Oil industry services company expands in uncertain times with UMi Debt Finance Scotland loan
Aberdeen company Red Kite Oilfield Services Limited is staring down these uncertain economic times through expansion and diversification, with the help of a loan from UMi Debt Finance Scotland.
Red Kite provides a wide range of licenced non-explosive, non-hazmat cutting and perforating services to the global oil and gas industry. Red Kite experts parachute in when oil and gas companies drill strings get stuck during drilling operations, provide superior circulating capabilities with large flow path perforations and cut the tubulars in the oil and gas wells without any deformation to the ID or OD of the tubular.
Red Kite eliminates the need for remedial work that would add additional cost and rig time, saving the industry huge amounts of money.
Director Ian Smith has over 25 years’ experience in the oil and gas industry, and says growth is very much at the top of Red Kite’s plans, despite the pandemic:
“I heard about UMi Debt Finance from Drummond Finance, and was pleasantly surprised at how the process was very simple and straightforward.”
The UMi Debt Finance Scotland loan scheme, supported under the Scottish Growth Scheme, is designed to help Scottish businesses innovate, grow and diversify.
Ian said: “The loan will help us buy equipment for Red Kite’s planned growth, even though we are in “uncharted waters” with the pandemic. A lot of our business is international and the restrictions in air travel are concerning, so we’re looking at hiring local experts to overcome that.
“We are also looking at introducing new technology to lower operational costs, as this will be a focus for all our customers for the foreseeable future.”
Tom Brock, UMI Debt Finance Scotland Fund Manager, said; “Red Kite continues to take innovative solutions to a global marketplace. With the team’s knowledge and expertise, they have delivered cutting edge solutions to multinational operators.
“The growth plans Red Kite has implemented will enable the company to provide greater support to industry both in the UK and beyond. UMi Debt Finance Scotland is delighted to support Ian and his team deliver more for a key industry across the North East and beyond.”