EnerMech Receives £90 Million Funding Package

MaritimeProfessional.com
Tuesday, October 08, 2013

Two leading banks have joined with original lender Bank of Scotland to provide a £90 million funding package for oil and gas engineering group EnerMech.

EnerMech said the addition of Norwegian bank DNB and HSBC to form a ‘banking club’ reflected the requirements of a company which in five years has established a global footprint of more than 30 locations and has grown its workforce to over 1,800.

The extra funds will be used to invest in new equipment, additional facilities and in expanding the workforce as EnerMech continues a growth strategy which will see revenues rise to £280 million in 2014 and the total number of employees increase by 700 to 2,500.

The international reach of the banking club will allow Aberdeen-based EnerMech to consolidate its overseas banking arrangements. Bank of Scotland will remain the lead bank and has refinanced a £60 million package as part of the new arrangement.

The funding arrangement follows an increased investment earlier this year by private equity specialist Lime Rock Partners which supported the acquisitions of Vicon Services in Australia and U.K.-based Total Reclaim Systems.

To date EnerMech has invested £30 million on acquisitions, £80 million on organic growth and has put aside a further £15 million for future acquisitions.

Simmons & Company advised EnerMech on the refinancing package with legal support from Burness Paull. Legal advice to the banking club was provided by Blackwood Partners with financial due diligence undertaken by KPM.

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

People & Company News

ABS CEO Lays Out Vision for Technical Leadership at CMA Shipping

During the recent CMA Shipping 2015 conference in Stamford, Connecticut, ABS Chairman and CEO Christopher J. Wiernicki provided the conference's keynote address

Oceanex Named One of Canada’s Best Managed Companies

Oceanex Inc. was named one of Canada’s Best Managed Companies Gold Standard Members in 2014. This national award is sponsored by Deloitte, CIBC, National Post,

Navy Awards Austal $691M for Two Littoral Combat Ships

The U.S. Navy has ordered two new littoral combat ships from Austal, the shipbuilder said in a press release today. The two orders, worth $691 million, are part

Finance

BMT Partners with Aage Hempel

BMT SMART (BMT),  has announced  that Aage Hempel has become an accredited service partner.  This agreement will provide both organizations with the opportunity

Tanker Backlog Builds at Basra

Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE,

U.S. Port Delay Boost February Air Freight

Global air freight volumes rose 11.7 percent year-on-year in February, driven by the Chinese New Year, the International Air Transport Association said on Wednesday.

Energy

Hess Selects BMT for Stampede Marine Monitoring System

BMT Scientific Marine Services (BMT), an international maritime design, engineering and risk management consultancy, has been selected by Hess Corporation to

FSL Trust Signs Charter Agreement with US Oil Company

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust, has entered into a two-year time charter agreement with a prominent US

Blaze hits Mexico Oil Platform, 300 Workers Evacuated

Mexican state-run oil company Pemex said on Wednesday that it was fighting a fire on oil platform in Campeche Bay on the Gulf of Mexico, home to the country's biggest oil field,

News

Bulk Carrier Runs Aground in Delaware River (Link to Video)

Coast Guard Sector Delaware Bay is investigating a ship aground in the Delaware River near the Burlington Bristol Bridge, which connects Burlington, NJ and Bristol Township, PA.

Largest All-Electric Pipe Bender Starts Operations at Newport News Shipbuilding

Unison has commissioned what is believed to be the largest all-electric tube bending machine ever produced. The machine has started operations at Newport News Shipbuilding,

Oceanex Named One of Canada’s Best Managed Companies

Oceanex Inc. was named one of Canada’s Best Managed Companies Gold Standard Members in 2014. This national award is sponsored by Deloitte, CIBC, National Post,

Marine Equipment

Damen Delivers Stan Patrol Vessel to RBDF

The Royal Bahamas Defence Force (RBDF) has taken delivery of the fourth and final Stan Patrol 4207, named HMBS Rolly Gray. The four Stan Patrol 4207s form part of the six-year Sandy Bottom project.

Radio Holland Wins Ahrenkiel Contract

Ahrenkiel Steamship GmbH & Co. KG and Radio Holland Germany GmbH, part of Imtech Marine, have agreed a long-term maintenance agreement for the entire Ahrenkiel Steamship fleet,

H2O’s Owens CrapZapper Offers More

H2O’s Owens CrapZapper marine sanitation device has dual certification to the latest IMO and USCG standards for operation anywhere in the world.   Features include low maintenance,

Offshore Energy

Hess Selects BMT for Stampede Marine Monitoring System

BMT Scientific Marine Services (BMT), an international maritime design, engineering and risk management consultancy, has been selected by Hess Corporation to

FSL Trust Signs Charter Agreement with US Oil Company

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust, has entered into a two-year time charter agreement with a prominent US

SeaZip Takes Delivery of Damen Crew Suppliers

On 28 March, SeaZip Offshore Service named two new Damen Fast Crew Suppliers (FCS) 2610 at Damen Shipyards Gorinchem.   The two vessels, named SeaZip 3 and SeaZip 4,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators 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: 0.1637 sec (6 req/sec)