Aberdeen-headquartered rig inspection firm ModuSpec has been sold to the man who founded the firm back in 1986.
Current owners Vysus Group has sold ModuSpec to Singapore-based MR Group, which is headed up by chairman Leo Nagtegaal.
Mr Nagtegaal founded ModuSpec more than 38 years ago and stood down in 2011 after the firm was bought by LR three years prior.
MR (ModuResources) Group, a rig inspection specialist, said the deal will see the full ModuSpec team transition over, adding that the acquisition is “integral” to its growth plans.
© Supplied by Vysus GroupWith ModuSpec under its wing, MR Group said it will broaden its roster of expertise and specialists and enable further development.
Leo Nagtegaal said: “Having founded ModuSpec more than 38 years ago, I am extremely excited about bringing ModuSpec into the MR Group. ModuSpec and WEST Engineering merged in 2012. Today, they operate as one unit, offering the combined expertise of two leading organisations.
“By means of this acquisition, the in-house knowledge, expertise and data compiled over the course of more than three decades of business are merged with our Deepwater Subsea Division, bringing together the global experts in BOP compliance, reliability and RTM.
“I am very proud of MR Group becoming the only true ‘one stop shop’ provider of global expertise in Rig Inspection and BOP services for the upstream industry”.
ModuSpec story
ModuSpec first introduced the concept of rig inspection to the market in 1986.
It now has a global network of offices and representatives in the Americas, Europe, Africa and Asia Pacific.
1986: ModuSpec was formed
2008: Joined Lloyd’s Register
2012: Integrated WEST Engineering Services
2020: Joined Vysus Group
2024: Joined MR Group
Vysus Group is the current iteration of LR Energy following a restructuring in 2020 which saw the business acquired by venture capital firm Inspirit Capital.
The company, which has been divesting parts of its business such as Senergy Wells, said the transaction completes its restructuring plans, with Vysus focusing on growing its consulting and technical delivery services for the energy and industrial sectors.
David Clark, CEO of Vysus Group, said: “The ModuSpec business has been extremely successful since first introducing the concept of rig inspection to the market in 1986 and is well-known and respected in the industry. Under Vysus ownership, the business has continued to grow and expand its offering and this transfer of ownership is a positive reflection of the reputation of the business has established and the high calibre of expertise within the team.
“By joining an organisation fully focused on the upstream rig inspection market, we believe the ModuSpec business will thrive, and we wish everyone at MR Group and our former colleagues all the very best for the future. For Vysus, this completes our restructure, and we will now continue with our longer-term strategy to grow our technical consulting business, supporting our global customer base in the wider energy, renewables, transition, power and complex infrastructure industries.”
