An international leader in the provision of creative solutions for the oil and gas completions market has marked its third anniversary by giving almost half of the company to its employees.
Westhill-based Vulcan Completion Products (VCP) has launched an Enterprise Management Incentive (EMI) to give its employees shares in the company through an HMRC-backed scheme which aims to help smaller, independent businesses attract and retain the best employees as they work to realise their corporate potential.
As well as including current members of staff in the UK and overseas, the VCP project has one eye on the future and includes shares which have been set aside for the additional members of staff who are expected to join the ranks as the company continues its ambitious growth plans.
In spite of ongoing economic challenges posed by the Covid-19 pandemic, the company has experienced a sharp upturn in business during the last few months with international markets in particular showing encouraging signs. This has prompted the VCP team to sharpen its focus on key emerging overseas markets, such as South America where two local offices have just been opened to position the company close to its growing client base in the region.
Commenting on the decision to create an employees’ co-operative, Vulcan Completion Products’ Ian Kirk explained: “The ethos of fairness which drives our current structure has been something I have strived to achieve throughout my career, and formalising it in this way is something I have wanted to do for a very long time. The ongoing Covid-19 pandemic is a stark reminder of how important it is to look after people so the time is absolutely correct to put this in place.
“Between us, the VCP team has more than 200 years of combined expertise and the model of the business very much centres around celebrating and capitalising on that level of knowledge and experience, rather than being driven by volume.
“Employees are the heart and fabric of the company and it’s crucial that they feel part of its evolution through the unique outlook this set-up gives them. Creating this co-operative environment undoubtedly brings people together in a fair and transparent way which correctly rewards loyalty and works hard to hold on to good people as we grow together.”
Mark Dundee, who has worked for and with Ian Kirk for the past 20 years commented: “Ian has always been a great mentor and this gesture reinforces the importance of having a truly committed team in place. The Vulcan ethos is instrumental for us all and will continue to drive our collective success. We are a small band which is currently achieving so much, and it’s fantastic to be rewarded in this manner. It’s a very exciting time to be part of the company and we look forward to the challenges ahead.”
VCP specialise in the design, manufacture and application of a specialist range of innovative equipment for the energy sector from bespoke centralisers, reamer and guide shoes to float equipment, cement plugs and cable protectors, namely cementing and completion equipment. VCP has an unrivalled track record of success, where the emphasis is on providing a quality service which consistently exceeds the expectations of clients. It sells directly to IOCs, major players and headline service companies.
Additionally, the company is represented globally by a network of sales distributors and agents in over 28 countries.
To find out more about Vulcan Completion Products, visit www.vulcan-cp.com
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