Aquaterra Signs Investment Deal with EV

 

The deal is the first to be agreed following EV’s pledge last year to invest $200 million in North Sea businesses with new technologies and high growth potential. The independent private equity firm confirmed it was seeking to invest between $10 million to $40 million in each company.

 

Aquaterra, which has operations in Aberdeen, Norwich and Cairo provides riser systems, offshore structures and rental equipment to the global oil and gas industry. The company recently designed, fabricated and installed a new Sea Swift platform for PICO Petroleum Integrated Services, the lead contractor for the Amal field in the Gulf of Suez, offshore Egypt. In another multi-million pound contract, Aquaterra is supplying high pressure riser equipment for a subsea abandonment project in the central North Sea.

 

Aquaterra is also seeing growing interest from operators in its specialist ‘WellStart’ service, which minimizes third party interfaces in early stage well construction, providing the expertise to overcome the technical and economic challenges in setting out the first phase of the well.

 

Aquaterra has appointed Alan Wilson as Chairman. Mr Wilson is a Chartered Engineer with 33 years’ experience in the oil and gas industry. Added to his extensive experience in senior executive roles in the industry, he has also served as Chairman and non-Executive Director of other private equity-backed and privately owned companies within the oil and gas sector. 

 

The company has also appointed its co-founder Mark Boyd and the former CEO of Expro, Gavin Prise, as non-Executive Directors.

 

As part of the deal a re-finance package has been agreed with HSBC. Keith Robertson, Associate Director, Leveraged Finance Scotland, commented: “HSBC welcomes this opportunity to support the next phase of development for this innovative and internationally focussed oilfield services company, which is well positioned to capitalize on current market dynamics."