Centurion Group and ATR Group are to merge to create a global player in the oil and gas rental equipment and services market.
The group, which will have a combined turnover of over £100m, will operate from bases in the UK, Netherlands, Caspian, Singapore, Australia and the US. Headquartered in Aberdeen, ATR’s chief executive, Keith Moorhouse, and chief financial officer, Euan Leask, become CEO and CFO respectively. Centurion’s acting CEO Peter Stuart will take on the role of chairman of the combined entity, while Alan MacLeod, Centurion’s CFO, will assume the role of director of integration.
Centurion Group provides specialist rental equipment and services on a global scale to both the oil and gas and the mining sectors. It comprises six business units: Conserve Oilfield Services, Jacks Winches, RentAir Offshore, Seanic Ocean Systems, Tristar Water Solutions and Mining Camps Australia.
ATR Group rents, sells and inspects specialised equipment to the petrochemicals, marine, subsea and offshore oil and gas industries. Its five business units are ATR Equipment Solutions, ATR Lifting Solutions, ATR Power Solutions, Underwater Engineering Services and Safety & Technical Hydraulics.
Moorhouse explains, “The merger puts us in a strong and stable position to deliver wider, cost-effective solutions, and on a global basis, that will appeal to our customers’ in today’s difficult market. The wider geographic footprint provided by the merger will allow us to provide our fleet management services over a number of locations, enabling us to increase operational efficiencies for our customers.”
Simmons & Company International, corporate finance advisers to the energy industry, brokered the deal.
Source: FTSE Global Markets
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