NEW venture that sets up a domestic supply chain of reusing parts at the oil and gas decommissioning industry is seeking to raise Wales back to the world industry map.
Dragon Decommissioning-Cymru, a company co-founded by Welshman Neil Pugsley and Scotsman George Irvine, is set to open in South Wales.
Mr Pugsley said: “We have the opportunity to change the mindset of the oil and gas industry across the globe. If I had any part in bringing that change and success to Wales, that would be my legacy. Not for self-satisfaction but to announce to the world that Wales is open for business for the decommissioning industry.
“Wales has suffered in the recent decades of losing jobs and from a personal and patriotic stance it’s time that we stood up to the remainder of the UK and brought back what we were once famous for i.e. the industry itself.”
The pair intend to ‘Revive the industrial heartland of Wales by creating a local centre of excellence for the global oil and gas decommissioning market.’
Dragon Decommissioning-Cymru will focus on remove, reclaim, recycle, reuse, refurbish, recertify and resale to create a new local supply chain and support the circular economy and local industrial regeneration, reusing all recovered materials locally in Wales.
The company’s business model is ‘differentiated from competitors by the approach on local reuse and traceability rather than export abroad, with additional cost, carbon footprint and loss of traceability.’
The global oil and gas decommissioning market is worth an estimated $80bn over the next ten years.
The company is set to create ‘up to 350 jobs in the short term and thousands within the supply chain over the coming years.’
Dragon Decommissioning-Cymru have entered into agreements with local ports, which are capable of berthing an FPSO and other marine vessels, and have engaged with local steel mills, waste management companies who have the capacity and capability to recycle all waste from any oil and gas or other marine or renewable dismantling activity.
The firm’s business model focuses on transparency and traceability to the Operators and support the circular economy.
The work is carried out by local engineers at Port Talbot.
The company has also engaged with a well-known international subsea contractor who will focus on the refurbishment, recertification and resale of subsea equipment.