London-based private equity firm Blue Water Energy is buying Heerema Marine Contractors’ Pipeline Technique Limited, a provider of pipeline welding, field joint coating, and spoolbase services to the energy industry.
PTL is headquartered in Huntly, UK with additional worksites in the USA, Middle East, Brazil and South East Asia delivering solutions for offshore and onshore construction projects, with the project of note including Appomattox in the U.S. Gulf of Mexico, Kaombo in Angola, and Khazzan in 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, capitalizing on the significant market opportunity that exists.”
Blue Water Energy did not provide financial details of the transaction.
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.
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