A NEW Aberdeen company has been launched, following a management buyout (MBO) of Oceanteam Subsea Services from Oceanteam Group, of Norway.
The deal, for an undisclosed six-figure sum, was led by the company’s managing director, Graeme Kidd, with support from EXS Subsea, a Norwegian oil and gas investment company.
Specialist Subsea Services, which will deliver intervention technology to the deep and ultra deepwater subsea oil and gas and offshore renewables sectors, said yesterday it had already earmarked about £10million for further investment and expansion in the next two years.
It said areas identified for expansion included survey, remotely operated vehicles (ROV), geotechnical and intervention services, with a special focus on the deepwater market.
All 24 employees will continue working out of the existing offices in Aberdeen and the company’s base in Angola under the new banner of Specialist Subsea Services.
The management team is Mr Kidd, finance director Peter Mackintosh, survey director Will Primavesi, and ROV director Dave McKay. Each has worked in the energy industry for 20-30 years.
Mr Kidd said: “This is a period of opportunity and we are well positioned to capture part of increased demand driven by larger exploration and production spend from our clients, as subsea intervention plays an ever increasing role in the offshore oil and gas industry and the burgeoning offshore renewables industry.”
Specialist Subsea Services owns two XLS ROV systems and uses the latest technological survey equipment in the market.
Projects are ongoing in the North Sea, with the company intending to expand globally, starting through its Angolan arm.
Mr Kidd said: “With the recognition of Aberdeen as a world leader in subsea oil and gas activity, it has encouraged us to maintain our presence and offices in the city after our rebranding, which has led to the formation of Specialist Subsea Services.”
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