Page 8 - MRDS PR REPORT - OCTOBER 2023
P. 8
Press Release
MRDS Group on track for strong year-over-year growth in 2023
Q4, owing to MENA’s expanding oilfield services market
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
