ITS $55M Investment from Lime Rock

Tuesday, October 06, 2009
ITS changing out BOP (blow out preventer) rams in Mexico (Photo courtesy Fifth Ring Integrated Corporate Communications)

ITS Group, a specialist provider of oilfield equipment and services to the global oil and gas industry, announced a $55m equity investment from leading energy-focused private equity firm Lime Rock Partners.

The agreement provides Lime Rock with a minority stake in ITS Group in return for providing growth capital to be used to support the company’s growth aspirations as it aims to become a major global player in the oilfield drilling sector.

Bob Kidd, ITS Group executive chairman said, “This is an exciting time for the Group with unprecedented levels of opportunity in a challenging environment.  The investment strengthens our balance sheet allowing us to continue investing organically and also to pursue the acquisition opportunities that are prevalent in the current market.   Lime Rock Partners has an impressive track record supporting growing companies in the sector.”

ITS Group recently announced a strong set of financial results for the year ended December 2008. Turnover increased 47% in 2008 to $143.6m building on a significant capital investment program. In 2008, the Group invested $62.4m in plant and equipment, and earnings before interest, taxes, depreciation and amortisation (EBITDA), before one-off costs, increased by 50% to $47.2m. The Group has continued with its programme of investment in 2009, both in infrastructure, people and equipment.

(www.its-energyservices.com)

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

Offshore

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Sjo Resigns from Polarcus Board of Directors

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director

BOEM Issues Supplemental Environmental Impact Statement

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
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: 0.0793 sec (13 req/sec)