ATR Seeks Potential Acquisitions at OTC
ATR is seeking potential acquisitions at the world's largest oil show in Houston this week at the 2013 Offshore Technology Conference.
Buoyed by recent contract wins and extensions totaling GBP 2 million and strong growth in the last 18 months, the Aberdeen-headquartered business will be seeking out complementary companies to add to its growing capability and fleet of rental equipment.
The new business with Subsea 7, Dong and Marathon has bolstered ATR's first quarter results and the company is on track to reach turnover of GBP 29 million this financial year.
Following investment from NBGI Private Equity, ATR embarked on its ambitious growth strategy with the acquisition of Underwater Engineering Services (UES) in June 2012. This was followed by NBGI's acquisition of Cosalt Offshore earlier this year to combine its technical leadership in offshore lifting and comprehensive offshore inspection, testing and safety service with ATR's highly complementary global equipment rental service offering to the offshore maintenance sector. Planning for the integration of the ATR and Cosalt Offshore businesses is underway and will be complete by the end of 2013.
"We are well on-track with our organic growth strategy and, as the integration of ATR and Cosalt Offshore picks up pace, we are starting to seriously explore further potential acquisitions. OTC is an excellent platform to gather valuable market intelligence, sound out possible acquisition targets, seek out relevant vendors and speak to the corporate finance community," Chief Executive Keith Moorhouse said.
ATR is also planning on doubling last year's GBP 3 million investment in its rental fleet in 2013, with a focus on equipment vital to exploration and production operations offshore.
The market leader in the rental of specialized tools and equipment for the offshore oil and gas industry maintenance market, ATR operates throughout the North Sea and UKCS, and the Caspian region.
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