PDL Group Diversification Leads to Contract Win Hat-trick
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PDL Solutions (Europe) Limited
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13 April 2016The PDL group of companies has secured a hat-trick of international contracts, with a combined six-figure value, including a project in the subsea sector, as part of its diversification strategy within the energy industry.
The contract wins will help the group build upon its impressive 51 percent turnover growth in its last financial year (2014-15) and return a further increase in turnover in the current financial year, which ends in May 2016, despite the tough global energy market conditions.
PDL Solutions (Asia) Pte Ltd has landed a project in the midstream oil and gas sector with a global LNG equipment supplier to perform a 3D non-linear buckling analysis on an IGC Type B LNG storage tank; this is the first significant order PDL has received from an international customer in the midstream sector.
The Group’s European division, PDL Solutions (Europe) Ltd, which is based in the North East of England, has been awarded a major contract from a global subsea production systems supplier. The project will see PDL engineers working alongside its customer’s Technology Team to qualify its flexible riser technology to the emerging American Petroleum Institute (API) standards.
Completing the trio of contract awards is a project secured by PDL Solutions (North America) LLC to support the qualification of a High Pressure High Temperature (HPHT) gate valve to the new API 17TR8 design guidelines for a major Houston-based oilfield services company.
Michael Shanley, Vice President of PDL Solutions (Asia) Pte Ltd, said: "Our global reach, agility and commercial flexibility are certainly proving their worth.
"Our flawless track-record and our advanced engineering capabilities have placed us in a key position within the energy supply chain to meet the changing technology and the challenging efficiency needs of an industry that has strong sustainability and profitability ambitions.”
Robert Campbell, Vice President PDL Solutions (North America) LLC, said: "The current downturn in the oil & gas sector has seen a number of our upstream clients switch focus from project delivery to product development. The drivers for this change in focus are the need for new technology, increased efficiency and a lower cost.
"These new products all need to be qualified to the appropriate design codes and international standards. We are well-positioned to deliver this high-end analysis work, which is demonstrated by the latest significant contract award that we have secured in Houston.”
Michael Williams, Managing Director of PDL Solutions (Europe) Ltd: "Our decision to diversify into new sectors within the energy industry is already bringing real benefits and tangible rewards.
"Based on the challenges that we and the rest of the energy industry have faced in the last 12 months, this recent hat-trick of wins is a great result and the whole team across all of our global regions should be proud of their achievements.”