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 May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Entries Sought for SHIPPINGInsight Award

Entries are now being accepted for the 2015 SHIPPINGInsight Award, which will be presented at the SHIPPINGInsight Fleet Optimization Conference & Exhibition, Oct.

Bollinger Appoints Sales VP

Bollinger Shipyards announces the promotion of Eric Bollinger to Vice President of Sales.   President and CEO Ben Bordelon made the announcement, stating, “Eric

Hyde Marine to Present on BWTS at Nor-Shipping

Company to Share Seamless Integration of Ballast Water Treatment System (BWTS); Experience in Retrofits for Small Footprint Installations at Nor-Shipping Maritime

Offshore

Five Years on from Macondo

An interview with NOIA’s Randall Luthi provides unique perspective on where the offshore energy business has been, where it is now, and where it could be headed next.

Offshore O&G: Weathering the Storm

Vessels are stacked as Gulf oil operators retrench and day rates fall. In the Gulf of Mexico, vessels serving offshore oil-and-gas exploration and production are

Fugro Extends Contract with McDermott

Fugro has been awarded a three-year extension to its existing contracts with McDermott Middle East, Inc. The contract covers the provision of survey, positioning,

Finance

U.S.: Stronger Response in South China Sea Needed

By releasing video of Beijing's island reclamation work and considering more assertive maritime actions, the United States is signaling a tougher stance over the

Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday.

Golden Ocean: Worst Bulk Market Since 1980s

Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts on Thursday and said its market had gone from "bad to worse" with market conditions not seen in three decades.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics 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: 0.1733 sec (6 req/sec)