Marc Gerrard and John Morgan have combined their 50-plus years’ energy industry experience to establish RenQuip, which is based in Dyce, Aberdeen, and aims to bridge the gap between the hydrocarbon and renewables sectors.
RenQuip says it will focus on the design and manufacture of installation and maintenance tools for the energy industry, offering bespoke products, product sales, and equipment rental.
In addition to distributing and selling its own branded original equipment manufacturer (OEM) kit globally, RenQuip has established agreements to act as a distributor for established equipment and tool brands.
It says its five-strong payroll is expected to at least double in the next 12 months, with five-year revenues forecast of around £6 million, while long-term objectives include opening other strategic bases around the UK and overseas.
MD Mr Gerrard has more than 25 years’ experience in the energy sector and was previously in senior management positions at HTL Group and Aberdeen-headquartered mechanical and electrical services group EnerMech, which the I7V Renewables founders co-established.
Mr Morgan’s 30-year career in engineering and management roles include MD of Equalizer International, and following its acquisition a management role with Enerpac Tool Group in Aberdeen.
Mr Gerrard said: “As a result of recent corporate acquisitions and restructuring in the sector, we have identified that there is a gap in the market for a reliable and experienced partner to service companies and operators in the energy space.
“A lot of expertise has left the industry which has resulted in a knowledge deficit, and we believe RenQuip can address this shortfall. While our extensive experience is in the traditional oil and gas sector, it will be a natural step for RenQuip to focus on delivering specialist tools and engineered solutions to the renewables industry.”
Technical director Mr Morgan added: “Clients have told us there is a need for a business which can provide bespoke solutions where existing equipment can be modified or adapted, or new products can be developed for a specific application.
"With our strong background in engineering design and manufacturing, RenQuip will be in the ideal position to fill that requirement, and at the same time we will roll out our OEM products and those of internationally established manufacturers to a global client list.”
The duo has secured the backing of energy sector entrepreneurs Mr Duguid and Mr Buchan and I7V Renewables, which says it provides insight, investment and support to new and emerging businesses.
Mr Duguid and Mr Buchan led international oil and gas services company PSL Energy Services until its acquisition by Halliburton, and said they developed EnerMech from a two-man start-up into a global brand that was acquired in 2018 by venture fund The Carlyle Group.
Mr Duguid said: “Marc Gerrard was a highly valued member of the EnerMech management team and I am delighted that I7V Renewables are able to support him and John Morgan in launching this forward-looking business, which I am confident will set the template for tool and equipment rental and sales in the oil and gas sector, and appeal to businesses engaged in energy transition and working to achieve net zero.”