ATR and Centurion Merge
A merger between Centurion Group and ATR Group is to create a global player in the oil and gas rental equipment and services market with a combined turnover of over £100 million. The group will operate from bases in the U.K., Netherlands, Caspian, Singapore, Australia and the U.S.
The group will continue to be headquartered in Aberdeen with ATR’s chief executive, Keith Moorhouse, and chief financial officer, Euan Leask, becoming CEO and CFO respectively. Centurion’s acting CEO Peter Stuart will take on the role of chairman of the combined entity, while Alan MacLeod, Centurion’s CFO, will assume the role of director of integration.
Centurion Group provides specialist rental equipment and services on a global scale to both the oil and gas and the mining sectors. It comprises six business units: Conserve Oilfield Services, Jacks Winches, RentAir Offshore, Seanic Ocean Systems, Tristar Water Solutions and Mining Camps Australia.
ATR Group specializes in the rental, sale and inspection of specialized equipment to the petrochemicals, marine, subsea and offshore oil and gas industries. Its five business units are ATR Equipment Solutions, ATR Lifting Solutions, ATR Power Solutions, Underwater Engineering Services and Safety & Technical Hydraulics.
Moorhouse said, “This is a great deal for both parties and their shareholders, all of whom remain in the business. It is also good news for the industry in general, especially at this difficult time. By combining our strengths and creating synergies, we will have a group that is significantly greater than the sum of its parts.”
“The merger puts us in a strong and stable position to deliver wider, cost-effective solutions, and on a global basis, that will appeal to our customers’ in today’s difficult market. The wider geographic footprint provided by the merger will allow us to provide our fleet management services over a number of locations, enabling us to increase operational efficiencies for our customers.”
Simmons & Company International, corporate finance advisers to the energy industry, brokered the deal.
