Major divestment in upstream oil and gas gives drilling market confidence with ModuSpec
ModuSpec reemerges as an independent operating company following a strategic restructure of Lloyd’s Register (LR).
In March, LR announced its withdrawal of its Drilling Integrity Services (LRDIS) in the Middle East and Asia Pacific regions. ModuSpec, originally acquired by LR in 2008, formed the basis of LR’s LRDIS service portfolio.
This announcement sees the ModuSpec name reemerge as a privately owned, third-party independent company. It offers a full range of services covering all aspects of drilling rig inspection, auditing and training to local and international clients in the Middle East and Asia, as well as in Egypt, Uganda and Kenya. LR will continue its Drilling Integrity Services capability in the Americas, Europe and other African Countries under the LRDIS brand.
“At the beginning of 2019, LR unveiled its first phase of a new global strategy,” Andrew Calderwood, Managing Partner and CEO, ModuSpec, said. “This presented us with an excellent opportunity to continue to serve both existing and new clients in the Middle East and the Asia Pacific regions, providing a more focused service and operating independently of LR in these regions.”
The ModuSpec board of directors includes former LRDIS and ModuSpec senior personnel, Mr Calderwood, Andrew Goldstein and Andy Frankland. The trio, who have worked in the Middle East and Asia for many years, bring a wealth of experience and knowledge in the field of drilling integrity, and are supported by other team members who had previously worked for LRDIS and ModuSpec in the region.
The company is backed by a Middle East energy investment group.
“We will ensure the ModuSpec legacy goes from strength to strength,” Mr Calderwood said. “We are now in a unique position to offer quick, flexible and effective business solutions that allow our drilling clients to become world class in maximizing their productivity, while exceeding the prevalent expectations as responsible, safe operating companies.”
“Clients can be assured we will operate with the same high level of quality, assurance and integrity that is synonymous with the ModuSpec and LR brands,” Mr Calderwood added. “With our premium focus on the drilling sector, there are substantial opportunities ahead in which we can deliver services and expertise driven by new operational needs. It is an exciting time of opportunity for the ModuSpec team to help shape our modern drilling world and achieve ground-breaking approaches to safety and efficiency in engineering and drilling practices.”