The American oil services firm SPX Flow expanded operations in Abu Dhabi in order to tap new customers in the region.
The facility, which opened in the capital on Wednesday, will meet any service, repair and overhaul requirements across its range of equipment, including pumps, processors and transformers.
“SPX recognises the excellent growth prospects for oil and gas across the region and has opened the service centre in Abu Dhabi to respond to the needs of our customers,” said Jose Larios, president of SPX’s power and energy business. “Lowering the total cost of ownership is crucial in tough market conditions, and we’re committed to delivering this to all of our Gulf-based clients,” Mr Larios said.
The low oil prices which have been a market mainstay for over two years have squeezed the industry, but some consider the region to still be a safe haven for investment. For SPX, it is not only looking to better service existing business, but it also hopes to grab new local clients.
The company said that ongoing investments in the region signaled to a greater potential for the Middle East North Africa region to make up a larger part of its portfolio. SPX saw a total revenue of US$2.5 billion in 2014 with the Mena region making up about 21 per cent of that total, according to Chris Thorburn, SPX service centre manager for the UAE.
“We have strong aspirations for Mena to make up an increased share of SPX’s global business revenues,” Mr Thorburn said. “Specifically for the UAE, we’re targeting double digit percentage growth year over year for the next three years.
Earlier this year the company opened a service centre in Saudi Arabia and it plans to add another facility in the region next year. Mr Thorburn said the “details of which would be shared at a future date”.
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