is Re-Gen Robotics thriving?

The solution

Persistence is starting to pay off for Re-Gen Robotics.

Entering a market with a robotic tank cleaning solution, growing numbers of clients are starting to realise the efficiency and safety benefits on offer from a system which is disrupting the traditional human-based method.

While there is still a long way to go in terms of sparking an industry-wide shift, Re-Gen is continuing to build up a portfolio of satisfied customers whose performance data could be key to unlocking even faster growth in the years to come.

Indeed, scaling up was always part of the five-year plan when the business was founded, although it did not foresee the impact of COVID-19 which has served to push targets back by around six to eight months.

The challenge Having set up in 2018, Re-Gen Robotics entered the oil and gas tank cleaning market with a unique proposition.

Its robotic solutions not only provide unrivalled telemtry and reporting capabilities pertaining to tank health, but also remove the need for humans to enter the tanks during cleaning, thus providing a safety guarantee that no other similar service provider can offer.

However, a great deal of persistence and patience is required to enact change in what is a notoriously conservative sector. In order to move into profitability and lay the ground for its sustainable future, Re-Gen had to scale up, grow and get its pioneering solution out there in front of more prospective clients.

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After getting the green light from the board of directors for a more rapid growth strategy and scale-up, Re-Gen is now operating out of a new headquarters and R&D facility (with a £1.5 million R&D spend over three years), and is gradually starting to overcome resistance from industry players who have traditionally relied on human tank cleaning services.

Indeed, Re-Gen has been investing huge amounts of energy putting its no-human entry tank cleaning solution in front of the market. Hearts and minds needed to be changed, and its compelling offering is beginning to cut through.

The truck and trailer system, which costs around £1.1 million to build, is designed for Zone 0 locations (i.e. hazardous confined spaces) and only requires two to three operators – one to control the robotics and the other to control the jet-vac cleaning equipment. Furthermore, the safety gains offered by this solution are unparalleled in the market, and given the cost difference between this and manned systems is negligible, the business case for adopting Re-Gen’s innovation is clear.

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And a major breakthrough arrived in 2020 when the company completed its first crude oil tank clean project for Phillips 66, the American multinational energy firm headquartered in Houston, Texas. Up to this point, it had only worked on white (refined) oil tanks at storage terminals.

Today, Re-Gen has three operational systems on the ground, with ambitions to increase this to seven or eight systems by the end of 2022, a development which would cap off a rapid period of expansion which began with just one unit in operation in 2019. By the end of 2022, the firm also hopes to have increased its client base to 10 organisations, up from six in 2021 and three in 2020.

Financially, the firm operated at a profit in 2021 and is now set to double that margin in 2022 thanks to a growth in revenue from £2.7 million to £3.5 million.

Its mission is being supported by an ever-growing pool of data coming from existing clients around efficiency gains.

For instance, some are reporting reductions in manhours on site for tank cleaning of up to 90% – this is because a typical manned operation can require up to 10 people and take seven months to complete, whereas the robotic solution works 40-75% faster and requires just three months to finish a job.

As more and more success stories emerge, Re-Gen could be about to spark a seismic shift in the way the oil and gas sector treats and cleans its tanks.

About Re-Gen Robotics Re-Gen Robotics is the first and only Zone 0 EX certified, remote controlled, ‘No Man Entry’ robotic tank cleaning company, in the UK and Ireland. The company places a high premium on workplace safety and with bespoke, state of the art equipment, workers are not exposed to the dangers posed by operations carried out in hazardous confined space environments, including refineries, pharmaceutical plants, industrial and agricultural sectors.

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Story type #scale up (main category) #service & solutions Benefits • 90% reduction in manhours on site for tank cleaning • Revenues increased by £1.9m in 2021 Key findings For industry • Success requires high commitment For government • Policy makers need to adopt a message that matches efficiency and safety: robotics can do both • Value energy independence, its worth has been proven by the COVID-19 pandemic and the war in Ukraine Government support?

The company has not received any type of government support.

Re-Gen Robotics at a glance: Key products and services: Provision of no-man entry robotic tank cleaning to the O&G industry.

Main industries served: • Oil & Gas – 90% • Utilities (water and sewage) – 10% Headquarters: Newry, UK Year established: 2019 Number of employees: 19 Revenue: £3m Revenue from exports: 10%

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RelyOn Nutec

Building unrivalled position in the global energy transition with cutting-edge technology and structural change How is RelyOn Nutec thriving?

Once a traditional, dispersed, oil and gas dependent business, RelyOn Nutec has successfully transformed to become a unified, optimised, and diversified business perfectly positioned for the global energy transition. With new technologies helping to unlock previously untapped efficiencies and a staunch determination to futureproof the business in new markets, the safety training service provider has become much better placed to navigate the difficulties created by the COVID-19 pandemic.

The challenge Having previously stood as the safety training services division of the Falck Group, the enterprise rebranded to RelyOn Nutec in 2019 as part of a broader transformation journey – a journey born out of several challenges.

A strategic review in 2017 revealed that it was difficult to see how the safety training business would grow and maximise its true potential if current practices continued, particularly in aftermath of the 2014-2016 oil crises that had left the organisation in a precarious situation.

Indeed, RelyOn Nutec (then Falck Safety Service) embarked on a widespread revision programme, a thorough yet necessary operational audit resulting in cost reductions of more than 30%. Yet this was just one outcome of the audit. Furthermore, the firm recognised the difficulties it faced by running a disjointed international organisation that stemmed from multiple disparate acquisitions.

Between this inefficient structure and overly heavy dependency on an oil and gas industry that had been

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plunged into significant uncertainty, the safety training specialist was forced to take drastic action.

The solution To find firmer footing, RelyOn Nutec initiated significant restructuring in the old Falck Group, a process that began to show positive outcomes as early as 2017.

Come 2018, the enterprise was then sold to Danish private equity firm Polaris, presenting an opportunity for the organisation to further its transformation ambitions.

Indeed, thereafter it set about digitising, automating and integrating its portfolio to optimise operations while also diversifying its business model to move existing competences held in oil and gas into other industries.

Here, markets such as offshore wind, renewables and maritime were all targeted successfully.

Between rolling out a standardised financial systems platform and a centralised website, the firm quickly began eliminating inconsistencies and unlocking efficiencies.

As a result of this progress, the firm began to experience consistent revenue growth, its EBITDA rising 7-8% in 2016, another 9% in 2017 and a further 18% come 2019. Resultantly, the company was able to acquire Aberdeen Drilling School in 2018, while it also purchased a digital learning platform in 2019 to kick-off the digital transformation.

Such milestones continued, with RelyOn Nutec further acquiring a simulation business in 2019 that offered a variety of technologies from downhole simulation for oil and gas projects to topside simulations, real-time simulations and crane simulations, bolstering the firm’s

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Story type #transformation (main category) #digital

training assets. In the same year, it also brought a workforce competence platform on board to manage compliance and best practice across large-scale, blue-collar workforces.

By 2020, the organisation was growing 10% year-overyear – an optimistic wave that was unavoidably subdued by the impacts of the COVID-19 pandemic. With the transformation only part-way complete, the business was badly hit.

Indeed, it was a large bump in the road for the company, yet its ambitions of transforming remain bolder than ever.

Moving forward, the firm has regrouped and looks set to continue striding ahead with its transformation plans, combining digital and physical learning resources to its clients across a broad range of sectors.

With energy transition, advanced learning technologies and digital services now at the heart of its strategy, and with the business also eyeing new sectors for potential growth, RelyOn Nutec has shifted away from its unsustainable over-reliance on the oil and gas market looks to excel in a futureproofed manner for years to come.

Indeed, the firm successfully grew its renewables business by 40% in 2021 – a position that it will continue to build upon in 2022 and beyond as it continues to increase its profitability.

About RelyOn Nutec RelyOn Nutec is a global business delivering safety and competence services across the world, helping customers protect their people, assets and the environment.

Headquartered in Copenhagen, RelyOn Nutec has over 50 years of experience in delivering compliance and competence services for high-risk industries, including training, advanced learning technologies, applications, consultancy, and simulations. Since its beginning, the company has led the industry through the intelligent application of leading-edge technology, the maintenance of a safe workplace and the protection of the environment.

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Benefits • Renewable industry services grew by ~40% in 2021, with similar growth rates ahead • Users of our applications increased by +150% in 2021 • Digital learning completions increased by +300% in 2021 • Growth of digital business: from 1% in 2019 to 10% in 2021 • Renewables increase: from 6% in 2019 to 10% in 2021 Key findings For industry • Make sure to deliver more than expected • Set a clear path to not deviate too much from target For government • Frame conditions need to be adequate, available, and consistent long term to allow energy transition to be successful globally Government support?

The company has been supported by the Furlough scheme.

RelyOn Nutec at a glance: Key products and services: Training (online and face-to-face), consultancy, simulation technologies, applications and managed services for high-risk industries.

Main industries served: • Oil & gas – 62% • Renewables – 14% • Maritime – 7% • Others – 17% Headquarters: Copenhagen, Denmark Year established: 1968 Number of employees: 1,000 Revenue: £100m Revenue from exports: 95%

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Restrata

Adapting in the face of adversity How is Restrata thriving?

The solution

Restrata demonstrated an incredible ability to adapt in the face of adversity. Through the development and launch of its COVID Safe module in just three months, a workforce infection and contact tracing digital tool leveraged by 70,000 users across the energy and sports market in 2020, the firm was able to kick on with the subsequent rollout of its Incident & Crisis Management platform, deployed across 40 companies since its launch in February 2022.

A company priding itself on meeting the needs of its customers, the Restrata team did not wallow in its misfortune. Instead, it reacted with a swift and innovative strategy, immediately considering how it might adapt to support clients and help them manage the risks of COVID-19 head on.

The challenge Restrata is best described as a software-as-a-service (SaaS) specialist providing a unified platform for energy and industrial companies to manage their safety, security and resilience in one place. With various solutions at its disposal, the firm helps to assess its clients’ risks and prepare them for managing crises, running a 24-7 response service from Aberdeen for a global market, offering consulting and training too.

By the turn of the decade into 2020, the company had built a formidable reputation in the SaaS market, grasping the requirements of its energy customers and indeed the wider industry in detail with a 15-year proven track record under its belt.

It had just launched a new product when the pandemic hit and slowdown on new deals was felt. Resultantly, while the firm had gathered significant momentum heading into the year with a healthy number of upcoming deals, these were put on pause during a time of significant uncertainty.

In the immediate aftermath its future pipeline was impacted.

At the same time, the firm suddenly had to respond to all its client needs on a remote basis almost overnight.

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Client services being the first priority, Restrata immediately migrated to a remote service for the response & consulting services. This meant every company who depended on Restrata was served, a strategy helped by significant technical investments made in the previous year.

With a proactive and positive outlook, it wasn’t long before Restrata began to spot new fertile grounds. While the firm initially focused on supporting governments with quarantine management, many of its initial efforts were placed into the development of COVID Safe – a new service developed between March-June 2020.

The COVID Safe module was designed for the COVID health status tracking & contact tracing of individuals, Restrata partnering with HID for its tags and RTLS hardware to develop the location-based capabilities that the platform required.

Supported by a 24-hour shift mode internally to ensure its rapid development, testing and design, the COVID Safe module for the Restrata Platform was rolled out in just three months. Further, upon its completion and market launch in June 2020, COVID Safe was initially adopted by the England & Wales Cricket Board for the management and verification of COVID health status at international cricket tournaments. However, energy and industrial firms quickly followed suit, the tool having supported 70,000 individuals globally across these two markets to date.

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Success stories

Genel Energy stands as a prime example demonstrating how Restrata Platform and its newly-launched COVID Safe module is able to support energy firms to great effect. Here, the client has deployed it for managing COVID-19 across 10 of its sites in the UK, Turkey and Iraq, the technology allowing 1,500 of its workers to operate safely during the pandemic period. Equally, it has ensured journeys between its sites have been reduced and optimised, reducing its carbon footprint by 20%. Where Genel Energy’s travel requests had created huge admin burden, these were also digitalised through the platform and helped the company to realise significant time savings.

In addition to COVID Safe, Restrata also developed and launched its Incident and Crisis Manager (ICM) product as part of Restrata Platform. Having begun development in 2020, the tool was initially trialled with Restrata’s Aberdeen Global Operations Command Centre and had its full market rollout in February 2022. ICM actively supports companies in overcoming traditional incident management challenges, connecting all three levels of response management in one single platform. Through rapid sharing of critical information across site response teams, incident management teams and crisis management teams, it ensures they have the right information to act at the right time.

In the face of extreme pandemic-induced turbulence, Restrata has emerged in a strong position, having doubled the size of its research and development team by the end of 2020. Early 2021, meanwhile, was spent focusing on design and aesthetics. Users only use this type of system in time of crisis and exercise drills, so it must be simple and intuitive.

With such impressive projects, the firm has demonstrated a proven and admirable ability to adapt to the needs of the market at times of crisis.

About Restrata Restrata Platform connects decision makers in global organisations to information on the ground for better safety and security decision-making. Since 2006, Restrata has been on a mission to optimise business operations with the effective management of safety and security risks. With offices across the world, a strong heritage of projects in the UK and Europe, and a focus on expansion across the Middle East and Africa, Restrata shares its knowledge and expertise across the globe as it helps to develop critical infrastructure and national security strategies.

2022

Story type #innovation (main category) #resilience, #digital, #diversification, #scale up Benefits • Development of Restrata’s crisis management skills • R&D team doubled in 2020 • Over 40 clients using ICM three months from launch Key findings For industry • Don’t postpone tough decisions, be agile as early as possible • Have a deliberate balance between opportunistic and long-term vision For government • Align the energy transition and geopolitical security agendas • Modernise the support given to small businesses willing to export Government support?

The company has received R&D tax credits.

Restrata at a glance: Key products and services: unified platform for energy and industrial companies to manage their safety, security and resilience.

Main industries served: • Oil & gas – 70% • Renewables – 15% • Industrial – 15% Headquarters: London, UK Year established: 2006 Number of employees: 100 Revenue: N/A Revenue from exports: 70%

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Samuel Knight Energy Enhancing potential with Project Solutions How is Samuel Knight Energy thriving?

A business that was entirely reliant on the mobility of onthe-ground specialists, Samuel Knight Energy (SK Energy) successfully adapted in the face of COVID-induced adversity, employing a localised approach in key markets with its thriving Project Solutions services and a rapid expansion plan to better meet the needs of its clients.

The challenge Samuel Knight has youth on its side in the grand scheme of the energy industry. Founded in 2014 as a global manpower solutions specialist supporting the energy and rail industries, the company has spent its early years building successful foundations on agility and adaptability.

That said, the company initially wasn’t clear on how they could truly influence the market at scale, eventually coming to identify the massive opportunity it had to become renowned as a key contributor within the renewables arena. However, achieving this in recent times has been easier said than done.

Where the company received institutional investment three years ago, it had been tasked with managing a rapid expansion strategy with investment in offices across the US while also growing its funding and crediting facilities to attract larger global projects. Albeit promising, this growth plan has put a significant strain on the firm’s financial resources.

Further, as a manpower specialist, SK Energy’s business model is highly reliant on having bodies on the ground – a model that has been challenging to sustain in the face of a global pandemic. Where the firm previously needed to shift specialists from country to country, such mobilisation became extremely difficult in the face of national

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lockdowns, forcing the firm to adapt in order to continue securing new projects.

The solution To manage the COVID-induced mobility challenge, SK Energy set about building local networks of specialists in each region that would be able to reach projects more easily than those international experts hampered by border closures and travel-related quarantine requirements.

In doing so, the company has tapped into local labour markets, reducing costs for its clients in the process.

The firm recognises the importance of contributing to those communities in which it operates, doing so by developing key partnerships with local training schools to help upskill local talent. It’s a strategy that not only ensures it can prepare for growth in renewables markets, but equally obtains the necessary local certificates and meets local content requirements while giving back to local people.

In the face of COVID, the company has excelled. While many of its early contracts were primarily located in the UK and Europe, SK Energy now manages complex projects across the Asia Pacific and Americas regions thanks to astute localised networks. Through this broader reach, the company has also been able to move from a scatter gun approach and over reliance on a select number of global clients to supporting many smaller businesses, dramatically reducing risk.

In wind, the firm now works with all major OEMs across both offshore and onshore segments, having established intimate working relationships with major players. Yet the company offers its solutions across a wide range of market segments.

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Its relationship with Siemens stands as a prime example, stemming from the construction of three of the largest combined-cycle gas turbine (CCGT) power plants in Egypt back in 2016. To support the project effectively, SK Energy set up a local Egyptian entity, allowing its 38 engineers and supervisors to be locally sponsored, improving compliance and visa management. In doing so, the company was both able to comprehensively meet Siemens’ needs and set up a legal entity from which it could spread its wings and secure further contracts with other local clients.

The first example of this approach, it has since become an integral part of SK Energy’s business model, the service now known as Project Solutions. Here, the firm is working with numerous major players including General Electric (GE).

Its work with GE includes its largest ever contract at the Markbygden offshore wind farm in Northern Sweden.

While GE doesn’t a local services team on the ground here, the company has opted to manage the project with a contract model, trusting SK Energy to do so as the firm knows what is required and therefore reduces risk.

Today, GE taps into 18 SK Energy specialists in Sweden and 35 globally – a significant proportion of the 200-strong team of Project Solutions personnel.

Indeed, the future looks bright for Samuel Knight Energy moving forward. Not only has the company managed to adapt in a smart way in order to better meet its clients’ needs and reduce costs in the face of adversity, but its Project Solutions division has grown by 56.3% during the period 2020-21 with £4 million of new business, this now driving 90% of total revenue.

About Samuel Knight Energy Samuel Knight Energy is a global recruitment and project manpower specialist, providing skills and project solutions to the energy sectors on a permanent, contract and project basis. SK Energy covers the renewables, power generation, transmission and distribution, nuclear and oil and gas segments. The company’s contractor services offering includes mobilisation of contractors, payroll, immigration, registration, taxation as well as contractor care and localisation. In addition, SK Energy also provides bespoke skills testing, competency-based interviewing as well as industry and market trend insights.

Samuel Knight has offices in Bristol, London, Newcastle and Wales, in addition to US offices in Boston, Dallas and Chicago.

2022

Story type #serviceandsolutions (main category) #export, #scaleup Benefits • Project Solutions division generated £4m in new business Key findings For industry • Be flexible and consultative with clients, add value to the best solutions • Empower staff to achieve objectives • Don’t be afraid to seek advice For government • Have an in-depth understanding of your country’s markets instead of resorting to populist policies Government support?

The company has benefitted from the UK government’s Furlough scheme.

Samuel Knight Energy at a glance: Key products and services: provider of specialist technical and engineering manpower Main industries served: • Renewables – 70% • Conventional power – 20% • T&D – 10% Headquarters: Newcastle, UK Year established: 2014 Number of employees: 52 Revenue: £21.2m Revenue from exports: 75%

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Score Diagnostics

Gaining traction abroad to offset market conservatism in the UK How is Score Diagnostics thriving?

its attention further afield.

Armed with innovative non-invasive valve testing solutions, Score took the bold decision in 2010 to focus away from the UK market in the face of poor adoption by oil and gas industry operators, who were reluctant to invest without extensive evidence of a successful track record of local implementation. Having encountered a more receptive international audience, the company has gone on to make sales and deliver multi-million-dollar savings for a wide range of customers throughout the world.

The solution

The challenge Score has been engaged in the design and manufacture of valve condition and performance monitoring equipment and systems for several decades. It continues to innovate with new solutions to serve its customers in the oil and gas, petrochemical processing and refining, nuclear and utility market sectors.

Its MIDAS® range of equipment and systems is designed to make in-situ testing safer, faster, easier, more reliable, lower risk and lowest possible cost. The firm prides itself on helping customers to optimise operational efficiency and profitability through maximising process uptime and reliability, whilst also contributing to sustainability objectives by providing solutions for emissions elimination.

Score’s home market, the UK, however, has been slow to adopt new and innovative technologies. Much of this is driven by a reluctance within operators to invest in diminishing reserves and operational assets with shortterm life expectancy, yet the company also came up against a proof-of-concept barrier. Potential customers were citing a lack of previous success stories as a reason to delay investment. To solve this situation, Score turned

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In light of the slow growth and adoption of the firm’s technologies in its home market, under the stewardship of CEO Ian Davidson, Score pushed harder in international markets. The initial objective was to see if the company could excite and engage other internationally based organisations in its product and service offerings, starting with its hand-held valve leak detection tool, MIDAS Meter®.

In 2010, Score attended a high-profile US tradeshow targeted at the nuclear industry. Armed with just a prototype, it saw high demand and received orders or formal expressions of interest from half of the market’s major players inside six months. This experience truly opened Score’s eyes to the opportunities of exporting, and since then has supported the development of its regional offices and workshops around the world to tremendous effect.

Indeed, once the first few customers were secured and served, Score was able to tell local success stories and attract the attention of other local operating companies.

Many of these were brand new markets for Score, meaning it also opened-up many opportunities to crosssell and up-sell its other products and services.

Many landmark projects have been completed in the time since. In 2017, the company completed a highly successful flare reduction project for a USA based chemicals company.

Here, using its MIDAS Meter® on a “surveys-as-a-service” basis, Score completed a non-invasive survey of 62 valves over four days. Eight of the valves in the targeted valve population were the source of the unintended release of

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around 615 tonnes of gas emissions per annum. Using this data, the customer focused efforts on repairing the eight leaking valves, saving significant time and avoiding ‘just in case’ repair costs on the other 54. This, along with the recovered gas, has delivered multi-million-dollar savings.

In Houston, Score is facilitating savings of between $30 million and $36 million per offshore oil platform.

Traditional critical valve testing typically costs up to $3 million per test and can take 24 hours to complete, meaning the platform has to shut down and incur huge losses in production. Thanks to Score’s non-invasive testing technology, enormous savings and productivity gains can be made.

Meanwhile, in Oman, an oil and gas production company is utilising 21 MIDAS Meter® kits across 18 operational sites, having re-written its in-line valve testing procedures around Score’s solution. This has enabled the client to drastically cut losses in production to the tune of around $50 million per year in savings.

Such successes have helped Score to amass a formidable library of case studies that can now be used to sway prospective clients back home. Thanks to the bold decision to concentrate on export markets, the company is on track to reach £1 million in MIDAS Meter® sales, services and training revenues in 2022, doubling the number of 2019.

Moving forward, Score Group is cautiously optimistic that the introduction of new targets and compliance requirements on emissions reduction (for instance, on unintended flaring and venting emissions) will help highlight the relevance and value-adding capabilities of its products and services.

About Score Diagnostics Score Diagnostics Limited is a leader in valve leak detection and valve condition and performance monitoring. Using acoustic emission (AE) technology as one of its primary tools, it has revolutionised in-line leak detection, quantification and trending, making it quicker and easier than ever before. Score Diagnostics is part of the Score Group, a specialist in valves, fuel systems and accessories, and component manufacture. Score provides complex engineering solutions to support customers in multiple markets including defence, nuclear, aerospace, utilities and energy. With facilities in over thirty locations spanning five continents, the company employs more than 1,800 staff, including 350 apprentices.

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Story type #export (main category) #technology, #diversification, #energytransition Benefits • Combined annual cost savings exceeding $100m (of which $56m are linked to a single platform) Key findings For industry • Don’t be paralysed by the pursuit of perfection.

Take immediate advantage of “better” without having to wait for “best” – best can be acquired later.

For government • Be as inclusive and collaborative as possible.

Understand all possible impacts prior to policy implementation.

Government support?

The company has benefitted from the Apprenticeship Levy in addition to R&D tax credits.

Score Diagnostics at a glance: Key products and services: design and manufacture of valve condition and performance monitoring equipment and systems Main industries served: • Oil and gas – 90% • Nuclear – 10% Headquarters: Peterhead, UK Year established: 2012 Number of employees: 12 Revenue: £1.5m Revenue from exports: 80%

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Serimax Northern Europe

A story of determination and diversification amid the pandemic slowdown How is Serimax thriving?

Like many service suppliers to the oil and gas sector, the arrival of the COVID-19 pandemic could not have come at a worse time for Serimax. With the industry just about recovering from the crisis of 2014/15, projects were once again put on hold as lockdown and travel restrictions decimated demand, forcing the company to adapt. But adapt it did, applying its pipeline fabricating expertise to the utility sector, where last year it picked up a landmark utility project after impressing in trials and winning the client over with its open, responsive and can-do approach to business.

The challenge Set on the road to recovery following the oil crisis of 2014/15, specialist pipeline fabricator Serimax had reason to be optimistic. By 2020, the firm had emerged strongly, winning an award from the EIC and equipped with a highskilled workforce ready to fulfil a growing order book.

In March 2020, everything changed. The arrival of the pandemic prompted another price plunge as lockdown restrictions ground economies and international travel to a halt, putting the buffers on any hard-earned momentum Serimax had built up.

The crisis forced the company to close entirely for two weeks, with an internal taskforce established to understand and implement changes to working approaches and QHSE policies. Projects were disrupted. In Cyprus, having already committed to completed a series of works, Serimax had to work around staffing complications caused by border closures and quarantine rules. The team stood up to the

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task, honouring the contract and delivering professionally and on time.

As the pandemic developed, however, deferred projects started to be cancelled altogether, leaving gaping holes in the order book that the company had to fill.

The solution It soon became clear to VP NEU Dave Mackay and his leadership team that Serimax had to spread risk by opening up alternative revenue streams.

In fact, Mackay was already in the process of building a diversification strategy, realising in late 2018 that the company was too reliant on the oil and gas sector. Since then, the firm has been building contacts, acquiring information, skills and training requirement, as well as welding specifications for new markets such as utilities and hydrogen gas.

In 2021, a major breakthrough arrived in the form of major utility contract win.

The client was seeking a welding and fabrication partner to work on its unique spiral wound, zero-flush pipeline in Lincolnshire, joining pipes together in a series of trenches.

Serimax, recognising it could apply its expertise to this brief, secured the project after impressing with its expertise during the trial phase which saw it achieve a 100% clean outcome with zero splatter and infiltration into the pipe. Furthermore, the client identified with Serimax’s open approach and responsive attitude to communications, fully aligning with its ‘how can we help, let’s get it done’ mentality.

The firm is currently working on phase one of the project

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with a team of 20 employees, a contract worth £1 million that has the potential to expand in scope given the client’s objective to complete and flush test 500 kilometres of pipe by 2025.

Testament to Serimax’s can-do attitude is the fact that, alongside tendering for the project, the company had to requalify for numerous welding certifications specific to the utility sector, covering issues such as CO2 awareness and working in confined spaces. This also included certifications for working on the client’s construction sites, a make-or-break hurdle that had to be overcome in a matter of weeks. Nominated by the client, and as a direct result of their open and collaborative partnership, Serimax has been shortlisted for a prestigious industry award in the Collaboration Award category.

Having enjoyed some initial success in the utility space, the door is now open to pursue opportunities pertaining to hydrogen gas pipelines, a move which could help the company to increase its share in revenues from diversified lines of business even further. With the utility sector already accounting for around 10% of all income, Serimax looks set to transform into an entirely different commercial enterprise as it seeks further growth in utilities and energy transition markets.

About Serimax Serimax is a specialised welding company offering a range of services to support industry demands from basic to sophisticated welding parameters. With almost 50 years of experience, the company offers specialist expertise in fully integrated welding, fabrication, engineering, technology, field joint coating, nuclear, inspection, training, research & development, and full project management services. Operating in the most extreme conditions and challenging environments, Serimax supports these market sectors in all welding applications from deep, ultra-deep (HPHT), nuclear, landlines, and fabrication. Serimax has its headquarters in France and offices in the USA, Scotland, Russia, Brazil, Malaysia, China, Australia, and the UK.

2022

Story type #diversification (main category) #culture Benefits • £1m contract award in the utility segment.

Key findings For industry • Make a commitment from a project, learn from it, upscale it and keep growing.

For government • Stop talking, start doing.

Government support?

The company has not received any type of government support.

Serimax at a glance: Key products and services: Specialist pipeline fabricator Main industries served: • Oil and gas – 85% • Utility – 10% • Other – 5% Headquarters: Paris, France Year established: 1978 Number of employees: 120 Revenue: £18m Revenue from exports: 33%

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Strategic Growth Services A startup proven in supporting ambitious growth strategies How is Strategic Growth Services thriving?

Albeit a new entrant in the energy market, Strategic Growth Services (SGS) has already developed a renowned reputation among several repeat clients. Leveraging a 20-person strong global expert network and EIC’s DataStream to create bespoke, best-fit project portfolios for customers, the firm has a proven track record in accelerating the growth, diversification and exporting ambitions of energy players globally.

The challenge Launched in 2020, SGS is a new figure within the energy industry, the company founded with the vision of supporting sector players in sustaining and growing their business in key markets.

Now two years in the making, SGS’s startup journey reinforces Henry Mintzberg’s statement that “all strategy making walks on two feet, one deliberate, one emergent”.

SGS was originally launched in the midst of a pandemic to help businesses (particularly SME’s) grow into new regions and/or sectors using a systematic process based on reliable project intelligence. Setting up a business during a pandemic reinforces the need to be nimble and flexible while delivering customer value at all times. While the initial focus was on smaller SME’s who lack the internal strategic resource, there has been a more recent focus on larger businesses as well.

With a clear vision on delivering tangible business growth, the SGS team has remained unwavering in its ambitions of helping its customers in expanding their horizons.

The solution At the outset SGS relied upon the reputation of its

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founders including CEO John Young, the firm coming to secure its first business through word-of-mouth referrals and recommendations. Yet equally it ensured that a new similarly positive company-centric reputation was established thereafter.

The company invests significant time and effort in understanding the core skillsets of its clients – their success criteria, the core projects that they focus on, contracts they have won and why, alongside unique selling points and other areas of significance.

Through this analysis, SGS is able to develop a bespoke ‘best-fit project template’ for each of its customers that are visualised through pivot charts and broken down by sector. Once this has been achieved, the firm begins to look for suitable project candidates. Here, it leverages the EIC DataStream as a project tracking database – a resource which equally helped SGS to identify suitable customers itself.

Engagement plans are subsequently built for projects that are deemed suitable, the firm leveraging the varied experience of its 20-strong global team of experts in doing so. Underpinned by remote workers in disparate locations, this network has benefitted from the more flexible ways in which people want to work because of the pandemic.

Resultantly, SGS has been able to assemble a team of industry leaders that support its needs as and when required.

Indeed, between COVID-19 acting as a catalyst in this way and a proven ability to adapt the SGS focus and offering as needed, the company has already reached several impressive milestones. Having won seven clients in its inaugural year, this number then jumped to double figures by April 2022, with all customers engaging with the company for repeat consultations and business thanks to high satisfaction rates.

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A case in point comes in the form of the firm’s dealings with Walter Tosto – an industrial machinery product manufacturer that sought assistance in building its presence in the UK market. Here, SGS built a portfolio of 35 high-potential projects, taking into account skillset relevancy as well as assisting the company in consulting its targeted clients with engagement strategies and contract development.

Owing to proven capabilities in these endeavours, SGS is now supporting Walter Tosto in identifying collaborative opportunities in the UK to accelerate its growth ambitions, as well as assisting it in widening its portfolio through the identification and evaluation of new technologies for investment.

The benefits of a dynamic team are the ability to recognise market issues and quickly help develop solutions which meet the needs of customers. Examples of this nimble and flexible approach to lead the conversation include: • Founding Financing Technology to Net Zero, a collaborative initiative, with the aim to help create conditions for accelerated investment in net zero technologies. There are nine member companies including Siemens Energy, Wood, the Net Zero Technology Centre, Greenbackers Investment Capital and the EIC.

Story type #service & solutions (main category) #collaboration Benefits • Seven clients won in the company’s first year, now they are 10 • All clients returning for new engagements • Revenue to surpass £700,000 in 2022

• Recognising the challenge for many companies to develop a robust ESG strategy. Strategic Growth Services have recently launched their E-SGS Dashboard and Index, a systematic methodology (built to ISO standard methodology and utilising accepted principles) that businesses can use to ensure they have a complete and comprehensive response to ESG.

Key findings For industry • Large companies should communicate better their energy transition and ESG needs to the supply chain • Avoid the risk of a single-client base, be ready for change

Its successes are also reflected in ambitious revenue growth. While the firm recorded revenues exceeding £200,000 in 2021, this is forecast to rise to over £750,000 in 2022 as it continues to both consolidate and expand. Such figures are highly impressive given the short timelines involved. A startup that has managed to thrive during a period of significant uncertainty, SGS looks set to kick on for many years to come.

For government • Enable systems and processes that deliver the necessary capability growth for energy transition

About SGS As the global energy picture is changing, it becomes imperative to develop a robust business strategy and action plan to enable transition from current to future energy scenarios. This is where Strategic Growth Services enters.

SGS is a global network of experienced strategy and business development executives and its vision is to provide a range of bespoke consulting services which enable customers to grow their business. SGS’s methodology ensures customer success through rigorous alignment of our customer’s strategies and action plans, with reliable project intelligence.

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Government support?

The company has not received any type of government support.

SGS at a glance: Key products and services: Business consulting services.

Main industries served: • Oil & gas – 75% • Hydrogen – 25% Headquarters: The Hague, Netherlands Year established: 2020 Number of employees: 2 Revenue: £200,000 Revenue from exports: 100%

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STATS

Supporting net-zero ambitions with innovative pipeline isolation technology How is STATS thriving?

STATS Group is committed to incorporating sustainability into its core activities to assess and measure its social and environmental impact. The company is in a strong position to capitalise on new opportunities arising in the transition to more sustainable energy supplies and a carbon netzero future. Between its industry leading pipeline isolation technology, local presence in key markets and a proven tracked record, STATS continues to demonstrate innovative capabilities in helping organisations to save emissions while providing significant carbon price savings in the process.

The challenge The growing volume of net-zero discussions, underpinned by the lead up to COP26 in 2021, provided much food for thought for STATS. A company specialising in the supply of isolation, hot tapping and plugging services, it has long been an entity working closely with oil and gas firms – a role that CEO Leigh Howarth recognised as a position of both great influence and opportunity.

Understanding that alignment with sustainability was vital to both the future of the planet and STATS UK Limited itself; the Chief Executive recognised the need to properly evaluate where the company lay on the sustainability spectrum and how it could further shift this dial in order to reduce its own footprint while also supporting the netzero endeavours of its clients.

The solution From mid-2020, STATS began to consider sustainability in all key business decisions while also conducting a thorough review of all activities – a movement that has gathered momentum over the past 18 months.

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Indeed, these sustainability-driven ambitions resulted in a variety of different initiatives.

have

The company assessed its own carbon footprint in a prioritised fashion, focusing on achieving quick wins by addressing energy supply, factory lighting technology and circular economy issues.

Many parties were consulted to unlock a variety of useful ideas and insights on this front, including a student at Robert Gordon University in Aberdeen who helped to visualise what a successful sustainability policy should look like, and how all operating regions of the company could be engaged effectively to build awareness and ensure widespread buy-in. Equally, the company created a global sustainability steering group, co-chaired by its QHSE and commercial directors, with representatives from all regions.

The results of this extensive review process showed that the company had largely already been operating sustainably thanks to previous actions over the past decade that had focused on innovation and localisation.

STATS has been investing directly in the geographies in which it operates and building local teams, for example.

This approach includes offering extensive training and development to staff, preferring to provide long term opportunities and societal contribution as opposed to temporary positions.

From its excellent safety records to talent development to the contribution of wealth via tax payments, competitive salaries and infrastructure investment, actions previously focused on ensuring STATS acted as a sound corporate citizen in all its operating regions had laid much of the groundwork for its sustainability endeavours.

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In terms of supporting its client’s net-zero ambitions, meanwhile, the company also found a useful way to measuring its contributions.

Its industry leading pipeline isolation technology is delivered on a localised basis and supports significantly reduced venting, resulting in huge emissions savings.

Recognising this has helped to expand STATS’ marketing endeavours, helping the company build these ‘banking benefits’ as a critical message into its commercial proposals.

A case in point is in Qatar. Here, STATS deployed its double block temporary pipeline isolation tools for a client to safely isolate a 38” 80-kilometre stretch of pipeline without the need to depressurise the entire pipeline, helping to avoid the discharge of significant quantities of CO2 into the atmosphere. Indeed, it is estimated STATS technology prevented 9,600 tonnes equivalent of CO2 being released – which, based on carbon tax equivalent pricing on 2022 CO2 rates, also saved their client $750,000.

This is just one of multiple success stories that are tremendously supportive of STATS’s energy transition ambitions – experience that will prove invaluable in supporting the energy transition of other firms moving forward.

Indeed, with such an esteemed track record and ambitions to expand further into new energy markets such as CO2 and hydrogen blended pipelines, the future looks incredibly bright for STATS as it progresses on its sustainability path.

About STATS STATS Group are market leaders in the supply of pressurised pipeline isolation, hot tapping and plugging services to the global energy industry. Their primary services are isolation and intervention of pressurised piping and pipelines, as well as a range of mechanical pipeline connectors and repair clamps. . The company has its own proprietary technology, such as their DNV type approved isolation tools, with leak-tight dual seals, that enables safe and efficient maintenance and repair of onshore, topsides and subsea pipeline infrastructure.

STATS Group’s vision of producing specialist tools and technology services for a safer energy industry is carried out by over 320 employees, spread across the world. With headquarters in Aberdeen, the company operates globally with sites in the USA, Canada, the UAE, Qatar, Oman, Malaysia and Australia.

2022

Story type #sustainability (main category) Benefits • Prevented 9,600 tonnes equivalent of CO2 being released in the atmosphere, allowing client to save $750,000 in carbon tax Key findings For industry • Do not accept greenwashing • It takes more money and time than usually expected to grow a global, sustainable business For government • Absent of long-term cross-party commitment to achieve strategic goals Government support?

The company is supported by the Apprenticeship Levy programme and receives R&D tax credits.

STATS at a glance: Key products and services: Isolation, hot tapping, and plugging services to the international energy industry.

Main industries served: • Oil & gas – 100% Headquarters: Aberdeen, UK Year established: 1998 Number of employees: 320 Revenue: £50m Revenue from exports: 87%

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Swagelok

A decisive, effective and empathetic COVID-19 response supported by a localglobal business model How is Swagelok thriving?

Materials science, product design, and fluid system performance solutions provider, Swagelok has emerged strongly from the COVID-19 pandemic thanks to its highly coordinated response that has enabled it to maintain uninterrupted production schedules while keeping its associates and their families safe. Detecting the urgency of the situation early on, the company quickly developed and deployed new policies which have allowed for continuity of service, its protocols being recognised in several of its locations around the world as best practice examples to follow.

What’s more, Swagelok has been able to keep customers happy because of its unique Sales & Service Centre (SSC) distribution model, which grants local autonomy to these exclusive but independently-owned and operated companies, which benefit from the Swagelok’s global expertise and resources.

The challenge Any company with 20 manufacturing facilities, five global tech hubs and a network of more than 200 authorised sales and services centres spread across 70 countries would find it difficult to maintain operational continuity during the height of a worldwide pandemic.

Whole economies shutdown almost overnight, deemed essential businesses were allowed to continue operating, providing they enact strict health and safety regimes – measures which themselves caused mass operational disruption.

For Ohio-based Swagelok, this was exactly the situation it was faced with. Few saw the pandemic coming, and when

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it arrived, quick and decisive action was needed to not only ensure the safety of its workforce associates, but also the continuity of its output.

The solution Central to the company’s pandemic response has been its values-based decision-making culture which places people at the heart of its strategies.

In the case of COVID-19, it prioritised the safety of all associates and their families while operations continued, ensuring no staff were laid off and no outbreaks occurred.

Indeed, to date no COVID-19 cases from internal transmission have been recorded.

These impressive outcomes are the result of a wellexecuted strategy that kickstarted with the assembly of a COVID-19 crisis response team whose decisions and safety measures were based on available data and guidance from leading public health and safety organisations, including the US Centers for Disease Control (CDC). The team’s focus concentrated on three key areas – associate impact, business continuity and communications (both internal and external).

Permitted to continue operating through lockdown restrictions as an essential business, Swagelok acted swiftly and cautiously, with many of its initial measures continuing through the course of 2021. For example, the company proactively created and maintained quarantining and return-to-work protocols for associates who reported confirmed or potential exposure to COVID-19, and also set up a dedicated Associate Resource Center to take calls and manage the return-to-work process. Meanwhile, daily self-check procedures and enhanced hygiene, cleaning

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and facemask protocols were adopted alongside socially distanced staggered shifts that limited the number of people congregating in communal areas.

Remote work has also been embraced where feasible, including a new virtual process for customer inspections that would previously have been conducted on-site. Using a headset that connects to a virtual meeting, Swagelok has been able to safely leverage its global network of engineers who can quickly evaluate the problem, find the root cause analysis, and propose options to customers as if they were together in the same room.

The merits of the company’s Sales & Service Centre (SSC) distribution model has also come to the fore. Made up of a network of independently owned and operated businesses who are only permitted to sell Swagelok’s centrally designed and produced solutions, the company is able to leverage the best of both worlds. Its local footprint enables fast on-site response (and minimal COVID-19 disruption due to international travel restrictions), while global expertise is always on hand as a valuable backup resource when needed.

Story type #culture (main category) #innovation, #resilience Benefits • No internal COVID-19 transmission cases • Maintenance of client’s satisfaction • Returning scores above 90% Key findings For industry • Invest in the development of core employee base • Be an active listener to learn from feedback For government • Make the development of energy transition policies clearer for companies to plan around it Government support?

The company has not received any type of government support.

As a result, Swagelok has maintained a highly satisfied customer base during the pandemic period – with its pulse surveys largely returning scores well above 90%.

And after coming off a strong 2021, it can look ahead to enjoying even more fruitful relations with clients, suppliers and its associates around the world.

Swagelok at a glance: Key products and services: Leading development and provision of fluid system products, assemblies, services, and training for the oil & gas, chemical and petrochemical, semiconductor, transportation, and power industries.

About Swagelok

Main industries served: • Semiconductor – 35% • Oil & gas, chemical – 32% • General – 27% • CNG/Mobility – 6%

Swagelok Company is a $2 billion privately held developer of fluid system products, assemblies, and services for the oil and gas, chemical and petrochemical, semiconductor, and transportation industries. Headquartered in Solon, Ohio, U.S.A., Swagelok serves customers through approximately 200 sales and service centers in 70 countries, supported by the expertise of more than 5,700 associates at 20 manufacturing facilities and five global technology centers.

2022

Headquarters: Solon, USA Year established: 1947 Number of employees: 5,500 Revenue: £1.6bn Revenue from exports: N/A

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T12 Consultancy

Efficient and effective ‘engineering on demand’ How is T12 Consultancy thriving?

Founded in March 2020, T12 Consultancy launched into the engineering consultancy market, offering efficient and effective “engineering on demand” services. Like with most companies, what happened over the next 18 months was completely unforeseen and caused T12 to reassess their priorities. They pivoted and adopted their plans to focus on building a solid foundation to foster success into the next year.

T12 excelled in its inaugural year, surpassing revenue targets projected for its first year, backed by a secure base of diverse clients operating in multiple sectors.

The challenge T12 was launched with a solid and objective business mode: to offer a refreshing approach to engineering consultancy, putting customer focus, responsiveness, and agility at its core. T12’s founders identified a gap in the market and, after holding initial discussions at a restaurant whilst sat at table 12 (where the company name was settled upon), went for it.

However, with no external investment and a challenging global situation, significant additional focus had to be put on planning, risk management and strategy – enabling T12 to survive through 2021 and thrive into 2022 and beyond.

The solution At launch, the firm immediately began to market itself as an ‘engineering on demand’ service provider, its consultant engineers offering to design, build, install and apply critical technologies across many sectors, from forward-thinking

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energy companies and tier 1 service providers to onshore industrial firms.

This approach proved to be highly successful and yielded almost instant results, that aligned with T12’s core values providing opportunity through diverse capability. In the first month of operation, the company secured two key contracts: to design a linkspan bridge and provide structural integrity assessments for a client operating in the energy-from-waste industry.

The company’s vision of a customer-focused, responsive, and agile consultancy was proven out at rapid pace in a challenging environment. Once the vision was shown to be successful, T12 began to consider its longer-term strategic goals, looking at how it could add maximum value through on-demand engineering. Indeed, it was determined that everything would be based on outcomes – an approach that was genuinely value-led, and not driven by perceived value.

Such an approach has proven to be a hit among T12’s clients and earned the company’s diverse base. In the UK, T12 has secured an ongoing engineering service contract at a large tier 1 COMAH site, providing brownfield structural modifications and late life extension of largescale industrial assets. In parallel, T12’s expertise and knowledge of offshore equipment have secured multiple contracts supporting multinational energy services companies, supporting engineering, design, product development and delivery.

Further afield in Latin America, T12 signed a 2-year master services agreement with a forward-thinking, disruptive international energy company. The company has one of the industry’s most experienced teams in the science of operating and redeveloping mid-life oil and gas assets.

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T12 supplemented the client with further engineering and technology expertise in late life extension (LLE) by gathering historical data from multiple sources, in various formats and languages, digitising, and analysing it. This enabled the client to enhance decision-making in support of asset life extension.

Additionally, T12 is further improving its offering with developed bespoke software, aiming to bring this subscription-based solution to the wider market.

These are just a few examples of T12’s responsive and innovative determination to add a value proposition to large corporate process and workloads. The company has demonstrated successfully that it is able to get to the source of any problems and solve them expediently ‘on demand’.

Of course, as is unavoidable with start-ups, there have been challenges along the way. In the face of COVID-19, the company’s launch and growth were at a slower pace than anticipated, and the firm struggled to establish itself within the marketplace due to the vast constraints placed on business development, networking, conferences and face-to-face meetings. Yet despite a challenging environment and small setbacks, its launch has overall been a resounding success.

To date, T12 has completed projects spanning everything from linkspan bridge construction, energy-from-waste, offshore and onshore petrochemicals, late life extension and asset integrity management, including on-site surveys and support where required.

Having recently completed its first full year of operation, the firm now has a secure and sustainable revenue stream underpinned by a base of diverse clients across multiple sectors. T12s’s future is bright. Looking ahead to 2022 and beyond, revenues are expected to grow year on year, supporting profitable and sustainable growth.

At just one year old, T12 is undoubtedly a resounding success story and one to watch for the future.

About T12 Consultancy T12 Consultancy is an engineering and technology company that provides technical solutions for its customers. The company offers design, engineering, and innovation to execute complex projects. Its founding principles consist of putting customer focus, responsiveness, and agility at its core, developing innovative technology solutions across a broad range of industries.

2022

Story type #innovation (disruptive) (main category) #digital, #resilience Benefits • Large corporate processes and workloads simplified • Revenue to double in 2022 Key findings For industry • Make decisions quickly • Innovation never comes from big engineering departments: invest in SMEs For government • Support the Oil & Gas sector and other successful UK industries without restrictions Government support?

The company has not received any type of government support.

T12 Consultancy at a glance: Key products and services: Engineering on demand: consultant engineers designing, building, installing, and applying technology across many sectors such as oil & gas, renewables, and construction.

Main industries served: • Offshore Energy – 50% • Renewables & New Energy technology – 20% • Onshore Industrial – 30% Headquarters: Edinburgh, UK Year established: 2020 Number of employees: 12 Revenue: £1.5m Revenue from exports: 50%

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Texo

Transforming a disparate company into a one-stop shop How is Texo thriving?

In just four years, TEXO has transformed from a disparate collection of companies into a thriving multi-disciplinary industrial services business able to access much larger and more complex contracts, and delivering measurable impacts for its customers. This has been possible because of wholesale changes made by MD Chris Smith, who has introduced a culture of ‘together we are one’. Being able to work on complex projects from design to installation is making TEXO a force to be reckoned with.

The challenge TEXO, founded originally as an amalgamation of several acquisitions in 2018, has always housed the expertise and knowhow needed to offer clients a comprehensive turnkey service – from engineering and fabrication to state-of-the-art survey and specialist recruitment.

However, in its first two years of operation, up to 50% of contracted work was being outsourced, despite the fact that the business could have drawn on internal expertise instead. In 2019, Chris Smith arrived as Managing Director and immediately noticed the disconnect – he was at a loss as to why employees were not working together across different parts of the organisation, sharing ideas and collaborating more on client projects.

This disconnected way of working was having a negative impact on the business’s reputation, internal culture and bottom line. So a radical overhal was needed to allow

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TEXO to work to its strengths, putting it in a position to transform its offering and its profitability.

The solution In response to the situation he inherited, Chris Smith set about developing a transformation programme to optimise internal processes, enhance company culture and put a structure in place that allowed the business to bid for and deliver complex projects that used all TEXO’s expertise and ability. This meant some tough but necessary decisions and has resulted in a cohesive and collaborative business that is quickly establishing a leading position in its field. Chris Smith admits facing a challenge or two when breaking down the old behaviours, and has been surprised by how many clients were originally unaware of TEXO’s scope of expertise.

Today, all seven business units now operate under a single TEXO umbrella. While each unit still has its own monthly goals and targets to work towards, frequent internal meetings between units is now the norm, with bonuses and incentives in some partially linked to the performance of the business as a whole.

Indeed, a ‘together we are one’ mindset has been instilled; a culture whereby sub-optimal performances in one area are actively offset by positive performances in others, with budget and financial performance data of every division shared across the organisation. Chris Smith also hired a new bid manager with an organisation-wide remit, with enquiries now shared between all units to ensure each has the opportunity to feed value into every tender. This new approach is complemented by a centralised CRM system

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that manages all opportunities and clients, again providing a means for the company to widen its scope by granting visibility to all expert stakeholders in the company.

This reaction from customers has underlined the importance of making the transition, which is also paying financial dividends. So far, the company calculates that it has saved around £10 million that would have otherwise been spent on outsourcing, with 90% of work now being completed in-house. This is helping to improve margins, which will see the firm profit more from the work it is contracted to complete.

And the volume of work being secured is also looking healthy.

TEXO has already recovered to well above pre-pandemic revenue levels, with income for 2022 projected to reach £40 million (a £15 million increase on 2019’s turnover).

TEXO’s transformation is already having a huge impact both in terms of adding value to clients and boosting the financial performance of the organisation. Now a united company with colleagues across divisions pulling together in the same direction, it is well-positioned to write the next chapter in its growth journey.

About Texo TEXO is an Aberdeen-based multi-disciplinary industrial services company that provides services in the oil and gas, renewable energy, nuclear energy and marine sectors. The company’s team is made up of engineers, constructors, surveyors, designers, creative thinkers, service-givers and problem solvers. TEXO offers seven distinct services: Engineering & Fabrication, Workspace Solutions, Asset Integrity, Recruitment, Port Services, Livestream and Land & Aerial Surveys. Between them, these services support customers both onshore and offshore to design and complete essential projects on time and on budget.

TEXO won “Young Business of the Year” at the Courier Business Awards 2019, “Transformation Award” at the EIC Awards 2021 and “Business Transformation” at the Scottish Engineering Awards 2022.

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Story type #service & solutions (main category) #optimization Benefits • ‘Together we are one’ approach enabled £10m in revenues Key findings For industry • Retain and look after your staff: one can’t go wrong with a great team • Diversification is key to work across different markets, sectors, and changing client needs For government • Provide more support in accessing new market sectors and diversify within the UK Government support?

The company receives R&D tax credits.

Texo at a glance: Key products and services: One stop shop with services for the whole asset life cycle: engineering & fabrication, workspace solutions, asset integrity, recruitment, port services, livestream and land & aerial surveys.

Main industries served: • Oil & Gas – 50% • Renewables – 20% • Building – 10% • Utilities (water, transmission lines) – 10% • Marine – 10% Headquarters: Aberdeen, UK Year established: 2018 Number of employees: 100 Revenue: £30m Revenue from exports: 0%

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ThinJack Ltd.

A comprehensive strategic rethink to current challenges How is ThinJack Ltd. thriving?

Faced with a cocktail of internal and external challenges, niche oil and gas well services and products provider ThinJack Ltd. recognised a potential business crisis in 2018.

The company’s leadership knew that it had to change its approach to business, both in terms of its solution offering and target markets.

Fast-forward to 2022, and there are promising signs that the visionary shift is working, particularly in regard to new innovations and building a network in the Middle East.

Thanks to support from the EIC, Scottish Enterprise, SDI and the GlobalScot network, the company looks well set to capitalise on potential demand for its technology through a local agency agreement finalised in March 2022.

The challenge Losing an influential business development leader is always a major setback, and this is exactly what happened to ThinJack Ltd. in 2018. For an SME of less than 10 employees, the compounding series of challenges, loss of BD function, need for new products and services and bad debt prompted the company’s senior leadership to chart a new course.

Lack of product and service diversity was starting to hold it back from securing new business, a narrow focus on the domestic UK offshore market limited opportunities.

Its own research showed revenue streams were primarily coming from maintaining ageing assets and, with the UK winding down oil and gas activity, ThinJack Ltd. needed

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to look elsewhere. Combined with oil price volatility, energy transition acceleration and a lack of presence in major oil markets such as the Middle East, it was clear that wholesale change was needed.

The solution Faced with potential cashflow crisis and demoralisation of the team, ThinJack Ltd. set about a complete strategic rethink, leading to a new website design in 2019 and a detailed business plan consultation devised to breathe new life into the business.

Attention turned to the research and development of new offerings as a window of opportunity was granted by the COVID-19 pandemic, which had brought various projects to a halt. The company then developed two new products, the first being BonnetBuster: designed to enable better access to valves on christmas trees, it was created following client consultation regarding a problem requiring a bespoke solution. The second, HoleGuard, a semi-permanent wellbore protector in a variety of sizes and heights which safeguards the gasket ring and protects the wellbore from potential dropped object damage.

Armed with these two new innovations as well as the ThinJack Service technology, ThinJack Ltd. identified the Middle East market as the primary target for its internationalisation strategy, forming the backbone of its forward momentum through 2021 and beyond.

The company engaged with bodies such as the EIC, SDI and the GlobalScot network for advice on entering the

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region and identifying potential local partners. After searching and scoping out numerous options, ThinJack Ltd. selected Al Yaseah OGISS as the partner of choice to enter a local agency agreement. This contract was finalised in March 2022 with the aid of an SE IRP grant for legal support.

Since then, the main priority has been generating awareness of ThinJack Ltd.’s capabilities throughout the region. This has involved attending flagship events such as ADIPEC and OWI, the Middle East’s leading well intervention conference, with solid interest being shown by several potential clients such as PDO Oman, Dragon Oil and Cameron. In May, ThinJack Ltd. attended the EIC’s ReConnect UAE event held in Abu Dhabi, with a view to an in-country technology demonstration later in 2022.

Such events and progress bode well for ThinJack Ltd. as it seeks to drive forwards with its diversification and internationalisation strategy. With its local agency agreement established and networking activities well underway, and already yielding interest, it is only a matter of time before contracts are secured and revenues start to flow from this new market.

About ThinJack Formed in 2005, ThinJack Ltd. supplies niche oil & gas well services and products internationally. It delivers extreme force in tight and difficult-to-access spaces, primarily for breaking apart stuck equipment. Well applications include flange separation, tree cap, and bonnet removal. Other services include flange gap, tilt measuring, gap holding, and pre-lift weighing. ThinJack Ltd. also manufacture HoleGuard, a product which is a temporary fitting over the wellbore, well spool connecting hanger and the flange sealing face. It is a barrier which minimises the likelihood of damage to the gasket ring and prevents dropped objects entering the wellbore. ThinJack Ltd. has a team which has accumulated over 39 years of technical and business experience in 30 countries.

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Story type #collaboration (main category) #export Benefits • Diversification and internationalisation strategy moving forward • New possible clients already interested in doing business with ThinJack Ltd. Key findings For industry • Be realistic on timelines, sales and cost projections • Maximise homework on marketability, positioning, and pricing of services For government • Create initiatives to support SMEs’ activities and costs for setting up internationally e.g., Business Cluster Ventures Government support?

The company received support from Scottish Enterprise through the International Recovery Programme grant to expand into the Middle East.

ThinJack at a glance: Key products and services: Supply of niche oil & gas well services and products.

Main industries served: • Oil & gas – 100% Headquarters: Westhill, UK Year established: 2005 Number of employees: 9 Revenue: £300,000 Revenue from exports: 0% (2021, 2020); 70% (before 2020)

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TP-Products A true start-up success story How is TP-Products thriving?

The solution

Launched by a tightknit, passionate team just six years ago, TP-Products has carved its position as the go-to technical solutions partner for operators and developers of complex subsea installations utilising compact flanges, thanks to its specialist inhouse expertise. Between an unrivalled technical knowledge base and proven track record, the firm has found its niche and is maximising opportunities at every turn, demonstrated by a continual growth in clients and revenue year after year.

To turn TP-Products from a pipedream into a truly successful venture, the team set about maximising the most of what they did have – driven people and esteemed competences in key technologies.

The challenge John Arnesen has been able to share a truly exceptional entrepreneurial success story for this edition of Survive & Thrive. Having previously worked for a large multinational firm, he and his colleagues had a lightbulb moment.

Wanting to participate more actively in the development of an organisation and develop a brand that they could call their own, they decided to take the plunge and venture out on their own to launch TP-Products in April 2016.

Of course, starting a company from scratch is no easy task, particularly in a highly competitive compact flanges, clamp connectors and subsea valve market. Indeed, it would require extreme patience and immense industry expertise to even get off the ground.

This was proven by its start, the firm recording revenues of approximately just 1 million NOK (£85,000) in its first year.

Further, it also faced several unexpected surprises after failing to account for those qualification approvals needed to meet client needs and allow the firm to trade effectively.

It was a steep hill to climb, yet its entrepreneurial founders were determined to succeed.

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Joining Arnesen from the outset was Sjur Lassesen, a leading global expert and engineer specialising in compact flange technology. Lassesen was a key asset, having written the initial standard for compact flanges and sitting on all key global standards committees in this space.

Indeed, he remains Equinor’s go to contact when facing challenges on flanges.

Having such an individual on board was vital, providing the firm with an immediate competitive advantage. Compact flanges were invented by a small Swedish engineering company in the 1960s, then being adopted by a small Norwegian company in the late 80s. Subsequently, Statoil became interested and wanted to use this flange in its large development Snorre A and later for the FPSO at Norne.

However, Statoil feared that the Norweagian firm was too vulnerable and requested they make the technology a standard, this coming to fruition in the form of NORSOK L005.

Today, after the ISO 27509 NORSOK standard took over in 2012, any company can create a L005 flange. However, having the knowledge to go beyond these standards for niche applications, unique requirements and to overcome specific challenges is a highly specialist skill – one that TPProducts could offer from the outset.

This technical capability remains the firm’s unique selling point, with Lassesen’s colleague Marc Smits – a renowned engineer in design and drawings – also having joined to

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ensure the company could provide the whole package, catering to unique needs with ease and flexibility.

It has been by no means a conventional road for the firm in the six years since its launch. The initial strategy was to gain a strong foothold in the Norwegian market before gradually expanding globally, yet the company was catapulted into the international market immediately, landing its first order in New Zealand. Since then, it has steadily expanded into an undeniably successful business thanks to a proven track record in successfully delivering for its clients.

One such example comes in the work completed at Shell’s Nyhamna processing plant in Norway as its plant’s technical service provider.

Here, TP-Products was brought in to address issues with seals in compact flanges. Here, Shell was faced with leakage problems that were not only incredibly dangerous but also resulted in unforced downtime and massive revenue losses. The firm helped to re-machine its flanges and acquire more suitable seals, successfully eliminating its leakages and the subsequent lost production in a smooth and efficient manner. Resultantly, TP-Products has gone from strength to strength.

Having been targeted for acquisition in December 2020, the company completed a merger with Teknisk Produksjon – a move which has proven to be a major success. Further, its revenues have now increased dramatically to 110 million NOK (£9.4 million) in 2021, having enjoyed a tenfold increase in clients in just five short years.

Moving forward, the company plans to launch a new generation of compact flanges during 2022 and beyond, an endeavour that is possible thanks to its immense team that continue to break new boundaries.

Story type #scale up (main category) #service & solutions Benefits • Elimination of leakages and lost production Key findings For industry • Have patience, it is key before results come For government • Make it easier for start-ups to establish themselves in the market (eg. cutting off taxes)

Indeed, TP-Products is a company that’s quickly made a name for itself, and at just six years young, it is undoubtedly one to watch for the coming years.

Government support?

The company has not received any type of government support.

About TP-Products

TP-Products at a glance: Key products and services: Supply of compact flanges, clamp connectors and subsea valves.

TP was established back in 1968 as a machining company delivering its services to the mechanical industry. Through the years, the company has evolved to becoming much more than just a modern machine shop. Today, TPProducts are manufacturing highly complex mechanical components for the most demanding clients in a multitude of markets, and is also offering a product portfolio of tailor made compact connectors and subsea valves, stabs and jumpers. TP-Products’ internal value chain comprises everything from design, engineering and innovation, to manufacturing and testing of its products, all done inhouse at our modern facilities in Drammen, Norway.

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Main industries served: • Oil & Gas – 80% • Offshore wind – 18% • Hydrogen – 2% Headquarters: Drammen, Norway Year established: 2020 (merged) Number of employees: 53 Revenue: £9.6m Revenue from exports: 60%

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TÜV SÜD EnergieTechnik A new climate division beginning to pay dividends How is TÜV SÜD Energietechnik thriving?

The solution

TÜV SÜD Energietechnik, a 100% subsidiary company of TÜV SÜD, has been only offering nuclear energy services for decades. However, together with the TÜV SÜD group’s dedicated Green Energy & Sustainability business unitc, the company has been driving a desire to expand its decarbonisation activities in recent times. Energietechnik has adapted to a new business environment and changing energy landscape to offer clients expert verification, validation and certification solutions to help them achieve their environmental targets, opening a dedicated Climate Action Certification business line with services in the area of carbon management. Despite only being in operation since 2021, the new business line is already making its mark, building up a track record that will only help to secure more projects and collaborations in the future.

At the beginning of 2021, TÜV SÜD Energietechnik’s Climate Action Certification business line was officially launched. It was effectively born as a start-up with some of Energietechnik’s existing business carved into it, with employees such as Paula Maria Auer-Saupe (VP of Climate Action Certification) bringing a strong background in environmental engineering with them. Indeed, Paula has been an auditor for climate change projects for 15 years and has experience in validating and verifying these types of projects all around the globe.

The challenge For any business with 150 years of history behind it, plans to change course and adapt to new dynamics can easily be confronted with a certain degree of resistance to change.

Why change a winning formula? Why risk moving away from its core activities?

For TÜV SÜD, a German company in the TIC sector which started in 1866 as a voluntary inspection association, a growing urgency around climate issues has emerged over the past 15 years.

While today it still stands as a global leader in safety, sustainability and security solutions across a range of industrial cateogories, recent years have seen something of a strategic rethink. Global momentum around energy transition, coupled with Germany’s policy shift away from nuclear, has opened up the minds of its leadership to new ideas.

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There are several factors which have immediately helped to strengthen the Climate Action Certification business line’s hand. Not only is it housed in a long-established, successful and financially stable parent organisation which has access to 70 experts around the world, but its board is a strong supporter of sustainability and eager to make this venture work.

On the flipside, such is the eagerness of the company across the board to explore sustainable lines of business, the establishment process often involved large numbers of keen stakeholders with strong opinions. This made it difficult to narrow down and focus, with the onboarding process seeing a huge amount of competition.

Not surprisingly, the company already has ambitious plans in place for the Climate Action Certification business line in the years ahead. To make headway, it is focusing on countries with the highest net zero and carbon reduction ambitions, a key part of the analysis phases being the creation of specific country roadmaps, evaluation of competitors and identification of specific sectors of interest, and barriers to decarbonisation that potential clients are facing.

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In the area of carbon management specifically, TÜV SÜD helps organisations meet decarbonisation and sustainability goals, providing verification and validation against regulatory requirements, offering support in three phases.

First is accounting. Here, the firm provides Certification of Green Energy spanning origin, generation, fuels, chemistry, as well as classification of biogas and biofuels. Equally, the company offers Verification of Carbon Footprint, EU Emission Trading System, Verification of F-gas Reports, and Certification of Hydrogen services, among other key solutions.

Secondly, the firm helps companies to reduce their carbon footprints through energy efficiency audits. And thirdly, it helps to compensate for footprints through climate neutrality certifications, as well as the validation, verification and certification of climate protection projects.

In addition, the firm provides complementary services relating to water desalination and treatment, recyclability of packaging, sustainable supply chains, battery passports and lifecycle assessment.

In truth, TÜV SÜD ET has developed a formidable footprint supporting all stages of the carbon management lifecycle – an impressive feat given its relatively novel shift to carbon management solutions. From enhancing corporate sustainability initiatives to enabling its clientele to better position themselves for green finance projects and funding, it is a quickly mounting a reputation that will stand it in futureproof stead for years to come.

About TÜV SÜD Energietechnik Since 1959, TÜV SÜD Energietechnik (ET) is an independent and neutral service provider for assessment, inspection and consulting services in fields of technology which present a high-risk potential, focusing on activities related to the safety of nuclear facilities. A one-stop service provider, TÜV SÜD ET supports clients with assessment and advisory services including siting and plant concepts, independent safety assessments, certification of mechanical, electrical and I&C components, on-site inspections and control of documentation and reports.

Additionally, the company offers a comprehensive range of trainings in alignment with the entire nuclear power plant lifecycle.

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Story type #sustainability (main category) #diversification, #innovation Benefits • Certification enables transparency into clients’ systems.

• Customers’ carbon footprints are significantly reduced.

Key findings For industry • Be open and flexible, taking opportunities whenever they present themselves • Walk the talk and promote your own sustainability For government • Establish a standard, harmonised regulatory framework throughout the world Government support?

The company has not received any type of government support.

TÜV SÜD Energietechnik at a glance (Climate Action Certification business line): Key products and services: expert verification, validation and certification solutions, offering services in the area of carbon management.

Main industries served: • Energy sector – 50% • Heavy industries (steel, pharma, pulp, and paper) – 50% Headquarters: Munich, Germany Year established: 2021 Number of employees: 70 Revenue: £5.1m Revenue from exports: 40%

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TÜV SÜD National Engineering Laboratory A digital transformation driven by real-time software solutions How is TÜV SÜD NEL thriving?

The solution

The world’s foremost authority on flow measurement technology to the energy sector and governments globally, TÜV SÜD National Engineering Laboratory (TÜV SÜD NEL) has continued to support its customers successfully through the pandemic period thanks to an accelerated move into digital services. With a transformed offering that is now underpinned by real-time software solutions for the monitoring and optimisation of meters, valves and other subsea pipeline equipment, the organisation has secured new drivers for further innovation and growth.

At the height of the pandemic, there was a sense of urgency within TÜV SÜD NEL – a feeling that embodied itself as a catalyst for change.

The challenge Like many companies serving the energy industry across multiple territories, the implications of the COVID-19 pandemic created immense challenges for TÜV SÜD NEL. Owing to global travel restrictions, clients could not travel to witness key equipment calibrations, the firm losing significant business as a result.

The organisation had to respond to secure its future, this reaction beginning in mid-2020 with the development of digital packages that would be offered to clients. Indeed, it had experience in leveraging digital technologies for internal purposes. However, under the circumstances it pivoted rapidly, accelerating the development of these solutions so that they could be marketed externally and add value to client operations.

Here, the focus was on developing real-time data software packages for the remote monitoring of and optimisation of meters, valves and other subsea pipeline equipment. Not only would this provide more meaningful data for clients, but it would equally remove the need to travel offshore, enhancing convenience and reducing their operational emissions.

These mounting pressures were then exacerbated by both growing uncertainty in the oil and gas market and the increasing promotion of green energy technologies, accelerating the transition away from the former and towards the latter of these two markets.

To achieve this the firm invested in growing the consultancy and digital teams, currently sitting at 15. Meanwhile, its key facilities in East Kilbride in Scotland provide the means of backing up its newly deployed digital solutions with physical testing, adding a much-needed additional layer of reliability to its adapted offering.

The knock-on effects were significant for TÜV SÜD NEL. Not only did it begin to face operational and financial issues, but it equally struggled to retain key talent during the height of the pandemic, with many either moving into new energy or retiring.

Owing to this focus on enhancing capability, the firm was able to successfully roll out a series of new technologies including computational fluid dynamics (CFD) – a form of fluid mechanics using numerical analysis and data structures to evaluate issues with fluid flows.

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The results of this transition have proven invaluable. CFD modelling contributed to an overall revenue growth of £1.6 million in the digital segment between 2019-21.

There have been several key projects completed during this time, one example coming from the deployment of a virtual multi-phase meter that provides real-time data and alerts into valve and meter health and performance. Poor meter performance risks creating multi-phase issues such as the presence of either excess gas or water, which can be dangerous. Here, the technology has been deployed to address such an issue directly, allowing adjustments to be made ahead of time and preventing the need to remove/ replace valves and meters completely which can come at a heavy cost.

In addition, TÜV SÜD NEL has also completed work for a client where software was deployed for analysing the performance of a flare stack. Here, CFD modelling has been used to improve both flaring and combustion performance at the flare tip. By assessing if the methane phase is too high, adjustments can be made to burn more methane, offering significant benefits with methane being 80 times more damaging to the environment than CO2.

Resultantly, the solution is saving significant costs.

Of course, there have been difficulties with such a major transition. Towards the end of 2021 the firm suffered a quiet patch while also finding it challenging to recruit staff given the skills shortages facing the industry. Yet with a new futureproofed offering and revenues from digital services growing year on year, the company has firmly enhanced and diversified its services in order to better meet clients’ needs in the long run.

About TÜV SÜD NEL As holder of the UK’s National Standards for flow and density measurement, part of the UK’s National Measurement System funded by BEIS, TÜV SÜD National Engineering Laboratory is one of the leading authorities on flow measurement issues in the world.

The company is an independent provider of calibration and testing services, in addition to consultancy services offering theoretical guidance and practical support on all aspects of flow measurement. Besides, its studies and development work is at the forefront of research into flow and density measurement at the UK, European and global level.

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Story type #digital (main category) Benefits • Digital revenues increased by £1.6m in two years • Savings for client of $10m annually in flaring fines and taxation Key findings For industry • Collaborate, not just compete, in order to accelerate the energy transition For government • Don’t villainise the oil & gas industry; find a place for it in the transition Government support?

The company has secured a number of government contracts.

TÜV SÜD NEL at a glance: Key products and services: independent consultancy, on-site measurement, testing, R&D and training services Main industries served: • Oil & gas – 70% • Hydrogen, CCUS – 30% Customers: • Government – 60% • Industry – 40% Headquarters: East Kilbride, UK Year established: 1995 Number of employees: 80 Revenue: £12m Revenue from exports: 5%

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UCT Fluid Solutions

Tackling the problem of fugitive emissions head on How is UCT Fluid Solutions thriving?

UCT Fluid Solutions has grasped the nettle when it comes to the bigger picture of net zero and sustainability.

Recognising that leakages through valves are a major source of fugitive hydrocarbon emissions among many of its clients, the company has set about developing and upgrading its product ranges to better manage this problem. And the early signs are that the investment may be on track to pay dividends for years to come.

The challenge After a challenging 2020 caused by the oil & gas market downturn, compression fittings and valves manufacturer UCT has once again been able to increase its market share through 2021 as demand picked up again.

However, it has not all been plain sailing. As well as having to overcome various supply chain and logistical problems by leveraging its global footprint, the company is also working with its customers who are striving to become hydrocarbon free. Given that a portion of emissions leak through the very valves it produces, UCT Fluid Solutions knew that it had to be first to market with a leak-free offering (or as close to as possible) that could support net zero ambitions.

The solution Cutting fugitive leaks has been a major priority for

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companies operating in the process industries market, and given that around 60% of such leaks occur through valves, UCT decided to rise to the challenge and enter territory that no other player has explored to date.

Indeed, the strategy to upgrade and certify various product lines for leakages and emissions has been formally in place since 2019. It has involved several major areas of focus which have brought products into line with ISO 15848 certification – the standard that covers fugitive emissions.

A key part of this has been the development of a fully encapsulated valve technology designed to eliminate all fugitive emissions with secondary containment of all emissions. Incorporating the use of magnetic bearing systems, UCT has committed to introducing new production methodologies in order to produce the component at scale.

Although 2021 has seen a greater willingness from UCT’s customer base to adopt new technology after a challenging 2020, the development is still a work in progress and presents a more costly option than typical mainstream valves. However, the company is continuing to work with clients to demonstrate performance and use cases, and is also seeking to uplift specifications in refineries which will create additional demand.

For example, an Israeli oil refinery has utilised UCT’s Fluid Solutions Emission Free Valve to eliminate leak hazards (chiefly Hydrogen sulphide and Benzene) during

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the process flow, as well as to conduct sampling without risking damage to the environment. Its previous valve technology had major vulnerabilities, and the customer is now able to operate a healthier workplace thanks to Fluid Solutions’ fully encapsulated shut-off valve.

This example aside, the overall numbers at this stage, appear to be promising. UCT sold several hundred in 2021, a considerable increase over 2020 – and within five years, hopes zero emissions products such as this will account for a larger portion of all product sales.

Another area of focus has revolved around smart solutions. Here, the company has developed a valve fitted with sensors which are capable of detecting emissions and thus triggering shutdowns to avoid additional leakage.

A key challenge that has been overcome involved the integration of the electronics and software into a compact package, a move which saw UCT break new ground having previously only developed mechanical products.

About UCT Fluid Solutions Established in 1950, UCT Fluid Solutions is an Israelbased manufacturer of high-tech compression fittings and valves. The company’s portfolio includes tube, pipe and flare fittings, process valves, pneumatic actuators, manifolds, ultra clean valves, connectors and hoses, among other products. UCT Fluid Solutions is active in a range of industry sectors, including semiconductors, power generation, oil and gas, chemicals and petrochemicals, CNG/NGV, nuclear, pharmaceuticals and hydrogen, among other sectors. UCT Fluid Solutions is also present in the UK, USA, Singapore, Germany, and China.

The significant transitions and mindset that UCT Fluid Solutions rooted in the company were imperative to lead them to where they are today. Post-acquisition with UCT, the company is broadening technology and engineering expertise to support new designs and solutions. With this new approach, customers are exposed to a wider portfolio of advanced products and services.

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Story type #technology (main category) #innovation, #energytransition, #sustainability Benefits • Revenue is in the early-growth stage and expected to ramp considerably soon Key findings For industry • Understand industry pain points and offer economically sensible solutions • A business survives as long as it has a vision and a well-versed plan For government • Guidelines and tools for making statements and visions happen need to be enforced and materialised • Emissions reduction goals need to be backed up with tangible programmes as well as support to the supply chain Government support?

The company has not received any type of government support.

UCT Fluid Solutions at a glance: Key products and services: flow control products and solutions Main industries served: • Semiconductors – 60% • Oil and gas – 20% • Automotive/hydrogen fuels – 8% • Power – 6% • Analytics – 6% Headquarters: Nazareth Illit, Israel Year established: 1950 Number of employees: 1,050 Revenue: N/A Revenue from exports: N/A

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Valor

Moving from a buy to build strategy to bring innovative technologies to market How is Valor thriving?

Having spent its first few years in operation acquiring innovative technology businesses with the potential to serve the energy market, Valor is now on the path to building out these assets, serving both traditional oil and gas markets as well as renewables.

Its innovative downhole heater, named THOR, developed and operated by Group company Cavitas Energy, is proving a particular hit within the oil sector. Following recent trials conducted in California for a local operator, some promising numbers have been provided in terms of performance and cost-saving potential. As further trials are conducted and concepts proved, the business will soon enter the realm of major growth.

The challenge As an investor-backed growth enterprise, Aberdeen-based Valor has been adding new technologies and services with a view to bringing them to market and, eventually, turning them into commercial entities.

Now, the time has come to accelerate the ‘build’ phase.

Here, the company is focused on providing its newly acquired solutions to stakeholders across the energy spectrum, with key focus areas being oil and gas, energy transition and diversification into renewables such as offshore wind.

The solution Applying its technologies and expertise to energy transition activities is a particular priority for Valor, recognising the traction being gained in this field due to decarbonisation targets being worked towards around the

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world, which have been solidified in the Paris Agreement and recent COP conferences.

In response, Valor created a new entity dedicated to supporting the offshore wind sector in the form of V-TES Renewables. A service business, the company houses several specialist electrical capabilities, from HV cable terminations to switchgear maintenance, and has embarked on an extensive training programme to bring its employees up to speed and comply with offshore wind regulations.

On the technology front, a game-changing development is emerging from Cavitas Energy. THOR, its thermal enhanced oil recovery tool, is at the most exciting stage of its journey to date and in the process of being rolled out across the oil industry. Not currently facing any performance-based competition, the technology promises to revolutionise thermal applications and reduce carbon emissions related to in-situ near wellbore heating. Indeed, tests have shown it can increase heavy oil production by up to 500% and boost pump efficiency and run life by more than half. Moreover, given over 40% of the global remaining oil is heavy, which is most effectively developed by thermal operations, THORs low carbon barrels could play a key role in keeping global temperature rises under the 2°C stipulated in the Paris Agreement.

In the United States, THOR is already being deployed by an oil major looking to boost production. Having started the trial in October 2021, the company has produced some encouraging results to date, which show a three times uptick in heavy oil production, improved pump efficiency, mitigation of wax and a reduction in oil viscosity thanks to the solution’s 100-fold superior heat per foot ratio versus competitors. Meanwhile, THOR is also operating with less energy requirements than other electric or topside steam

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alternatives. In terms of possible financial gains, return on investment can be made within one to two months of operation, with a revenue uplift potential of around $1 million per well per annum.

Importantly, THOR’s downhole tooling requires no maintenance across its three-to-five-year run life and can be monitored remotely, whereas more traditional methods require technicians to be on site 24 hours a day. Cavitas can fully customise THOR to suit specific well operators’ requirements.

Following a successful trial, the company has already received its first order from a Sudanese firm, a sign that Valor is ready to start realising returns on its investments made over the past four years.

Indeed, with technological innovations such as THOR at its disposable, along with in-house expertise both within AISUS, V-TES renewables and the rest of the group, Valor is starting to gain some serious momentum as its build phase journey continues. Be it traditional oil and gas or energy transition segments of the market, the company is shaping up to be capable of providing solutions and services to a sizeable portion of the energy industry.

About Valor Located in Aberdeen, Valor is a specialist growth enterprise boasting a suit of oil & gas companies collectively working towards the highest of standards within the industry.

With a common purpose of increasing performance, increasing production, and providing assurance, each of the subsidiaries within Valor has been specially selected to interlink their operations in the oilfield sector. Whether it be an innovation, technology or service-based business, Valor offers and intrinsic platform to allow maximum company growth for those part of the group.

Offering flexible investment frameworks, Valor will assist current business owners to progress the company’s operations whilst reaping many benefits from the group.

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Story type #technology (main category) Benefits • Product’s successful trial paved the way for new orders and further revenue Key findings For industry • Develop technology and services aiming to be exceptional in your field • Be ready to wait – get-rich-quick schemes are not real For government • Control cost inflation and help new initiatives and technologies be affordable Government support?

The company has been supported by trade missions and R&D tax credits.

Valor at a glance: Key products and services: Investor-backed growth enterprise with buy and build strategy in new technologies and services in high-growth companies.

Main industries served: • Oil & gas – 75% • Renewables – 25% Headquarters: Aberdeen, UK Year established: 2018 Number of employees: 28 Revenue: £4.5m Revenue from exports: 30%

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VWS Westgarth

Turning the tide on offshore plastic waste How is VWS Westgarth thriving?

The solution

VWS Westgarth is on a mission to clean up the environmental impact of FPSO operations, not least in the vast volumes of plastics these activities send to landfill every year. By introducing cleanable stainless steel cartridge filters for offshore in water injection systems to the market, the company is offering a more sustainable and financially viable alternative to throwaway plastics which have been the mainstay for far too long.

Indeed, the mood is changing. COP26, hosted in Glasgow, has brought sustainability to the very doorstep of the UK’s offshore industry, and Veolia’s goal is to spearhead an ecological transformation both here and across its markets around the world as part of the transition to a net zero society.

The challenge The oil & gas sector has historically been more risk averse and slow to adopt change than many other industries. In the upstream water treatment space, the use of plastic cartridge filters has been the norm for many years – cheap and easy to use, it is only now that stakeholders are being presented with a viable alternative.

Veolia, through its VWS Westgarth division, is looking to shift the dial. Currently, some 1,200 MT of plastic waste from cartridge filters is sent to landfill each year, a state of play which is unsustainable – and one that Veolia is determined to reverse.

However, change will not happen overnight. Industry players need to be convinced about the financial viability of any alternative solution before it becomes widely adopted. Indeed, the traditional cartridge filter market is a lucrative one – worth around £22 million a year, with Veolia accounting for 5-10% of this business.

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In response to the enormous waste generated by the current use of plastic cartridge filters in the upstream water treatment sector, VWS Westgarth has developed a stainless steel cartridge filter designed to offer a more sustainable choice to FPSO operators. These are cleanable offshore, and so can be used on a rotational basis.

The company is deploying a two-step approach to aid clients with the transition, leveraging its own recycling network to take away plastic cartridge filters while customers adjust to the new metal solutions.

Veolia is currently planning the pilot testing phase of its roadmap to full commercial deployment, which it hopes to achieve by the end of 2022.

A key part of the strategy, and central to its success, is convincing water treatment industry stakeholders of the business case behind the innovation, something which appears to be sound based on what we know so far. For example, while the stainless steel solution is 20-30 times the cost of plastic components, its expected lifecycle is

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10-15 years – this means it can pay itself back within just two years. Factor in the lifecycle costs associated with logistics of taking plastic waste away, and the financial case looks even more compelling.

Indeed, Veolia believes it can reduce costs relating to cartridge filters by £300,000 per year per FPSO deployment. The company aims to capture around 40% of the market, which would see a huge amount of plastic waste cut from FPSO operations that currently send 870,000 plastic cartridge filters to landfill every year.

The development of a sustainable alternative is important for the FPSO sector’s sustainable credentials moving forwards. Water injection systems as we know them are here to stay, and with more FPSO deployments on the horizon, the potential to produce more plastic waste is clear for all to see. For Veolia, any short-term financial hit through phasing out its plastic solution is more than offset by its strong values and objectives around sustainability.

And while in the short-term the company knows it will be a tough sell, if trials in the coming months prove successful then the case for making the switch to stainless steel may be too difficult to ignore.

About VWS Westgarth A world leader in seawater sulphate removal systems, VWS Westgarth specialises in the design, build and operation of water treatment plants for seawater injection and produced water in the upstream offshore oil and gas sector. As well as being part of Veolia Water Technologies, VWS Westgarth cooperates with other of Veolia Water Technologies’ subsidiaries around the world in Europe, Africa, the Americas, Middle East and APAC. This allows Veolia Water Technologies to cover the full scope of water treatment processes for the oil and gas industry (both upstream and downstream) and ensures they are able to satisfy local content requirements where needed by clients.

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Story type #sustainability (main category) #innovation, #serviceandsolutions Benefits • New market size of £22m p.a.

• Potential OPEX savings of £14.4m p.a.

Key findings For industry • In the upstream segment, evaluate business opportunities from a project’s engineering and execution to its operational lifecycle and decommissioning For government • Adopt a clearly defined energy transition path that recognises the role fossil fuels still play in society Government support?

VWS Westgarth has benefited from the Apprenticeship Levy as well as R&D tax credits.

The company has also received support from the Engineering Construction Industry Training Board (ECITB).

VWS Westgarth at a glance: Key products and services: design, build commissioning and operation of offshore water treatment systems Main industries served: • Oil and gas – 100% Headquarters: East Kilbride, UK Year established: 1962 Number of employees: 146 Revenue: £85m Revenue from exports: 90%

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Vysus Group

Successfully repositioning for energy transition How is Vysus Group thriving?

Having successfully navigated a period of prolonged lossmaking, the impact of COVID-19 and separation from its parent company, Vysus has kicked on in its first full year as a lone entity, successfully pursuing operational diversification on multiple fronts to better align with its renewables-driven 30-30-40 vision.

The challenge In October 2020, global engineering and technology consultancy Vysus Group separated from its former parent company Lloyd’s Register to become an independent, standalone business.

Between an extensive programme of transition activities and continuing to meet its customers’ needs in the middle of a pandemic, it proved to be a challenging yet successful year.

But the company hasn’t stopped there. From this point on the firm has sought to reposition its operations in order to better navigate the complexities of energy transition. As a business that historically relied upon upstream oil and gas revenue generation across our service offerings and global footprint, the firm recognised the need to diversify to create a broader scale renewables and complex infrastructure and power business.

Indeed, with these ambitions signifying a mass shift away from its legacy footprint that dates back to the 1930s, the challenge for Vysus in 2021 was clear.

The solution The decision to restructure came back in 2019 after a

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period of loss making from 2014 as a result of the oil price crash, signifying the need for Vysus rethink its offering.

The company reshaped the business back to being profitable, decided which key expertise to retain and grow, and launched a five-year vision to position for net zero with the launch of its 30-30-40 vision (revenues derived from 30% oil and gas, 30% infrastructure and 40% renewables).

While COVID and Vysus becoming a lone entity created significant operational complexity, the firm has continued to persist with its 30-30-40 vision to great effect.

Internally, it evaluated skillsets to identify strengths and weaknesses to inform a recruitment plan that would work to plug any existing skills gaps. Revisiting the messaging and image of the firm was part of this plan – necessary in order to ensure the technical challenges and move to renewables was seen as an engaging and exciting prospect for existing team members and new starters. Here, time was spent consulting with staff members to redefine its core values and develop a new identity.

Operationally, the company also worked tirelessly to better understand how it could deliver key solutions to clients.

The EICDS was used to learn more about renewables markets and client engagement was also used to identify specific needs, trends and opportunities while cultivating relationships. This included the firm’s Planit22 initiative – an external survey of 250 energy execs on their views on COP26 and what they planned to do to align towards net zero and embrace sustainability.

Such initiatives have already proven to be extremely successful. Not only has the company been able to repurpose its expertise and capabilities to focus on new

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markets and evolving technologies, but it has equally begun to support existing clients through their own strategy shift and build new relationships with emerging players.

As a result, it moved from being a loss-making enterprise to making a small profit in H2 2021, capping off a promising first full year for Vysus. And in 2022, the ambitions remain similarly grand.

Plans for the year ahead are centred around more growth, diversification and performance improvement as the organisation continues to pursue its 30-30-40 vision.

By 2025, the firm expects its business mix to comprise 30% in upstream activities, 30% in infrastructure and process industries and 40% in the power, renewables and transition space – a major shift from 90% of its business being focused on the upstream sector through to mid-2020.

And the signs are promising. Indeed, five years ago, revenues secured by its Survey & GeoEngineering business were circa from 80% oil and gas and 20% from renewables. Fast forward to 2021, and this has flipped to approximately 90% from the renewables sector.

Meanwhile, Vysus’s Grid & Power Systems business in Australia is expanding; it has established a hydrogen sector of excellence within its risk management organisation; and in the US the company’s onshore survey and power engineering businesses has seen a significant increase in power and renewables related projects.

Between these endeavours and an ongoing commitment to supporting its oil and gas customers as they continue to play a key role in the energy mix, the future looks ever brighter for Vysus.

About Vysus Group Vysus Group is a standalone engineering, global energy and technical consultancy formed from the former Energy Division of Lloyd’s Register Group in November 2020. The company offers specialist asset performance, risk management and project management expertise across major industrial, transport, manufacturing and energy assets. It supports owners and developers of energy, power and complex infrastructure – covering nuclear, oil & gas, renewable, onshore, offshore and nonhydrocarbons. Headquartered in Aberdeen, Scotland, Vysus has a global reach of more than 20 countries, with key sites in Houston, Oslo, Melbourne and Kuala Lumpur.

Vysus Group retains its entire capability and continues to offer its full suite of technical, regulatory and operational expertise globally and it is driven by its purpose to help clients manage risk and maximise performance, blending deep technical knowledge and data-driven insights with hands on expertise.

2022

Story type #diversification (main category) Benefits • Revenues expected to grow by 12% in 2022 from 2021.

Key findings For industry • Don’t see the market as a “one winner takes all” environment. We all need to win.

• COVID has taught us that we can do things differently For government • Make sure UK companies are competitively positioned on the world marketplace • The supply chain is able to move its money and capabilities anywhere in the world. Work hard and earn the right to be best home for the energy supply chain.

Government support?

The company has received R&D tax credits Vysus Group at a glance: Key products and services: global energy, engineering and technical consultancy Main industries served: • Oil & gas – 55% • Power & complex industrial – 45% Headquarters: Aberdeen, UK Year established: 2020 Number of employees: Circa 650 Revenue: £100m+ Revenue from exports: 70%

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Weidmüller

Reinventing in the UK market with a solutions-based approach to business How is Weidmüller thriving?

Through its newly revitalised Klippon Engineering wing, long-standing connectivity specialist Weidmüller has been re-emphasizing its presence in the oil and gas, hydrogen and process industries over the past few years. With a newly focused sales and engineering team in place, Klippon Engineering is building up the sort of tender pipeline that saw it flourish in the UK between the 1950s and 1980s.

The team and network within Weidmüller are also making some impressive strides further afield in the likes of Saudi Arabia, where contracts have established.

The challenge Weidmüller has been a household name in the connectivity solutions sphere for a very long time. Weidmüller, when founding its UK operating business all the way back in 1952, chose Klippon Ltd as the company’s name and brand.

It largely dominated the the process market through to the 1990s, when it restructured and re-branded back to Weidmüller. In 2019, the decision was made to establish Klippon in the UK once again, placing additional emphasis on partnering with the process industry.

The solution Spearheading the project is Jonathan Lane, Managing Director of Klippon Engineering, who, along with many Weidmüller managers, helped devise the strategy to target the country’s oil and gas, process and hydrogen industries with internally developed and third-party solutions.

It was immediately clear that Klippon Engineering needed, especially for the process industry, which requires a specifically focused and tailored approach, a dedicated team of experts to serve the market. The key aim was

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indeed to establish Klippon Engineering as a partner that solves problems as opposed to a supplier of products.

For this, Stuart Bell, Vice President of Global Sales, was brought back from his 15-year tenure in the Middle East to UK to be teamed up with Rick West, Vice President of Global Engineering, who is based in Australia.

That meant being given autonomy and developing the ability to source partners and sub-suppliers in order to present bespoke solutions that meet specific client needs, whilst venturing beyond selling Weidmüller products.

Indeed, before this strategic decision was taken, the company was missing out on taking work from competing parties as its flexibility and solutions-based approach were slightly lacking.

Establishing a broader engineering capability as a global network within the business has therefore been central to the company’s revival in the UK. Several steps have been taken to this end, its experienced leadership, who know what to look for in engineers that can serve the process industries has actively recruited new colleagues for the key UK activity, established a competence centre in India, as well as achieving umbrella certifications for solutions to enable wider use of products in these solutions to cover client requirements.

Its UK-based and international team of engineers has already expanded thanks to the hiring of more than a dozen people and the company now draws on expertise from networks in the Middle East (UAE and now Saudi Arabia), Malaysia and Canada. Gaining internal buy-in from Weidmüller´s regional organizations and national entities has been critical, with the team meeting key leaders in person to explain the strategy and reassure them that the newly emerged Klippon brand custom is there to support them.

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The flexibility to provide solutions which include other manufacturer´s components has already paid dividends. In the Middle East, for example, Klippon has secured first and second phase contracts worth over £1 million to engineer and supply electrical starter panels to key equipment manufacturers – the end user being the national oil company (NOC), which is in the process of upgrading well head systems across its 5000-plus well heads. Their aim is to enhance uptime, optimize production and go digital with central data visualization capabilities, something which Klippon is able to provide by utilizing third party products. Moreover, the NOC will benefit from a reduced need for engineers to carry out manual maintenance work in the desert.

This is just one of several contract wins that helped Klippon, alongside Weidmüller, to generate revenues of €110 million in 2021, up by almost 10% on 2020. What’s more, its tender pipeline is currently worth exceed that and showing even stronger growth since the new strategy has been deployed. In this way, Klippon Engineering as a global network, combining sales, engineering, production and assembly capabilities is helping Weidmüller realize more of the extensive solution opportunities by being both global and local.

Story type #service & solutions (main category) #transformation

By changing tact and pivoting to a solutions-based offering, Klippon has well and truly rediscovered itself in the UK market.

Benefits • Secured contract worth over £1m • Revenue in 2021 grew to €120m (£100m)

About Weidmüller

Government support?

The company has been supported by the Furlough scheme.

The Weidmüller Group gathers experienced experts to support customers and partners around the world with products, solutions and services in the industrial environment of power, signal and data. Klippon Engineering, which is headquartered in Leicester, is internationally renowned in the field of process engineering, combining over 60 years of engineering expertise with the knowledge and experience of specialists and long-established strategic partnerships in the process industry. On behalf of Weidmüller, Klippon’s offering ranges from connectivity solutions, power and signalling protection products and systems to complete solutions and technologies for communications, retrofit & migration, automation, translation, IoT and data acquisition/analysis. We partner with Asset Owners, EPCs, OEMs, manufacturers of Control Systems, Bulk Suppliers, Systems Integrators and its Hazardous Areas Solution Provider network.

2022

Weidmüller at a glance: Key products and services: Industrial connectivity solutions.

Main industries served: • Oil & gas – N/A • Hydrogen – N/A • Water / Waste water – N/A Headquarters: Detmold, Germany (Weidmüller) Leicester, UK (Klippon) Year established: 1893 (Weidmüller), 2020 (Klippon) Number of employees: Circa 5,300 Revenue: £822m Revenue from exports: N/A

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Wozair

Using Fit For Nuclear as a catalyst for change How is Wozair thriving?

Faced with a volatile oil and gas market that had come off the back of a 2014-15 price crash and was now contracting, specialist HVAC solution manufacturer Wozair was losing revenue, resulting in underlying profitability challenges for the company. In 2016, after becoming aware of the Fit For Nuclear programme via an EIC event, the seed to diversify and transform the business was well and truly planted. Fast-forward to today and, under the stewardship of new CEO John Foley, the company has assured intentions of securing its first real major contract in the nuclear segment in more than a decade, an important step in its bold commitment to doubling its non-oil and gas market income over the next few years.

The challenge Back in 2014, Wozair was, and remains so today, a highly respected and trusted supply chain partner to the oil and gas market with highly specialised HVAC solutions catering to a broad range of extreme environment applications.

However, the company was exposed as being too reliant on custom from traditional oil and gas businesses. By the time the height of the mid-decade oil price plunge hit in 2015, it was deriving up to 90% of its income from a sector which was proving to be extremely uncertain – a pattern which has largely continued in the years since.

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For Wozair’s leadership, it served as a major wake-up call.

Revenues were beginning to slide (by as much as 40%) and healthy profits were turning into losses. A new impetus was needed, and 2016 proved to be a huge turning point.

The solution The catalyst for Wozair’s strategic transformation has been Fit For Nuclear (F4N), which one of its Founders came into contact with thanks to a conversation with a nuclear industry supplier at an EIC event.

Since starting the journey with F4N, the process has transformed the way the company does business and its internal culture, not least in how it has highlighted opportunities to optimise its operations.

While agility and the ability to offer bespoke solutions to clients has been an important part of Wozair’s USP and DNA (and still is), the company has also learned that profitable growth will rely on increased internal and external stability. The opportunity of creating that stability, from how inter-connected the Group products will be in the future, is significant, whilst serving a much broader range of end-markets. Indeed, access to F4N consultants helped to optimise its manufacturing approach, one which is now underpinned by a design for manufacture and assembly (DFMA) ethos. This has also led to the enhancement of internal processes, and development of a clear roadmap for system development, helping to attract and further develop the skills required to thrive,

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and indeed using those skills to add more value across the organisation.

Wozair’s mantra and culture now revolves around continuous improvement, as a systems designer and a serious UK manufacturer of highly specialised end-to-end HVAC solutions for a mixture of markets, including nuclear.

The F4N journey lasted five years, during which time the company also boldly invested in three acquisitions to build up its capabilities further. Jet Environmental, a Midlandsbased climate control engineering firm, specialising in landside commercial and industrial applications, was acquired in 2016. Veotec, acquired in 2017, is an air intake and filtration business which has been repositioned by Wozair to also serve coalescers. The final investment was made in 2019 in Thermoplant, a specialist refrigeration and cooling business, not yet integrated within the Group.

The level of ambition and commitment shown by Wozair, now under the leadership of CEO John Foley, has been laudable. Far from being a box ticking exercise, F4N has served as a tool to impart wholesale change for the better, the company going on to venture into the renewable energy sector opportunities such as offshore wind, adopting the Fit 4 Offshore Renewables (F4OR) framework in the process.

And with a commitment to double its non-oil and gas revenues over the next three to four years in place, the momentum being gathered shows no sign of slowing down just yet, with reliance on oil and gas clients reducing from ~90% to 73% between 2015 and 2020. With much work still to do, the journey to profitable growth however is well and truly underway.

About Wozair Wozair was originally established in the UK in 1986 as Waterloo Air Technology. Following a management buyout by the two partners Paul Azzopardi and Simon Collins of Waterloo-Ozonair in 1995, the name was abbreviated to Wozair in 2000. Since then, the company has expanded quickly into new sectors and internationally, with manufacturing and office facilities in the US and Singapore, and a further office in Dubai. Wozair Group now specialises in the design and manufacture of high-integrity heating, ventilating, air conditioning and refrigeration equipment for offshore oil and gas, nuclear, renewables, marine, petrochemical, pharmaceutical, process and power generation sectors. The company relies on a global reach, over 27 years of established expertise and a reputation for innovation.

2022

Story type #diversification (main category) #culture, #optimization, #resilience, #transformation Benefits • Diversification of clients’ sectors • Stability valued as part of the company’s culture, optimising processes • Three major acquisitions Key findings For industry • Seek to hire the best people and empower them to do their job • The real benefit and learning from F4N has been in the journey and not the outcome For government • Support British manufacturing through local supply chain content, delivering the government’s ambitious energy transition goals Government support?

The company has been supported by the UK Apprenticeship Levy programme, trade missions and R&D tax credits.

Wozair at a glance: Key products and services: Wozair Group designs and manufactures high integrity HVAC products and systems including Air Handling Units, Air Conditioning and Refrigeration Systems, Air Intakes, Filtration and Separation, and specialist Fire and Control Dampers.

Main industries served: • Oil & gas • Commercial and Industrial • Nuclear • Renewables • Marine / Others Headquarters: Gillingham, UK Year established: 1986 Number of employees: 154 Revenue: £24m Revenue from exports: 71%

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Energy Industries Council (EIC) Web: www.the-eic.com Twitter: @TheEICEnergy LinkedIn: EIC (Energy Industries Council)