ATR Group expands Subsea offering with acquisition of Underwater Engineering Services
Global leading oil and gas equipment services specialist ATR Group has completed its first strategic acquisition following its recent MBO supported by NBGI Private Equity.
The acquisition of Underwater Engineering Services (“UES”) strengthens ATR’s existing subsea capabilities and demonstrates the Group’s commitment to investing in this dynamic, fast growing market.
UES specialises in the rental and supply of marine and subsea support equipment to the Diving, ROV and survey sectors of the global offshore industry. The company provides both Diver and ROV operated tooling as well as fully integrated packages, comprising deck cranes, winches, power packs, survey and deployment equipment. UES has a market leading reputation for the quality of its subsea engineering, design and manufacturing capabilities. The company, which was established in 2006, is based in Foveran, on the outskirts of Aberdeen.
Following the acquisition of UES, ATR will have a turnover in excess of £20 million and ATR’s workforce will increase by 15%. The Group is committed to investing in staff resource and additional equipment over the coming months to service the anticipated growth coming from its marine and subsea customer base.
Lawrence Dean of NBGI Private Equity commented: “The strategic fit between ATR and UES is very strong and we are delighted to have supported this acquisition. Both management teams recognise the value in an integrated surface to subsea model and are motivated by the significant commercial opportunities that will come from working together.”
Keith Moorhouse, chief executive of ATR, said: “We are excited about welcoming Jeff and his team to ATR Group. UES is widely respected and has built up a significant track record for servicing the leading specialist marine and subsea contractors. ATR is performing strongly and we have identified the subsea market as a key strategic area for many of our customers. We intend to invest substantially in UES for growth without losing its core focus and speciality. It’s about responding to customer needs and continuing to deliver.”
“UES’s subsea rental offering and engineering capabilities are highly complementary to ATR’s existing surface rental and service offering. We’ve listened to our customers and I believe that this surface to subsea approach will provide them with an enhanced value-based proposition that meets their needs.”
Jeff Riddoch, managing director of UES will continue to lead the business along with his current team.
“This is an exciting opportunity for us and is a major step forward for our business, which has itself seen ongoing growth on a global scale since our inception in 2006,” comments Jeff Riddoch, UES managing director.
“Working together we will be able to provide one another with access to new markets and deliver significant added value for our clients in terms of our mutual specialist capabilities in the provision of tools and equipment to the global oil and gas industry."
- Lawrence Dean 020 7661 5678