Apex Tubulars signs over $15m in global orders following funding from RBS

Apex Tubulars signs over $15m in global orders following funding from RBS

Aberdeen-headquartered Apex Tubulars (Apex), one of the leading stock suppliers of premium gas tight Downhole Casing and Tubing to both the offshore and onshore oil and gas markets, has signed international contracts worth more than $15m in under three months since agreeing a new $5m funding facility with Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB).

The banking facility, signed at the start of the year, has enabled Apex to significantly boost its sales push on the global oil market and has led to deals being agreed in the Middle East and Australasia regions. Apex specialises in the supply of higher grade specification OCTG (Oil Country Tubular Goods). The company is forecasting strong demand for its services as world energy pressures increase the focus on oil and gas production.

Ronnie Grant, sales director at Apex Tubulars, said: “Since selling off the service side of Apex (Apex Tubulars Inspection Services) in June last year, to Broadcairn, which now operates under the name of Cairntoul, the business has been able to refocus and concentrate on investing in and selling premium gas tight casing and tubing. The additional Royal Bank of Scotland funding has allowed Apex to buy more product and trade more casing and tubing, at a time when the market demand for the product has increased, thus helping the business grow further. The company wants to continue to get its name out there in the marketplace, building its reputation on delivering a quality service and product, globally.

"Quite simply, we have had an excellent start to the year. The timing of the new funding facility could not have been better. Apex is in a very strong financial position and we are looking at some further exciting financial prospects which will prove to be fruitful in the future."

Ronnie Grant, sales director at Apex Tubulars

"The local and global opportunities for Apex are very positive. Our funding enhanced Apex’s international reach and helped facilitate the company’s global ambitions and aspirations. A very well-known brand in the local Aberdeen oil industry and an established player in all major global oil hubs, Apex has been proactively exporting the engineering expertise honed in Aberdeen to the international market, and I’m delighted that RBS has been able to help the firm succeed."

Derek Busby, Regional Director for RBS CIB in Aberdeen

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