October 23 2014 Latest news:
Monday, July 7, 2014
Fast-emerging Great Yarmouth specialist company Inspection Verification Bureau (IVB) has secured a $1.5m (£850,000) contract on a Middle Eastern oil project.
The firm, based in Viking Road, on the Gapton Hall industrial estate, hopes its role in the massive development in the Caspian Sea will unlock further opportunities in the region.
IVB has been signed up as partner by international inspection firm TUV Rhineland (TUVR) to work on the project for Dragon Oil.
Dragon Oil is the operator of the Cheleken contract area, containing the LAM and Zhdanov oil fields in the Turkmenistan region of the Caspian Sea; over the next three to five years the firm will be installing a number of wellhead platforms, a riser platform and submarine and onshore pipelines.
Using resources based in UK and Europe, IVB will be responsible for the design review of all new installations and the upgrades to existing facilities, both onshore and offshore.
IVB business development manager Gary Williams said: “A lot of our activity will be in Yarmouth, verifying drawings and designs and signing things off.”
He said IVB hoped to win further work in partnership with TUVR which was a major player in the sector.
The project would secure jobs at their Yarmouth base and might require extra staff to manage peaks in the workload.
Mr Williams said: “This is a significant milestone in IVB’s growth. Securing this places the company at the heart of future projects in the Caspian area. This along with several new contracts in the UK with oil, gas and offshore wind clients is moving the business from strength to strength.”
Since its launch three years ago by partners Derek Lockwood, Chris Bolton and Matt Chapman, IVB has grown to a £3m-plus turnover which it hopes to double in the next five years.
It now has a staff of 12 as well as giving work to more than 230 sub-contractors around the UK.
IVB’s highly-skilled inspectors and auditors act as an independent eye for firms during projects, surveying work at every stage from design to completion.
Last year’s progress included the announcement of a major contract in Oman as well as plans for a new office in Abu Dhabi and a joint enterprise based in Kuwait.