WESTERN Australia's status as a global centre of oil and gas expertise continues to grow, following a string of deals enhancing the footprint of local industry players.
WESTERN Australia’s status as a global centre of oil and gas expertise continues to grow, following a string of deals enhancing the footprint of local industry players.
During the past week, four local oil and gas services groups have substantially extended their reach and consolidated Perth’s position as an international services hub.
The deals come amid a rapid upswing in activity in the WA oil and gas sector, driven by multi-billion dollar LNG developments and aggressive offshore exploration activities.
Leading the charge, engineering and offshore services specialist Neptune Marine Services completed its $29 million acquisition of Aberdeen–based Submersible Technology Services, one of the world’s leading oil and gas survey support companies.
STS operates a major fleet of remotely operated vehicles (ROVs) from offices in Aberdeen, Bahrain and Singapore, which Neptune chief executive Christian Lange said would immediately contribute to Neptune’s expansion into the UK and other global markets.
STS would also complement Neptune’s existing subsea business in the UK.
Also this week, struggling Scottish subsea specialist TSMarine Contracting agreed to sell its Perth-headquartered Asia Pacific business to local management in Perth and Singapore.
Sydney private equity group, CHAMP Ventures, is backing the purchase, which is for an undisclosed sum.
TSMarine’s Asia Pacific chief John Edwards said despite the Scottish parent company’s difficulties, the regional business had been performing strongly since its inception in 2006.
The group’s core expertise is in the provision of rigless well intervention, well abandonment and subsea construction services.
With the backing of CHAMP and the pipeline of offshore opportunities developing in the region, the company was well placed to expand its regional footprint, he said.
Fellow WA-based offshore well specialist Advanced Well Technologies has also capitalised on the strength of its home market to merge with east coast coal seam methane expert, MBA Petroleum Consultants.
AWT chief Cameron Manifold said the deal would marry MBA’s coal seam gas experience with AWT’s well design and construction expertise just as coal seam gas-fed LNG projects moved into the development phase.
Mr Manifold will be chief executive of the merged entity, with the deal backed by AWT’s private equity investment partner, Propel Investments.
Meanwhile, Perth-based seismic and geosciences company DownUnder GeoSolutions opened its fourth international office with the launch of its Houston office.
