Exploration research & analytics company Hannon Westwood has completed the acquisition of Novas Consulting Limited, a provider of technical consultancy support to the energy industry, for an undisclosed sum.
Hannon Westwood said that, following the investment by energy specialist private equity company Energy Ventures in January 2015, it has been looking to expand on its energy business intelligence and consulting offering through a combination of acquisitions and organic development projects.
The addition of Novas Consulting to the Hannon Westwood portfolio is the first step in adding new diversity to the consulting offering, bringing a team of experienced geoscientists, engineers and other specialists, the company has said.
Ian Norbury, CEO of Hannon Westwood Aberdeen, said: “In Novas Consulting we have found an exceptional team of internationally experienced individuals offering considerable skills in upstream projects, technical due diligence, and both asset and corporate appraisal and valuation services. The addition of Novas brings an international dimension and capability to the Hannon Westwood team and we are excited by the potential to offer our clients a broader range of expertise and international solutions.”
“This acquisition serves as the first step to utilise Hannon Westwood as a platform to build a high powered energy information and analytics company with a full service consulting proposition. With the current market conditions it is more critical than ever to perform detailed due diligence and commercial assessments of target investments, and in Novas we have acquired a team with proven credentials and expertise in the global oil and gas market.”
Philip Clarke, Managing Director of Novas Consulting, said: “In Hannon Westwood we have found a partner with strong aspirations for growth and development of the company and its staff”
“With the strategic strength and support of a leading energy specialist partner, I am confident that Novas will reach a wider audience while continuing to deliver valuable insights and support to oil and gas companies and investors alike.”
Clarke added: “In addition to our competencies in conventional E&P, our proprietary studies on the unconventional markets in the UK and Europe offer a depth of insight which is highly complementary to the Hannon Westwood report offerings. We are excited by the combination of these businesses and look forward to developing the offering further.”
Hannon Westwood concluded by saying that it continues to seek businesses that offer unique business intelligence, analytical software solutions and technical insights into the energy industry. In addition, the company said it is looking to support and foster growth of partner companies.