Nxg Oilfield Services Limited

Nxg Oilfield Services Ltd from Aberdeen, UK, is a small holding company with an active status, founded seven years ago. Employing eight people and holding £965,458 in assets, it operates from a real address and is led by one director and three owners, boasting a stellar 5.0 Google rating based on one review. The company is an irregular importer, primarily dealing in optical and medical tools and devices, with its last import operation occurring one month ago in October 2021.

NXG Group's website showcases a range of drilling technologies and services, focusing on drilling tools, hole openers, and specialized equipment. The company’s core business revolves around providing drilling tools and services, including patented technology, machine shop services, and other specialized solutions. It appears to be primarily B2B, targeting the oil and gas industry. The site details various products like drilling reamers, torque reduction subs, and hole conditioning equipment, emphasizing innovation and market-leading technology. NXG also operates a MACS (MultiActivation Circulating Sub) division, highlighting its commitment to hole cleaning and lost circulation solutions. The website includes a contact form and a physical address in Aberdeen and a branch in Dubai.

Financially, NXG Oilfield Services Ltd presents a mixed picture. While current assets increased slightly to £970,000, equity took a significant hit, plummeting 72% to -£1.1 million. Bank borrowings surged, and cash reserves fell dramatically, indicating a potential cash flow challenge. Creditors also increased substantially, suggesting a reliance on trade credit. The company's small size (meeting two of three criteria for a small company) allows for agility, but the substantial equity decline warrants closer scrutiny. No auditor is mentioned, likely due to its small company status.

In essence, NXG Oilfield Services Ltd appears to be a specialized provider of drilling technologies facing financial pressures. While its innovative products and strong online presence suggest potential, the company’s equity decline and cash flow challenges are concerning. The future of the company hinges on its ability to manage its finances and capitalize on its technological strengths.

Registered in Scotland under the registration number SC580351, with a registered address at AB12 3LH, Scotland, Aberdeen, Ness Point Blackness Road, Altens Industrial Estate.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.