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

People & Company News

Container Ship Delivers First Boxes to Great Lakes Port

The US Coast Guard say that the 'Fortunagracht', a 450-foot Dutch-flagged container ship, has delivered the first-ever load of containerized cargo to the Great Lakes.

Russian Navy Take Over Crimea Combat Dolphins

The combat dolphin program in the Crimean city of Sevastopol will be preserved and redirected towards the interests of the Russian Navy, according to a report by official news agency RIA Novosti.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Finance

Terex Corporation Announces Q1 2014 Financial Results

Terex Corporation (NYSE:TEX) will release its first quarter 2014 financial results on Wednesday, April 30, 2014 after market close. The Company will host a one-hour

Niger Could Sign Deal With Areva soon

The government of Niger, the world's fourth largest uranium producer, is on the verge of renewing an agreement with French state-controlled nuclear group Areva,

Barclays To Exit Some Commodities Markets

Barclays is planning to withdraw from parts of the metals, agricultural and energy markets, echoing moves by other major players like JPMorgan Chase and Morgan

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2771 sec (4 req/sec)