London-based private equity firm Blue Water Energy announces the acquisition of Pipeline Technique Limited (“PTL”), a leading provider of high-end pipeline welding, field joint coating and spoolbase services to the energy industry, from Heerema Marine Contractors (“HMC”) for an undisclosed consideration.
PTL is headquartered in Huntly, UK with additional worksites in the USA, Middle East, Brazil and South East Asia. Since it was founded in 1998, PTL has built a track record in the delivery of technically challenging solutions for offshore and onshore construction projects, ranging from ultra-deepwater and ultra-heavy wall thickness to fatigue sensitive pipelines.
The company has established relationships with the energy industry’s leading players and construction groups, having performed welding and coating services on major projects such as Appomattox (Gulf of Mexico), Kaombo (Angola) and Khazzan (Oman).
Martin Somerville, managing director of Blue Water Energy, said: “We are excited by the investment into PTL. The company has a very strong reputation and track record in the technically-challenging pipeline welding market and we have committed significant capital to support future growth.”
Patrick Boerkamp, CEO of PTL, said: “HMC has been a good owner of PTL since 2008 and supported us to build an impressive track record and develop new technologies and services tailored to offshore and onshore markets.
“We now look forward to the company flourishing as an independent welding and field joint coating service provider, capitalising on the significant market opportunity that exists.”
Pipeline Technique is the seventh investment in Blue Water Energy’s Fund II. Other companies include Aberdeen-based Rovop, the subsea robotics company, and Mime Petroleum, the Oslo-based NCS explorer.