SPEX Group’s Technology Innovation Recognised (UK)

SPEX Group, an Aberdeen-headquartered provider of innovative technology solutions and services to the global oil and gas industry, has secured fourth place on the Sunday Times Hiscox Tech Track 100 league table for the first time.

SPEX is one of four companies headquartered in Scotland to make it on to the league table which ranks Britain’s private technology, media and telecoms (TMT) companies with the fastest-growing sales over three years.

This listing comes at the same time as a prestigious award win for SPEX. The company won the Technology Innovation of the Year award at the National PwC / HSBC Private Business Awards 2013 in London, Thursday 11th September in recognition of the research and investment from the firm in developing the Emergency Severance Tool (EST).

The EST sits in the water above the blow out preventer (BOP) and operates at depths up to 10,000ft, forming an integral part of the drilling riser – the large diameter pipe that connects the drilling rig to the seabed. All drilling wells feature BOP safety valves, but there is a limit to their shearing capacity, and they are often unable to shear through the large diameter of heavy-walled items being run into the well – items the industry has termed non-shearables.

If there is an uncontrolled event, similar to the Macondo incident, the EST is trigged and will sever the non–shearable item that is otherwise obstructing the BOP, allowing the severed drillstring to fall into the well, and enabling the BOP to safely close and seal.

Nadir Mahjoub, Chief Operating Officer of SPEX, who collected the award on the night, said: “Innovation is a key part of our business and the whole team is absolutely delighted to be recognised on a national stage by winning the UK Technology Innovation award.

“By helping clients solve their challenges we have highlighted our great skill-sets and capabilities. We think we are uniquely placed to continue developing leading technologies and solutions for the oil and gas industry, and this will underpin our future growth.

“Securing a place on the Tech Track 100 league table highlights our commitment to creating new and innovative offerings to give clients the very best, game changing technology. Our innovative approach and ideas are increasingly attracting attention from a number of oil and gas majors; this could not be achieved without the hard work and expertise of our team plus the infrastructure we have put in place.”

Caroline Roxburgh, private business leader, PwC in Scotland, commented: “Scotland is renowned for its food and drink and oil and gas sectors, so it is wonderful to see an incredibly innovative business such as SPEX being recognised for their hard work and success.

“For me, private companies are the most dynamic, challenging and rewarding communities in the business world. Indeed, Scotland’s food and drink sector has been so successful of late, it’s raised its long-terms sales targets to £16.5bn after meeting the 2017 goal of £12.5bn six years ahead of schedule.

“I truly believe that Scotland punches above its weight in terms of the strength and diversity of our private businesses. SPEX– and indeed all our Scottish finalists – are fantastic examples of this. It’s this sector that will continue to drive the economy’s recovery, return to growth, job creation and future competitiveness in the years ahead.”

The Private Business Awards were set up to celebrate the best in the UK’s private business sector and are sponsored by PwC, in association with HSBC Private Bank.

The Technology Innovation category in the Private Business Awards rewards a company that within the past three years has developed an innovative product or service which has commercial viability. This can be an inspirational and transformational idea, displaying creative thinking; one that has beaten the competition.

Last year SPEX was named Fastest Growing Business in Scotland by Business Insider.

SPEX aligns with clients to develop turnkey solutions for their technology problems or challenges. It comprises five key business areas – Innovation Centre, Production, Fabrication and Testing, Offshore and Engineering– working with clients including both major oil & gas operators and service companies.

Innovation Centre comprises multi-disciplinary in-house teams and industry-leading engineering, modelling, testing, machining and manufacturing capabilities delivering a sophisticated, full turnkey service from concept to completion. This area has been further enhanced by the arrival of one of the world’s most advanced computers.

Production provides state-of-the-art CNC machining capability both as part of turnkey client projects and also on a stand-alone basis, for customers with rapid turnaround needs.

Fabrication and Testing uses the latest innovative technologies for manufacturing and testing. The business focusses on structural fabrications. It offers rapid turn-around to provide complete customer satisfaction.

Offshore provides a range of innovative products and bespoke solutions including in the areas of pipe cutting, recovery and well abandonment, offering cost-effective results. Offshore is one of the foremost experts in explosives and energetics.

Engineering moves concept through a stage gate design process to completion, offering bespoke solutions and commercial products which suit client needs.

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Press Release, September 13, 2013