Offshore engineering solutions provider Aquaterra Energy has secured an investment of at least $10 million from EV Private Equity for service expansion and new technology launches.
The deal is the first to be agreed following EV’s pledge last year to invest $200 million in North Sea businesses with new technologies and high growth potential, when the independent private equity firm confirmed it was seeking to invest between $10 million to $40 million in each company.
Aquaterra, which has operations in Aberdeen, Norwich and Cairo provides riser systems, offshore structures and rental equipment to the global oil and gas industry.
The company recently designed, fabricated and installed a new Sea Swift platform for PICO Petroleum Integrated Services, the lead contractor for the Amal field in the Gulf of Suez, offshore Egypt.
In another multi-million pound contract, Aquaterra is supplying high pressure riser equipment for a subsea abandonment project in the central North Sea.
George Morrison, managing director of Aquaterra Energy said: “We are also seeing growing interest from operators in our specialist ‘WellStart’ service, which minimises third party interfaces in early stage well construction, providing the expertise to overcome the technical and economic challenges in setting out the first phase of the well.
“We have a robust plan for service and product expansion – including a strong focus on our WellStart capability – and the investment will help us to fuel the growth of the business. EV’s support to the existing management is a vote of confidence in the hard work of the team and the success that has been achieved during what has been a challenging period for the industry.”
Tomas Hvamb, Investment Director at EV, added: “We believe that the company’s core offering, providing net lower cost solutions, resonates in today’s capital constrained market and furthermore that there may be excellent synergies to be realized with other companies in the EV portfolio.”
Meanwhile, Aquaterra has appointed Alan Wilson as Chairman. He is a Chartered Engineer with 33 years’ experience in the oil and gas industry.
It has also appointed its co-founder Mark Boyd – along with the former chief executive of Expro, Gavin Prise – as non-Executive Directors.
26 July 2017