Aberdeen-based oilfield services provider EnerMech has confirmed the conclusion of its sale to The Carlyle Group. The company on Tuesday also announced the formation of the group’s Board of Directors.
The proposed acquisition was agreed in October 2018, when the UK media reported the acquisition was valued at around 450 million pounds. Neither EnerMech nor Carlyle disclosed the official figure.
Customary anti-trust and regulatory approvals have now been received and the transaction formally concluded.
John Kennedy has been appointed as the group’s chairman, with Joost Dröge and Bob Maguire, both managing directors and partners at Carlyle International Energy Partners (CIEP), and Philippe Boisseau joining the Board as non-executive directors.
In his 40-year career in oilfield services, John Kennedy has held senior executive positions with Brown & Root, Halliburton and rig manufacturer Lamprell. In 2006 he led the buy-out of Vetco International from ABB and he was chairman of Wellstream Holdings when it successfully completed an IPO in 2007 and three years later when the business was acquired by GE in a £800 million deal.
Doug Duguid, chief executive officer of the Aberdeen-headquartered mechanical and electrical services specialist, said: “I am delighted we are able to mark the official completion of The Carlyle Group’s acquisition of EnerMech with important non executive appointments of the highest calibre.
“John Kennedy’s experience in the upstream sector and successful corporate track record will add a breadth of expertise and knowledge which will shape the next chapter of EnerMech’s growth strategy.
“With the operating experience, financial resources and international support network of The Carlyle Group and CIEP, EnerMech is in an excellent position to consolidate our presence in our existing markets whilst pushing forward in exploiting new geographic and sector opportunities.
“There is a renewed confidence in our core energy sector client base and we are committed to working collaboratively with clients to identify and provide the best solutions possible. In tandem, our success in establishing a footprint and strong reputation in allied or new international markets, has given us a solid foundation for significant growth over the next decade.”
EnerMech employs 3,500 staff across 40 locations in the UK, Norway, the Middle East, Caspian, Asia, Africa, Australia and Americas. The company works on large scale projects across the oil and gas, LNG, renewables, defence, power, infrastructure and petrochemicals sectors.