Onshore News: Integrated Subsea Services adds survey capability with first major acquisition
Posted on 25.07.2007 - 14:37 EDT in GENERAL NEWS by Rons_ROV_Links
Integrated Subsea Services (ISS) has acquired Andrews Survey in a deal valued in excess of £9 million. The Aberdeen-based privately owned subsea oil and g as business has just completed the acquisition with banking support from Bank of Scotland Corporate.
Andrews Survey, which has 10 onshore and 40 offshore personnel and a turnover of £5.5 million, is one of only a handful of independent survey companies spe cialising in seabed surveys and positioning services to the international offshore industry. Set up over 27 years ago, the company has progressively increased its capabilities and expertise and is now predominantly active in subsea construction, trenching , ROV (Remotely Operated Vehicle) pipeline inspection support, in both the oil and gas and marine renewable sectors.
ISS provides specialist diving and ROV services for all kinds of subsea oil and gas work from new field installation to subsea well interve ntion and abandonment to pipeline and platform repair and maintenance.
With turnover forecast to exceed £50 million, ISS recently rolled -out a £20 million capital expenditure programme which included the purchase of eight new remotely operated vehicles to service global demand for its underwater contracting services . A recruitment drive two months ago has resulted in an additional 60 experienced ROV operators and trainees joining the business. The company now has an onshore workforce of 35, with a further 500 involved in diving and ROV operations.
Ian Herd, Managing Director of ISS explains: “This is an excellent deal for our clients, our staff and the staff at Andrews as it will enable us to develop new opportunities for our ROV service fuelling expansion across the business both in the North Sea and internationally. The addition of a survey capability most certainly enhances our service. We will now be able to provide a comprehensive subsea service to the main contractors and operators .
Stuart Reid of Andrews Survey adds: “The strategic fit of the two companies is excellent and now allows ISS to offer a complete Subsea service, including survey to the market. Also, having worked closely with ISS for several years, I believe that the cultural fit is perfect. We at Andrews are looking forward to an exciting and rewarding future under this new ownership.”
Commenting on the deal, David Templeton of Bank of Scotland Corporate says: “We are delighted to be able to support the directors in the expansion plans with this acquisition opportunity. The deal underlines our commitment to providing first class funding solutions to the UK’s expanding oil and gas sector.”
ISS now owns and operates a modern fleet of twenty ROVs all capable of providing advanced field construction, inspection and drill support services around the world. Along with its diving services, the company operates in the deepwater provinces of West Africa and the Gulf of Mexico as well as Egypt, Azerbaijan and the North Sea where the company has current contracts.