02 October 2019
International rig inspection services provider ModuSpec has re-emerged as an independent operating company following a strategic restructuring of its erstwhile owner, the global engineering and technical professional services organisation Lloyd's Register (LR).

ModuSpec was founded in 1986 to provide independent technical inspections of land and offshore drilling rigs and associated equipment in the oil and gas industry. In 2008, the company was acquired by LR and was rebranded in 2013 as Lloyd's Register Drilling Integrity Services (LRDIS).

In March 2019, LR had announced the withdrawal of LRDIS from the Middle East and Asia Pacific regions under the first phase of a new global strategy while retaining the capability in the Americas, Europe and other African countries.

ModuSpec Managing Partner and CEO, and board member Andrew Calderwood told Thomson Reuters Projects that the independent company hopes to play a critical role in how the drilling market in the Middle East and Asia shapes up for the future.

ModuSpec will offer services including covering drilling rig inspection, auditing and training for local and international clients in the Middle East and Asia, Egypt, Uganda and Kenya.

"At ModuSpec we are listening to clients and looking internally to see where we want to put our management time, capital, and research and development investment. The probability for growth in the drilling market is something we all really want," Calderwood said.

Apart from Calderwood, the privately-owned company's board of directors includes former LRDIS and ModuSpec senior personnel, Andrew Goldstein and Andy Frankland.

Calderwood said the senior team brings an incredible depth to the company's technical expertise "that will add value to how drilling operations will be successfully managed in the future."

He said the company is backed by a Middle East energy investment group but didn't elaborate.

He also pointed out that the market across the Middle East and in Asia has shifted considerably in recent years and things are going to change again, which will "open more doors for opportunity."

"We have an operating model that gives us the ability to be agile and execute quickly the right level of technical support to meet our client's expectations," he said.

On Tuesday, global business information provider IHS Markit reported that conventional oil and gas discoveries during the past three years are at the lowest levels in seven decades and a significant rebound is not expected.

(Writing by Anoop Menon; Editing by Seban Scaria)

(anoop.menon@refinitiv.com)

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