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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Offshore

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1058 sec (9 req/sec)