INTERNATIONAL oil and gas logistics group Asco is looking for new investment so it can double the size of the business in five years.
The Aberdeen-based firm, which turned over £516million in 2010, said yesterday it was looking to accelerate its growth, especially its overseas business, following a strategic review.
Group chief executive Billy Allan said the firm saw a broad range of opportunities ahead, with prime targets for growth in Brazil, the Gulf of Mexico and south-east Asia, but that it needed more cash to expand geographically as well as adding to the services it offers.
In the past year, the firm has already expanded rapidly internationally, with joint ventures in Australia and India, a new base in Oman and increased presence in Norway. It also has bases in the Caspian, Canada, the US, Trinidad and Singapore.
It is halfway through a 10-year plan, launched in 2006 when it was bought by private equity firm Phoenix Equity Partners, which sees it doubling in size again over the next five years.
Mr Allan said: “A key conclusion from our review was that, being halfway through our 10-year plan and with the scale of opportunities now being presented to the group, it’s the right time to seek additional investment.
“This will support our ambitious growth plans over the next five years.”
Asco said the cash would support acquisitions and organic growth, covering a balanced geographic spread plus the target areas, investment in staff development, systems upgrades and assets.
Since 2006, it has more than doubled turnover from about £240million in 2005 to £516million in 2010, which was a rise of 30% on the previous year.
Staffing numbers have risen from 900 to 1,600. It has also reduced its reliance on the North Sea from 90% of its business to 55%.
Advisory firm Lexicon Partners has been linked with looking for a search for cash, with a value of £300million put on the firm.