Pipeline Technique Acquires Global Project Services
Pipeline Technique, the onshore and offshore infrastructure welding, coating and fabrication specialists, has acquired Global Project Services (GPS) from Global Energy Group (GEG), the company said on Wednesday.
GPS is headquartered in Invergordon and has a presence in Bergen, Norway. The company specializes in pre-fabrication, field specialist welding and mechanical works for the infrastructure, nuclear, LNG, hook-up, and decommissioning sectors. GPS is also the UK’s and European’s leading field specialist welding subcontractor.
The acquisition will enable Pipeline Technique to fulfill some of its strategic growth goals and, through sector diversification and geographic expansion, provide a broader range of advanced field welding and coating solutions to clients in the U.K. and internationally.
Pipeline Technique successfully delivered a 3-fold increase in revenue in 2021 and is on track for a further 50% increase this year. The company recently won several significant contracts in the U.S., Kazakhstan and Brazil and has invested in the new state-of-the-art facilities in Aberdeen and Houston.
Pipeline Technique is backed by specialist energy private equity firm Bluewater, who have supported the acquisition.
“Pipeline Technique is pleased to announce a strategic acquisition that immediately delivers on our diversification path and allows us to enter new markets straight away,” Frederic Castrec, CEO of PTL, said. “GPS is an expert company with a 25-year history of delivering key services on complex but essential projects. It is known and trusted by all the relevant and big players in the sector, and we’re really looking forward to working closely with GPS management moving forward.”
Castrec continued, “GPS is also targeting significant growth on new-build renewables projects, supporting the development of the UK’s offshore wind strategy with technical partnerships to deliver bespoke in-yard fabrication services. This will, in time, become a vital energy source that improves the UK’s energy security and supplies the country with lower-carbon, cleaner energy.”
Supporting the acquisition, Martin Somerville of Bluewater, said: "The PTL team, led by Frederic, has delivered a very strong performance in the last 12 months. We are delighted to support the acquisition of GPS, which further accelerates this momentum and expands the market reach of the PTL offering."
Please note that this acquisition is not related to GPS Group, a Global Petro Storage company that is also backed by Bluewater.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- Caspian Pipeline Consortium Lowers 2024 Oil Export Forecast Again
Comments