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10/5/23, 5:15 PM MRDS Group on track for strong year-over-year growth in 2023 Q4, owing to MENA’s expanding oilfield services market | Web Rel…

BUSINESS

MRDS Group On Track For Strong Year-Over-Year Growth In 2023
Q4, Owing To MENA’s Expanding Oilfield Services Market

By Editor_wr Last updated Oct 4, 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.

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