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International Tubular Services (ITS), a leading supplier of oilfield tubular products and services to the global offshore oil and gas industry, announces the continued growth and success of its manufacturing hub in India with a number of high profile contract awards and a major recruitment campaign to fill around 200 job vacancies over the next two of years.
Over the last three years ITS India has secured 15 major contracts totalling in excess of $150 million. The largest contract to date is worth $50 million with Reliance Industries to provide oilfield tools and rental services for its deepwater campaign on the east coast of India. It is anticipated Reliance will initially require eight offshore rigs to drill a number of exploratory and development wells.
The company currently employs more than 120 local employees in various roles and is undergoing a major training and development programme for all staff. ITS India aims to recruit more than 200 Indian nationals in the next few years.
ITS India was established in Mumbai in 2003 and has quickly become the global repair and manufacturing hub for the ITS group. The company was the first multinational corporation to register as a fully owned Indian registered company, demonstrating its commitment to the Indian market, while capitalising on the burgeoning exploration and production market.
The company has since opened a second facility in Kakinada on the east coast of the country, which is the major centre for east coast drilling activities. The base located at the deepwater report is a first of its kind in the area and is the hub for major operators including Reliance, Cairn Energy, GSPC and ONGC, who were previously dependent upon facilities in Mumbai for repairs and manufacture.
The oilfield rental market has increased greatly in India over the last three years, fuelled by ever-increasing demand. ITS India is capable of offering high quality, duty paid rental equipment and services at competitive prices, comparable to those out with the country.
Region Manager Mr G V Anand said:
"ITS Group made its entry at the most appropriate time when India was opening up its E&P sector. The forward thinking CEO and excellent support and commitment from the team helped achieve this stupendous growth in such a short time. The group is now a major provider in its line of activity and the investment plans for the immediate future augur well for generation of local employment opportunities and sustain growth."
ITS group finance director, Fraser Clarkson added: "India is one of the fastest growing economies in the world today and its oilfield rental market has increased greatly over the last three years. The aggressive plans laid out by the Government and the private E&P companies makes the country a very attractive investment opportunity and a major growth market for the ITS Group.
“It has been a phenomenal time for ITS India and is proof of the company’s dedication and commitment to manufacture and export high quality equipment and services to major oil and gas operators across the globe. The expansion of our facilities and capabilities will allow the company to continue its impressive growth strategy and forge stronger relationships with our clients.
“Demand for our high quality, bespoke services is growing in strength and an ambitious recruitment campaign is underway to build on our team of engineering specialists and technicians to fulfil even more orders in the future.”