Two major oil and gas equipment rental firms have merged to create an Aberdeen-based global group with 500 employees a combined annual turnover of some £100 million.
The combined Centurion Group and ATR Group will operate from bases in the UK, Netherlands, Caspian, Singapore, Australia and the USA. But both companies will retain their separate names for the foreseeable future.
The group will continue to be headquartered in Aberdeen with ATR chief executive Keith Moorhouse and chief financial officer Euan Leask taking these same roles in the new company.
Peter Stuart, Centurion’s acting chief executive, will take on the role of chairman of the combined entity while Alan MacLeod, Centurion’s finance director will assume the role of director of integration.
Centurion Group provides specialist rental equipment and services at scale to both the oil and gas and the mining sectors. Its six business units comprise: Conserve Oilfield Services, Jacks Winches, RentAir Offshore, Seanic Ocean Systems, Tristar Water Solutions and Mining Camps Australia.
ATR Group provides sales and inspection of specialised equipment to the petrochemicals, marine, subsea and offshore oil and gas industries. Its business units are ATR Equipment Solutions, ATR Lifting Solutions, ATR Power Solutions, Underwater Engineering Services and Safety & Technical Hydraulics.
Nick Dalgarno, Managing Director, Simmons & Company International – the corporate finance advisers to the energy industry who brokered the deal – commented: “This merger brings together two groups which have a natural fit in order to deliver greater value for customers and realise opportunities which would not be available to either business on a stand-alone basis.”
Moorhouse said: “This is a great deal for both parties and their shareholders, all of whom remain in the business. It is also good news for the industry in general, especially at this difficult time.
“By combining our strengths and creating synergies, we will have a group that is significantly greater than the sum of its parts.”
“The merger puts us in a strong and stable position to deliver wider, cost-effective solutions, and on a global basis, that will appeal to our customers’ in today’s difficult market. The wider geographic footprint provided by the merger will allow us to provide our fleet management services over a number of locations, enabling us to increase operational efficiencies for our customers.”