Page 20 - MRDS PR REPORT - OCTOBER 2023

MRDS Group on track for strong year-over-

year growth in 2023 Q4, owing to MENA’s

expanding oilfield services market
05/10/2023

October 04, 2023: MRDS Group, a leading project management, inspection, repair, and
overhaul services provider for oilfield drilling and marine equipment, is on track to
experience significant year-on-year growth in the Middle East and North Africa (MENA)
energy sector in Q4 of 2023 and into 2024. This projection is driven by the rapid
expansion of MENA's oilfield services market, estimated to reach USD 31.69 billion by
the end of 2023, with further growth expectations of reaching USD 41.73 billion in the
next five years. These findings are highlighted in the recent Mordor Intelligence report.

MRDS Group experienced a remarkable 50 per cent growth in 2022 compared to the
previous year, and has successfully secured new contracts and accreditation
achievements, solidifying its position as a trusted service provider in the global energy
market. Additionally, investments in upstream operations aimed at maximising
production capacity and profitability in the current high-price environment are
expected to further propel the market during the forecast period.

With a dedicated team based in Jebel Ali, MRDS Group has been actively supporting
international clients in the UK, Middle East, West Africa, Indonesia, and Malaysia.
Notably, the company recently obtained the prestigious American Petroleum Institute
(API) Q2 Accreditation, demonstrating its commitment to delivering efficient services to
stakeholders. The API Q2 specification represents the first-ever quality management
system (QMS) certification for service supply organisations in the oil and gas industry.

Under the leadership of Ian McGillivray, Managing Director, Marc Currie, Operations
Director, and Ryan Coats, Sales Director, the company's UAE branch has transformed
from a team of UK-based engineers to a multinational team of highly skilled engineers,
and plans to hire more local talents in order to enhance the firm's scope of services.

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