[Context: On January 23, EV Private Equity announced a $200m investment in Enpro Subsea, a production optimization company. Simmons & Co. served as an advisor to Enpro. Further details and related links are below.]
Private equity injection to boost growth at Enpro Subsea
January 23, 2018 – Enpro Subsea has secured investment from EV Private Equity (EV) to grow its production optimisation business into new and existing international markets and further develop the range of production optimisation and intervention technologies.
The Aberdeen-headquartered subsea company has grown its product portfolio and client base rapidly since foundation in 2011. Enpro enters 2018 with projects currently ongoing in the UK Continental Shelf, West Africa, and Gulf of Mexico.
The deal will see the business receive backing from EV Private Equity as part of its pledge to invest $200m into fast-growing North Sea businesses.
The cash injection from EV will allow Enpro to further develop the patented flow access module (FAM) technology as well as capitalise on the success of the flow intervention services (FIS), and decommissioning systems.
Enpro Subsea managing director, Ian Donald, said:
“2017 was a good year for Enpro Subsea with strong global demand for all our core technologies. Starting 2018 with news of our partnership with EV Private Equity is exciting. Coupled with a robust order book for our FAM, FIS and decommissioning technologies, the investment puts us in the strong position to deliver the next stage of our business growth strategy.
The funding will support the expansion of the FAM production and intervention system which enables capital efficient, future poof and flexible field development using standard subsea hardware. Additionally, Enpro will accelerate global deployment of the FIS hydraulic intervention rental system targeted at high pressure, deepwater fields.
We’re looking forward to working with the talented team at EV to grow the company”.
Senior partner at EV, Greg Herrera, said:
“We are thrilled to partner with Enpro Subsea and help build upon their successful track record.
The management team at Enpro has distinguished themselves through their relentless commitment to delivering successful technologies and projects to their clients around the world. They have a winning business model and represent a fantastic business opportunity in line with EV’s portfolio of oil and gas companies.
Private equity firms have an important role to play in transforming today’s oil and gas sector and this is a great opportunity to work with one of the most exciting and successful companies in the subsea sector today”.
Mike Beveridge, managing director at Simmons & Company International, who acted for Enpro on the transaction, added
“This transaction is another strong reminder of Aberdeen’s unique position as a centre of excellence for ground breaking subsea technologies that support the global oil and gas industry”.
About Enpro Subsea
Enpro Subsea are production optimisation specialists. Enpro’s unique field proven solutions enable capital efficient, future proof and flexible field development using standard subsea hardware. Their specialist hydraulic intervention services provide high pressure, deepwater well stimulation and pipeline commissioning. Enpro also offers field development consulting and is the leader in OSPAR compliant characterization and removal of cell contents for decommissioning of GBS Structures.