Enpro Subsea has secured investment from EV Private Equity (EV) to grow its production optimization business into new and existing international markets and further develop the range of production optimization and intervention technologies.
The Aberdeen-headquartered subsea company enters 2018 with projects currently ongoing in the UK Continental Shelf, West Africa, and Gulf of Mexico.
The company said on Monday that the deal would see the business receive backing from EV Private Equity as part of its pledge to invest $200 million into fast-growing North Sea businesses.
According to the company, the cash injection from EV will allow Enpro to further develop the patented flow access module (FAM) technology as well as capitalize on the success of the flow intervention services (FIS), and decommissioning systems.
Enpro Subsea managing director, Ian Donald, said: “Starting 2018 with news of our partnership with EV Private Equity is exciting. Coupled with a robust order book for our FAM, FIS and decommissioning technologies, the investment puts us in the strong position to deliver the next stage of our business growth strategy.
Donald also added: “The funding will support the expansion of the FAM production and intervention system which enables capital efficient, future poof and flexible field development using standard subsea hardware. Additionally, Enpro will accelerate global deployment of the FIS hydraulic intervention rental system targeted at high pressure, deepwater fields.”
Senior partner at EV, Greg Herrera, said: “Private equity firms have an important role to play in transforming today’s oil and gas sector and this is a great opportunity to work with one of the most exciting and successful companies in the subsea sector today.”
Mike Beveridge, managing director at Simmons & Company International, who acted for Enpro on the transaction, added: “This transaction is another strong reminder of Aberdeen’s unique position as a center of excellence for ground breaking subsea technologies that support the global oil and gas industry.”