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ModuSpec Divests From Lloyd’s Register, Becomes Independent Service Organization

In March, Lloyd’s Register (LR) announced its withdrawal of its Drilling Integrity Services (LRDIS) in the Middle East and Asia Pacific regions. ModuSpec, originally acquired by LR in 2008, formed the basis of LR’s LRDIS service portfolio.

ModuSpec is now a privately owned, third-party independent company. It offers a range of services covering drilling rig inspection, auditing, and training to local and international clients in the Middle East and Asia, as well as in Egypt, Uganda, and Kenya. LR will continue its Drilling Integrity Services capability in the Americas, Europe, and other African countries under the LRDIS brand.

Andrew Calderwood, managing partner and CEO, ModuSpec, said, “At the beginning of 2019, LR unveiled its first phase of a new global strategy. This presented us with an excellent opportunity to continue to serve both existing and new clients in the Middle East and the Asia Pacific regions, providing a more focused service and operating independently of LR in these regions.”

The company is backed by a Middle East energy investment group.

“We will ensure the ModuSpec legacy goes from strength to strength," said Calderwood. “We are now in a unique position to offer quick, flexible, and effective business solutions that allow our drilling clients to become world class in maximizing their productivity, while exceeding the prevalent expectations as responsible, safe operating companies.”

The company has more than 33 years of industry experience.

“Clients can be assured we will operate with the same high level of quality, assurance, and integrity that is synonymous with the ModuSpec and LR brands. With our premium focus on the drilling sector, there are substantial opportunities ahead in which we can deliver services and expertise driven by new operational needs. It is an exciting time of opportunity for the ModuSpec team to help shape our modern drilling world and achieve ground breaking approaches to safety and efficiency in engineering and drilling practices.”

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