EV Private Equity has invested an undisclosed amount in offshore engineering solutions provider Aquaterra Energy to help the company in its service expansion and introduction of new technologies.
The funding is part of EV’s plans to invest $200m in North Sea businesses that develop new technologies and possess high growth potential.
The independent private equity firm confirmed that it make an investment of $10m to $40m in each company.
With operation in Aberdeen, Norwich and Cairo, Aquaterra provides riser systems, offshore structures and rental equipment to oil and gas firms globally.
Recently, the firm developed a new Sea Swift platform for PICO Petroleum Integrated Services, which is lead contractor for the Amal field in the Gulf of Suez, offshore Egypt. The company also secured contract to supply a high pressure riser for subsea abandonment project in the central North Sea with.
The WellStart service offering Aquaterra is also witnessing growing interest from operators, as it reduces third party interfaces in the beginning phase of construction.
Aquaterra Energy managing director George Morrison said: “We have a robust plan for service and product expansion including a strong focus on our WellStart capability and the investment will help us to fuel the growth of the business.
“EV’s support to the existing management is a vote of confidence in the hard work of the team and the success that has been achieved during what has been a challenging period for the industry.
“We have exciting opportunities for ongoing investment in new technologies and will be looking to maximise value from our innovative field development solutions including Sea Swift, WellStart and riser analysis.”
EV investment director Tomas Hvamb said: “We believe that the company’s core offering, providing net lower cost solutions, resonates in today’s capital constrained market and furthermore that there may be excellent synergies to be realized with other companies in the EV portfolio.”