[Context: On April 4, TOTALTEC Oilfield Services, focused on serving Guyana and the mid-Atlantic margin received its second equity finance from an undisclosed “large international investor” advised by Simmons & Co. and Pitmans. Further details are below.]
TOTALTEC Oilfield Services Limited Successfully Completed Its Second Equity Finance Raising
SEVENOAKS, England, April 4, 2018 /PRNewswire/ — On 28th Feb 2018, TOTALTEC Oilfield Services Limited (“TOTALTEC” or the “Company”) successfully completed its second equity finance raising from a large international investor, price undisclosed. Proceeds from this equity raise shall be used to roll out training, development, engineering, technical advisory, logistics, shore base operations and consulting services to support the development of the oil and gas industry in Guyana and across the mid-Atlantic margin. TOTALTEC ambitions are also to extend its capability further to include offshore and subsea support services including marine logistics support, specialized laboratory testing locally and other ancillary oilfield services. TOTALTEC’s highly experienced team leverages local and international partnerships to scale and accelerate local capacity building.
TOTALTEC is an integrated oil and gas service company which was founded to support a major discovery by ExxonMobil in the mid-Atlantic margin offshore Guyana. TOTALTEC has recently launched its Academy to recruit, train and develop Guyanese workers for careers in the oil and gas industry, with 24 recruits currently attending its inaugural operator program. TOTALTEC is also partnered in a major onshore infrastructure development project to deliver a fully functional logistics and supply shore base facility that ExxonMobil plans to operate from in Guyana. “These are very exciting times for the industry and the region, I have never experienced a deep-water project moving as quickly forward from exploration to development as is the case with the ExxonMobil Liza Phase 1 project. This is truly a milestone and world class project being executed by one of the most capable operating E&P companies in the world and our team at TOTALTEC are enormously thrilled to be a part of this journey. Additional projects are now being considered for development in a basin where the exploration success by ExxonMobil and partners has been unparalleled. TOTALTEC is committed to accelerate its effort towards building local capacity to world class standards,” said Lars Mangal, Founder, Chairman and CEO of TOTALTEC.
Its initial equity finance raising in 2016 funded its establishment and the initial stages of its strategy to develop infrastructure and local capacity to enable native oil and gas production in Guyana to be supported locally.
Simmons & Company International Limited served as corporate finance advisor and Pitmans LLP acted corporate legal advisor to TOTALTEC, its founder and shareholders.