Global Energy Group Acquires Reel Group
Global Energy Group has purchased the majority of shares in Aberdeen based Reel Group. The landmark deal, which sees the organisation take an 80% shareholding, adds further depth and related disciplines to Global Energy Group's existing business streams. The Reel Group's turnover was £8 million for the most recent financial year and it is anticipated that the deal with Global Energy Group will see this treble in the coming three years. Reel currently employs 80 staff and this is likely to rise to around 250 staff in this three year period.
Having recently rebranded to the Global Energy Group, the acquisition of Reel Group is part of the company's continued growth strategy. Reel Group specialises in Special Periodic Inspections (SPI) & hull thickness surveys, hoisting and lifting equipment surveys, along with drilling hoisting and handling tool surveys to the top API RC 8C industry standard.
These multi disciplines will provide Global Energy Group with additional expertise to complement their existing works within the contracting and service based operations supporting the international energy industry as Roy MacGregor, Chairman of Global Energy Group explains: "The acquisition of Reel is part of our continuing strategy for expansion alongside the organic developments within our various business streams. We have enjoyed a strong and positive working relationship with Reel over many years and their strengths and knowledge will add to the portfolio of services we offer to clients in the oil and gas industry.
"Reel has an outstanding professional reputation within the marketplace and the acquisition of the staff and their expertise is a key part of our robust plan to further develop Global Energy Group into a world class leader within our sector. Working with Reel we plan to develop additional business streams which compliment our own business strengths and feel this creates a good marriage of our services, which will be welcomed in the marketplace.
"Internationalising as an organisation is a key focus of our strategy and Reel's bases in Houston and Trinidad, will allow us to further develop our global reach to target areas such as Norway, Calgary and West Africa. We also project that our staff numbers will continue to grow with plans to treble employee levels within the next year in support of this strong growth strategy."
Reel's Managing Director, Russell Ritchie comments: "The sale of Reel to a company of Global Energy Group's stature and standing in the oil and gas industry is an extremely positive and strategic move for both organisations. Global Energy Group has a clear vision for future development opportunities, and Reel will contribute significantly to these developments. The management structure of Reel is maintained as are the core values of our organisation. Continuing to deliver the established quality of service offered to our existing clients will remain a primary focus."
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