Dunedin Executes $117.29m EV Buyout

EV Offshore, downhole video technology specialist, finalized a $117.29 million management buyout, backed by Dunedin, UK mid-market buyout house.

Based in Norwich, EV said it has become the downhole video application market leader within the oil and gas industry, resulting from a prior backing given from Lime Rock Partners.

The company has reported global growth and expansion since its launch in 2000, recording an approximate increase of $32.24m in turnover from 2010 to 2014. EV's sees 85% of its revenues currently generated overseas.

“Lime Rock Partners’ backing over the last four years has enabled EV to grow by a factor of 20 and establish operations from Alaska to New Zealand,” said Francis Neill, EV Chief Executive. “Moving forward we are very excited to have Dunedin joining the team. The backing will enable EV to further grow its business around the world, adding us to the list of the UK’s world class oilfield service companies.”

EV recently opened a new technology center in Norwich to house its research and development, representing a world first in a centre that is completely dedicated to downhole video.