Lloyd's Register has made a significant move into the drilling sector by acquiring ModuSpec, the leading supplier of rig inspection and risk management services to the drilling industry. The signing took place on January 18, 2008 in Amsterdam, between Lloyd's Register CEO, Richard Sadler, and ModuSpec Managing Director/CEO, Leo Nagtegaal.
"The acquisition of ModuSpec underlines our strategy to position Lloyd's Register as the leading provider of compliance, integrity and specialised consultancy services to clients throughout all sectors of the oil and gas industry, satisfying increasing demands for safe and sustainable operations. It is an exciting time of opportunity for both organisations' employees", says Iain Light, Lloyd's Register Oil & Gas Director.
ModuSpec is an independent company that has been providing high-quality survey, risk management and training services since 1986. The move adds 250 experienced employees over eight offices worldwide to Lloyd's Register's Oil & Gas business. With operations in the Netherlands, Singapore, Australia, UK, Canada, USA and Brazil, ModuSpec has a global capability, providing services to a wide range of international customers. Drilling rig inspections and related services account for a large share of ModuSpec's overall activities.
Iain Light continues: "The brand of ModuSpec is highly respected in the industry and is second to none in terms of providing key customers with assurance that their drilling assets, when deployed, will perform and meet the demands of project schedules and safety requirements."
Richard Sadler said of the acquisition: "ModuSpec is an ideal addition to the Lloyd's Register Group. We both share the same vision that life matters and are committed to enhancing the safety of life and property in the industries we serve."
Leo Nagtegaal said: "My goal has been to ensure that ModuSpec could continue to grow and prosper as an independent authority in the market place, so I am delighted to join the Lloyd's Register Group. ModuSpec does not only contribute its expertise in the drilling sector, but also a deep knowledge in the fields of Risk Management and Health, Safety and Environment (HSE)."
ModuSpec will continue to be an autonomous company, organized and managed as it is currently, but will be very closely interlinked with Lloyd's Register's Oil & Gas business so they can develop one global strategy for the future.
Lloyd's Register already has a strong position in the sector, with the Oil & Gas division enjoying revenue growth of 19% in 2006/7, following a similarly strong performance in the previous year. The group has experienced significant and successful expansion in the America's operations with the acquisition of the world leader in risk based inspection, Capstone.
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