NBGI Private Equity: Acquisition of Cosalt Offshore

(Press Release)
Friday, February 15, 2013

NBGI brings Cosalt’s Aberdeen and Norway businesses into its stable alongside ATR Group as it builds global provider of offshore equipment and lifting services

NBGI Private Equity, investor in Aberdeen-based ATR Group, is acquiring the Aberdeen and Norway operations of Cosalt Offshore.

The deal, due to complete later today, will reportedly stabilie the Cosalt business which has been through a difficult period in recent years, safeguard jobs and provide funding to capitalize on international growth opportunities.

ATR chief executive, Keith Moorhouse, will lead the enlarged group. He said, “This deal will be welcomed by Cosalt’s staff, customers and suppliers as an end to a period of uncertainty. Cosalt has an excellent technical and operational reputation and is an integral part of the supply chain of many of the energy sector’s leading oil service companies and operators.  Cosalt and ATR will be pooling their significant resources and technical expertise to deliver a broad, integrated service offering to the oil and gas industry.”

“The deal will bolster ATR’s growth by opening up the Norwegian sector and improving its operational capacity through access to Cosalt’s skilled engineers, technicians and inspectors and its substantial equipment hire fleet.”

Together ATR and Cosalt will employ almost 400 people with a turnover of £55m and will seek to consolidate and grow the two businesses to over £100m turnover organically and by acquisition.

A leading supplier in the rental of specialised tools and equipment for the offshore oil and gas industry maintenance sector, ATR has flourished since the investment by NBGI in early 2012, expanding its client base, rental fleet and global footprint. Its strategic move into subsea equipment rental and services was accelerated by the acquisition of UES last year.

Cosalt Offshore has been part of Grimsby-based Cosalt PLC. The company provides a wide range of offshore and maritime safety equipment, lifting and rigging gear, wire rope, related tools and safety at height products alongside offshore inspection and compliance services. Cosalt has long standing relationships with a portfolio of blue chip clients.
Lawrence Dean, Investment Director of NBGI, added: “ATR and Cosalt will be working together to deliver a leading service to their customers.  The high regard in which Cosalt is held in the offshore lifting sector is testament to its employees who have continued to operate at the highest technical and operational levels.  ATR management has been very supportive of this acquisition and Keith Moorhouse and the ATR and Cosalt teams are committed to building a global business.”

Advisers in the deal included Dundas & Wilson, Johnston Carmichael and PwC.

 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

USNS Ship Rescues Nine in Gulf of Oman

'USNS Richard E. Byrd' (T-AKE 4), a Lewis and Clark-class dry cargo ship, rescued 9 crew members from a Yemeni-flagged cargo vessel 'Asaed' that had lost power,

Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows: Results for the three months ended June 30,

Offshore

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Valemon Topsides Installed

On Monday, July 28, the topsides were lifted into place on the steel jacket on the Valemon field in the North Sea. Produced by Samsung Heavy Industries this is

Finance

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

Aker Philadelphia Shipyard ASA: Purchase of own shares

Aker Philadelphia Shipyard AKPS), a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has on July 25, 2014 purchased 1,

Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows: Results for the three months ended June 30,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1857 sec (5 req/sec)