An offshore support firm is looking to strengthen its position in the oil and gas market after a £65million cash boost.
Private equity firm Perwyn has bought into the Great Yarmouth-based Red7Marine, which provides support services for offshore and inland marine infrastructure.
The deal, along with an increased debt facility, has swelled the company’s coffers by around £65million, with revenues at the firm having increased to £40million over the last five years.
“We are delighted to have attracted investment from Perwyn, who have recognised the market opportunities within the offshore energy and construction sectors,” said chairman Martin Spurr.
“We are very excited to be able to accelerate Red7Marine’s growth plans through expansion of our specialist operated marine plant and services divisions. We very much look forward to working with our new partners at Perwyn and to the exciting future ahead.”
The firm, which has eight bases around the UK – including one in Westhill – offering specialist divers, engineers and equipment for offshore windfarms and oil and gas projects.
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