Craig International has launched a ‘win-win’ platform to help oil and gas companies off-load surplus stock worth billions of pounds and buy products and equipment they need at competitive prices.
Craig Collaboration connects companies looking to sell stock with those looking to buy. Oil and gas companies around the world have billions of pounds of surplus stock, much of it sitting in costly storage and Craig Collaboration will allow them to realise value from this.
A radical shift in procurement in the industry, Craig Collaboration represents a major investment by Craig International in an immediate, collaborative solution towards increasing efficiency. It is already gathering momentum with several major exploration and production companies expected to start using it following the launch.
Steve McHardy, joint managing director of Craig International, said: “With the oil price set to be lower for longer, the industry requires immediate action towards achieving enhanced efficiency and cost control. We have developed a platform which the whole industry can use to buy and sell stock. Using our bespoke electronic tools, our network of buyers and our global experience, Craig Collaboration will, at no cost to industry, ensure that their products are offered to buyers looking to purchase them.”
Craig Collaboration is accessed online through Craig International’s bespoke SmartBuyer software. For example, if operator A, who is looking for a pump which operator B has in surplus stock, then Smartbuyer would search the inventory on Craig Collaboration, find the pump and offer it at a reduced cost to operator A.
Craig International has this year secured $60 million in new contracts as a result of the efficiencies delivered by their ecommerce initiatives.
Mr McHardy added: “We already have the buyers looking to purchase the products and equipment that companies have in surplus stock and we have the electronic tools to ensure confidential and efficient transactions between buyers and sellers.
With our 16 years’ experience, we are well-placed to offer this collaboration solution to benefit the wider industry.”