International energy consultancy Xodus Group, has agreed terms for a major new injection of equity from funds sponsored by Chiyoda Corporation (Chiyoda, Head Office: Yokohama, Japan, President & CEO: Shogo Shibuya), an integrated engineering contractor specialising in the onshore middle/downstream sector of the oil and gas industry. Chiyoda acquired majority shares in Xodus Group from the previous investors, Simmons Parallel Private L.P. and Sunrise Xodus B.V. The financial figures relating to this deal cannot be disclosed.
Xodus Group was established in 2005 and offers integrated services covering both oil and gas and low carbon. Following significant investment, the company has grown to more than 700 people worldwide with offices in Dubai, Houston, Nigeria, Norway, Perth, The Hague, and in the UK.
The board is actively seeking further global expansion through an active acquisition strategy and is aiming for organic growth to reach 1,500 people by 2015.
Chiyoda Corporation operates in the LNG engineering and construction business and is a world leader in LNG plant FEED/EPC, with more than a 40% of share in the LNG plant market. Discussions began in December in 2012 when Chiyoda Corporation decided to expand its business into the upstream market and viewed Xodus Group as a compatible partner.
Colin Manson, CEO of Xodus Group said there are exciting times ahead. “The combination of Xodus and Chiyoda will bring synergies and benefits to both companies. Each will maintain their own core identities including vision, culture and people, however, when needed we can work together to deliver an integration of services from front-end service through to detailed engineering, procurement and construction service. With Xodus’ strength in Europe and our global aspirations, combined with a more structured approach to business development activities, while utilising Chiyoda’s global network and industry experience throughout Asia Pacific, Middle East and South America, means we will be in a truly remarkable position moving forward.”
Three years ago, Xodus Group signed a £10 million investment deal to focus on further growth in the UK and internationally. The major cash boost from Dutch based Sunrise Xodus B.V and Simmons Parallel L.P. began a period of significant expansion.
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