ITS, a leading supplier of oilfield products and services to the global offshore oil and gas industry, announces the 100% acquisition of Trinidad oilfield equipment rental and service business, Trinpet-ITS Limited, for an undisclosed sum.
The deal, which was funded by the Bank of Scotland, increases ITS' geographical presence in the region and adds a strong local service capability in a key region to support further growth.
Trinpet employs 50 people and operates from a 20,000 square feet manufacturing and service facility at Galeota Point, Trinidad. The company provide drilling and fishing tool rental services, supported by manufacturing and repair capabilities, for oil and gas operators in the region. Valve installation and maintenance services are also on offer. These capabilities complement and enhance ITS' international service offering and provides the group with a platform to support its ambitions throughout the surrounding area.
Jeff Corray, group chief executive of ITS, said: "Trinpet has an excellent reputation it its market. The employees are well respected and provide a valued service from a first class facility. Trinidad is one of the oldest oilfield markets in the world which means that there is a ready access to a highly skilled pool of people for the region as well as across the ITS group."
Anthony Laurence, who will continue as a director and general manager of Trinpet, said: "This is an exciting step in the ongoing development of Trinpet. We have very active customers in Trinidad and the surrounding region. Linking up with ITS will provide the investment and access to international capabilities to ensure we deliver on our aim to provide the market with a strong local partner."
Bank of Scotland director of Customer Relations, Douglas McGuffie, added: "We're delighted to see ITS extending its global influence in the sector, which reinforces the role that Aberdeen companies play throughout the world. Bank of Scotland Corporate is delighted to be able to continue its support of ITS and its management team, and we wish them all the best for this latest phase of their expansion."
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