Wed, 23 Oct 2024 | BUSINESS SALE
Oceanscan Holdings, a provider of subsea equipment for offshore energy companies, has been bought by offshore wind service business Venterra Group.
Aberdeen-based Oceanscan, founded in 1989 by Ken Hunter, has overseas subsidiaries in Houston and Singapore and four in the UK. It provides subsea and non-destructive test equipment, geotechnical services and specialist personnel to the oil and gas, renewable energy, nuclear, defence and petrochemical industries.
Its products include ROV sensors and ultrasonic probes allied to inspection services such as subsea flaw detection and corrosion monitoring.
London based Venterra Group, established in 2021, engineers, builds and supports the operations of offshore wind energy developments around the world. It provides project management and engineering across the full offshore wind farm lifecycle from concept design to decommissioning. Its services includes environmental and geotechnical analysis, hydrographic surveys, UXO and metocean data analysis.
It believes Oceanscan’s business is highly complementary to its own particularly its geoscience and survey teams as demand for offshore wind picks up worldwide. This is because governments see it as a way towards both clean energy and energy security in a more volatile world.
Oceanscan is aware of the market opportunity supplying skilled personnel to offshore wind contractors and offering expertise in geophysical and cable route surveys. It also provides testing services for measuring soil conditions for offshore wind farm developments.
“Oceanscan’s extensive fleet of high-quality sensing equipment and in-depth geotechnical experience supports our aim of providing the most technologically advanced and complete set of development services and solutions to the offshore wind industry. We’re looking forward to welcoming Oceanscan into our team and delivering enhanced value to our clients,” said Ed Daniels, CEO of Venterra Group.
Hunter, Managing Director of Oceanscan, added: “I am proud of the journey that we’ve taken, and I look forward to watching the company’s future get even brighter under the leadership of Venterra.”
The acquisition was underpinned by a fifth successful equity raise by Venterra, including General Atlantic’s BeyondNetZero and First Reserve’s further equity investment of £30m, as well as through securing access to £110m of bank facilities from HSBC, NatWest, Rabobank and Citibank.
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