Huntly-based pipeline welding specialist Pipeline Technique Ltd has been sold to London private equity firm Blue Water Energy.
The buyer paid an undisclosed sum to Heerma Marine Contractors for the business that provides high-end pipeline welding, field joint coating and spoolbase service to the energy industry.
Pipeline Technique Ltd (PTL) has work sites in the US, Middle East, Brazil and South East Asia in addition to its Aberdeenshire base.
Since it was founded in 1998, PTL has built a track record in the delivery of technically challenging work 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 leading energy industry 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.
Blue Water has a current portfolio of 18 businesses around the world and has $2.5 billion in assets under management across two funds.
It targets investments in five key areas – exploration and production, international upstream services, engineering and infrastructure services, energy transition and technology and storage and logistics.
