AUGUST 2007
Stable Services Drives International Expansion with Global Managing Director
Rapidly-growing Stable Services has taken another step forward in its drive to become a global market leader. The oilfield products company has appointed former vice president of Smith International to the role of managing director of global operations as it aims to double international business by next year.

Martin Paisley (43) will join Stable Services later this month to head up the ambitious international growth plans which will focus on South-east Asia, the Far East and the Middle East.

With 20 years oil and gas experience, Paisley began his career offshore in fishing tool operations. He joined Red Baron in 1991 which was later bought over by Smith International. In 2005, he became one of Smith International’s youngest vice presidents.

Originally from Glasgow, Paisley has spent the last ten years overseas in South America, the Caspian, the Middle-east and the Far-east.

Chief executive officer of Stable Holdings, Rod Coffey, says : “This is a key appointment for us and we are delighted to have secured someone of Martin’s experience. His background with a major multi-national, knowledge and overseas contacts will be extremely valuable to us as we continue to capitalise on the huge overseas potential.

“ Our rapid but sustainable growth in Europe is now being overtaken by our international business and we are strengthening our operations to be able to stay ahead of demand. We are currently in negotiations with organisations in four overseas locations to set up offices, machine shops and joint ventures. Martin will be responsible for concluding these negotiations and building an effective network of international operations.”

Paisley will be based in the Middle-east where Stable Services have already invested in equipment and facilities to meet client demand. Further investment in a machine shop and service facility is planned for the very near future.

Commenting on his appointment, Paisley says: “This is a tremendously exciting opportunity to join a fast-rising Scottish company as it becomes truly international. I believe that Stable has one of the strongest teams in the business and, coupled with its reputation for service, will become a global market leader very quickly. With increased oil and gas activity around the world and a pressing demand for the products and services Stable provides the timing is spot on to exploit the opportunities particularly in places like Singapore, Iran and Libya.”

Stable Services specialises in the rental, manufacture and supply of drilling equipment and currently employs 100 people. The company recently acquired Aberdeen-based Rig Services to significantly increase the rental side of its business and exploit the rapidly growing bottom hole assembly market.

JULY 2007
Double deal for oilfield services group as Rig Services joins Stable
Stable Holdings today announced a second deal in less than six months which will further its rapid growth. The oilfield services group has acquired the trade and assets of Rig Services International.

This follows hot on the heels of Stable Holdings’ acquisition of the entire share capital of Stable Services. The two deals combined amount to over £8 million.

Set up to capitalise on the increasing global demand for drilling equipment, the group has a confirmed order book amounting to £40 million and is forecast to reach a turnover of £50 million in the next 12 months.

Stable Services is aiming to become a market leader in the rental, manufacture and supply of drilling equipment and currently employs 80 people. The addition of Rig Services’ staff coupled with the recruitment drive to support current growth will take employee numbers to over 100 by the end of the year.

Chief executive officer of Stable Holdings, Rod Coffey, says: “With the acquisition of Rig Services and the new management team in place, we effectively have a new company ready to exploit the rapidly expanding bottom hole assembly market and become a market leader in the international oil and gas industry.

“ To meet today’s industry needs, we are aiming to significantly increase the rental side of our business and the acquisition of Rig Services’ robust rental business complements the services provided by Stable. We will now be well positioned to fully exploit the opportunities that a contracting supply market coupled with increasing global demand present.”

Rig Services’ managing director, George Myles, will become group managing director of Stable Holdings.

Mr Myles says: “This is a great deal for Rig Services, its customers and its staff. The rapid and sustained growth of Stable Services means that it has the financial strength and structure to capture a large share of the global market. I am looking forward to working with the Stable management to fully capitalise on the international opportunities and ensure we become a market leader in the sale and rental of bottom hole assembly equipment.”

RBS is supporting Stable Holdings and providing bank facilities. Scott Taylor, associate director, commercial banking at RBS said: “The management team at Stable have strong growth plans for the company and we are pleased to be supporting them in this latest transaction. The business, through this deal, is now well positioned to continue to take advantage of market opportunities as and when they arise.”

APRIL 2007
New Ownership Sets Stable on Road for Rapid Growth
Aberdeen-based Stable Services Ltd. has been acquired in a multi-million pound deal by Stable Holdings, a company formed by North-East businessman Rod Coffey to capitalise on the increasing global demand for drilling equipment.

In a deal supported by RBS, Stable Holdings has acquired the entire share capital of Stable Services Ltd. and is in advanced negotiations over the acquisition of another Aberdeen-based company. Stable Holdings is already on track to hit turnover of £42 million with confirmed orders of £30 million currently on its books. Stable Services is aiming to become a market leader in the rental, manufacture and supply of drilling equipment and currently employs 80 people.

Speaking at OTC, Mr Coffey, says: “We are in the process of carrying out a complete business transformation process. Stable Services will maintain its core business and its brand identity but senior management and systems are changing dramatically so that effectively we will have a new company ready to exploit the rapidly expanding bottom hole assembly market and become a market leader in the international oil and gas industry.”