An oil and gas pipeline welding specialist has embarked on an acquisition path as it increases its exposure to other energy markets.
Aberdeenshire-based Pipeline Technique has purchased Global Energy Group’s Global Project Services (GPS) business 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 company immediate access to the infrastructure, nuclear and decommissioning markets in the UK and Norway. He also noted that GPS is targeting significant growth on new-build renewable energy projects.
Pipeline Technique is owned by a private equity firm which also has a stake in Siccar Point Energy, which is working with Shell on plans for the controversial development of the Cambo oil field off Shetland.
While Shell suspended the plans last year, the companies recently won a license extension covering Cambo from the regulator.
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London-based investment firm Bluewater Energy acquired Pipeline Technique in May 2019 from Hereema Marine Contractors, which exited the pipelay business.
In the latest accounts filed by Pipeline Technique at Companies House, covering 2019, the company said: “The company’s major customer (and ultimate parent) announcement in 2018 of its intention to withdraw from the pipe laying has led to considerable uncertainty in the market place.”
The company lost £11.4million in 2019. It did not file accounts for 2020.
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However, when announcing the acquisition, the company said it had tripled its revenue in 2021 and was on track for another 50% increase this year. He added, “Pipeline Technique recently won several major contracts in the United States, Kazakhstan and Brazil.”
Global Energy Group is active in a range of markets and operates the Port of Nigg, which is becoming a hub for the renewable energy industry.