The new operator of a gas processing plant at St Fergus, px Group, said yesterday it had secured a significant new investor.
Global energy private-equity firm Blue Water Energy (BWE) has taken a controlling stake in the Teesside-based business.
The agreement provides access to capital for further investment by px, which said it had enjoyed significant growth over the past few years.
The management team, headed up by chief executive Ian Clifford, all other px staff and operations throughout the UK and abroad continue unaltered.
With more than 400 employees, px provides operations and maintenance (O&M), engineering and energy trading and management services to owners of large-scale energy and process infrastructure assets in the European market.
Its customers include energy and utility companies, financial investors and governmental authorities.
The company started a long-term O&M contract at St Fergus, near Peterhead, just last month.
Mr Clifford said: “We are delighted to have secured the backing of BWE at a time of tremendous potential for the company.
“There is an excellent fit between our business strategy and BWE’s expertise and investment model.
“This support will significantly enhance our ability to take advantage of opportunities available in the current market.”
Christopher Picotte, an experienced energy and private-equity professional, who took a stake in px Group in 2013, remains as non-executive chairman and is co-investing with BWE in the deal announced yesterday.
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