Independent Oilfield Services (IOS), Peterhead-based storage and inspection firm, is to invest £5.5 million in the North-east of Scotland over the coming months
Independent Oilfield Services (IOS), Peterhead-based storage and inspection firm, is to invest £5.5 million in the North-east of Scotland over the coming months. The company has already invested more than £4 million in its state-of-the-art storage and inspection facility at Longside Supply Base near Peterhead. In the first phase of this additional investment, the company has bought its current 32-acre site on the former airfield for £2.5 million. “The decision to buy the site confirms our long-term commitment to the area and our plans for on-going investment in the region,” said Glynn Geddie, Managing Director at IOS. “We are a privately owned company and through private funding we look forward to continued growth in this region.”
The deal will be followed by further investment of around £3 million, which will create new jobs for the local region with IOS’s plans for major expansion at the Longside facility. Included in the expansion plans is a new machine shop, which will be operational in January. In the past year, IOS has taken on an additional 25 employees, doubling the previous workforce. “We are absolutely committed to the Peterhead area and the role we can play in the local economy,” added Glynn.