A north-east oil services firm has announced it has gone through major restructuring in order to remain competitive within the new energy marketplace.
2M Group, founded in Aberdeen in 1983, said yesterday that it was an ‘adapt-or-die’ attitude that caused a rebrand after a few difficult years.
Eddie Middleton, 2M Group sales manager said: “As with many other companies in the nortyh-east of Scotland, the company was affected by the downturn and that forced us to really reassess the business model so never again would we have all our eggs in one basket.
As part of the restructuring, 2M Power Systems changed to 2M Group, with the firm separating into five distinct divisions to support different areas of the energy sector.
Shifting from the traditional oil and gas marketplace, “M Group is now separated into 3rd party procurement, branding, wire rope lubrication services, power systems and product design and development.
With oil and gas traditionally 80% of 2M Group’s business, the firm also said they will look to increase revenue in other energy areas such as subsea, decommissioning and renewable energy.
Mr Middleton said: “It is important that the 2M Group retains its established values but at the same time develops a new and modern identity. The restructuring and rebranding exercise will ensure that that the marketplace understands the range of products and services 2M Group offer.”
With the company’s turnover currently at £800,000, Mr Middleton said 2M Group has forecast £1.3 million turnover as a consequence of the restructure and bringing in of new business over three years.
In order to help subsea, decommissioning and renewables businesses cut costs, 2M Group claims it has developed a procurement division to manage companies tail end spend by consolidating their vendors to become a one-stop shop for procurement run on an open book cost basis.
John McCulloch, the company’s general manager, said: “This is an exciting time for the 2M Group as we continue to grow and develop through what’s been a difficult financial climate in the industry.
“We felt that during our time of growth it’s the right moment to invest further into our marketing strategy in order to create an even stronger brand presence both online and offline.”
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