AN oil and gas pipeline welding specialist has hit the acquisition trail as it increases its exposure to other energy markets.
Aberdeenshire-based Pipeline Technique bought the Global Project Services (GPS) business from Global Energy Group for an undisclosed sum.
Pipeline Technique said the acquisition of Invergordon-based Global Project Services was a major step in its diversification strategy. and would allow the firm to achieve immediate entry to the infrastructure, nuclear, and decommissioning markets in the UK and Norway. It also noted that GPS is targeting significant growth on new-build renewables projects.
Pipeline Technique is owned by a private equity firm that also has a stake in Siccar Point Energy, which is working with Shell on plans for the controversial Cambo oil field development off Shetland.
While Shell put the plans on hold last year the companies recently won am extension to the licence covering Cambo from the regulator.
READ MORE: Shell boss says energy giant is eyeing North Sea gas developments after Cambo U-turn
The London-based Bluewater Energy investment business acquired Pipeline Technique in May 2019 from Hereema Marine Contractors, which withdrew from the pipe lay market.
In the latest accounts filed by Pipeline Technique at Companies House, covering 2019, the company said: “The announcement in 2018 of the company’s main customer (and ultimate parent company) of its intention to withdraw from the pipe lay market resulted in considerable uncertainty in the market place.”
The company lost £11.4m in 2019. It has not filed accounts for 2020.
READ MORE: North Sea pioneer suffers reverse on key gas field
However, in the announcement of the acquisition the company said it had delivered a three-fold increase in revenue in 2021, and is on track for a further 50 per cent increase this year. It added: “Pipeline Technique recently won several significant contracts in the USA, Kazakhstan and Brazil.”
Global Energy Group is active in a range of markets and operates the Port of Nigg, which is becoming a centre of renewable energy industry activity.
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