Oilfield equipment firm diversifies to fuel growth

BEYOND its core business of drilling tools and components, Oilfield Services & Supplies (OSS) is transforming for a greener future. In early 2022, it invested in Dutch climate start-up FlexBase International – which has a Singapore office – for a pilot floating platform project.

FlexBase International develops floating structures in a way that minimises the use of concrete and steel, thus reducing the carbon footprint of such structures. Said OSS’ business development manager Kenneth Loh: “We believe that FlexBase can leverage its technical expertise and experience in prior projects to establish successful operating models in Asia.”

OSS manufactures, services and provides rental of drilling tools and components for the oil and gas industry. But the FlexBase move was part of its diversification strategy: identifying solution providers which are focused on key future themes such as climate change adaptability and environmental sustainability.