Corrosion Specialist Metacor Undergoes Management Buy-Out
Metacor is planning further growth under new ownership as the result of a £3million management buyout supported by funding from The Royal Bank of Scotland (RBS).
Metacor is being acquired by a team led by long-standing managing director Stuart Mortimer, with the aim of capitalizing on its market-leading position in the UK to push fully into the global market within the next five years.
Founded in Great Yarmouth in 2001, Metacor centres on a system developed by a team of structural and corrosion engineers, along with IT specialists, which provides highly-detailed reports on the condition of assets.
After relocating to Aberdeen in 2004, the company expanded rapidly in the offshore oil and gas exploration and production industry, securing deals with Shell and Talisman which cemented its place in the market.
Metacor now has an annual turnover of £5million and global staff of 66, targeted to increase to 80 by January 2009. It has an office in Port of Spain in addition to its Great Yarmouth and Aberdeen bases.
Managing director, Stuart Mortimer, said, "This is an exciting time as Metacor continues to perform extremely well in the highly competitive oil and gas market in all territories, where we have significant opportunities for expansion.
"The global oil and gas industry is focussing more and more on the need to ensure the causes and effects of corrosion are monitored and managed – essential as efforts to sustain the market intensify and the longer-term preservation of assets already in place, as well as new developments, becomes critical.
"We already work with eight of the world’s major producers in BP, Shell, Talisman, Hess, Nexen, CNR International, BG and TAQA.
"And we have already seen the results of the industry's awareness of structural integrity issues increasing, having expanded our staff roster by 40% in the last 12 months in response to client demand.
"This is a trend which will very much continue as maturing assets and new developments require monitoring, which puts us in an excellent position moving forward."
Metacor has the largest pool of inspectors certified by NACE International, the global body leading corrosion engineering, in Europe. Its package and procedures can be applied in any external corrosion situation, including major infrastructure such as bridges or other marine applications including shipping.
A previous recipient of a SMART technology award from the Department of Trade and Industry, Metacor participates in Scottish Enterprise's Global Companies Development Program, which backs organizations with a strong commitment to research and development and new technology, which are capable of rapid international growth.
RBS provided a £1.3m term loan in support of the deal, as well as extending an existing invoice finance line to £1m.
Stuart Roberts, head of structured finance with RBS in Aberdeen, said, "This was an excellent opportunity for us to support a fast-growing Aberdeen business and an existing RBS customer.
"Metacor has a great track record and is operating in a niche market within the oil and gas sector. We wish Stuart and his management team every success as they continue to grow the business and target new markets around the globe."
Johnston Carmichael, and Raeburn Christie Clark and Wallace advised on the deal for the purchasers. RBS was represented by Maclay Murray & Spens.
Operates 32 Offshore Rigs
- Oil, Gas Leaders Warn Trump He Risks Harming Their Industry (Mar 16)
- Eni Promises Richer Returns After Exploration Success (Mar 16)
- Down Is Up as Aging Oil Fields Defy Gravity to Pump More (Mar 09)
Company: Nexen, Inc. more info
Operates 2 Offshore Rigs
- Alberta Regulators Charge Nexen Energy Over 2015 Pipeline Spill (Jul 06)
- Cenovus Drops Most Ever as $13.3 Billion Deal Ramps Up Risks (Mar 30)
- UKCS Oil, Gas Extraction Drops 10% (Dec 08)
Company: Shell more info
Operates 30 Offshore Rigs
- Oil's Heavy Hitters Line Up to Dive Into Mexico's Deep Waters (Jan 26)
- UK Firm Intertek Says Employee Involved in Shell Oil Theft Case (Jan 17)
- Shell Looks Beyond Road Fuels to Secure Future of Refining (Nov 06)
Company: Talisman Energy more info
Operates 8 Offshore Rigs
- Strong Upstream Performance from European Majors (Jul 28)
- PETRONAS, PetroVietnam Extend PM3CAA PSC in Malaysia-Vietnam Waters to 2027 (May 10)
- Repsol Significantly Scales Back Upstream Investment (Oct 15)
Company: BG Group more info
- Shell Mulls LNG-Hub Network as Use by Ships and Trucks Expands (Jul 11)
- Tanzania Laws Would Allow Govt to Tear Up Mining, Energy Deals (Jun 29)
- Despite Cuts, Big Oil to Expand Production into the 2020s (Sep 05)
Company: Hess Corporation more info
Operates 4 Offshore Rigs
- ExxonMobil, Hess Strike Lucky No. 7 Offshore Guyana (Feb 28)
- Hess Posts 13th Straight Quarterly Loss; Shares Dive (Feb 05)
- Hess Cutting Hundreds of Workers As It Battles Activist Investor (Jan 16)
Company: CNR International more info
Operates 3 Offshore Rigs
- Petrofac Secures $400M of Repeat UK Orders (Jun 19)
- Total Discovers Oil Offshore Ivory Coast (Apr 17)
- Total, Anadarko, CNR To Spend Up To $300M On Ivory Coast Blocks (Nov 06)
Company: Abu Dhabi National Energy Co.(TAQA) more info
- UAE Energy Firm TAQA Posts Wider Q3 Loss On Oil Price Slump (Nov 09)
- Abu Dhabi's TAQA To Price Weds Tap Of Existing 2021, 2026 Bonds (Oct 12)
- Abu Dhabi's TAQA Q2 Net Loss Widens To $160M (Aug 10)
Company: Metacor more info
- Shell Selects Metacor for North Sea Services (Aug 13)
- Metacor Appoints Leading Scottish Director to Board (Aug 10)
- Corrosion Specialist Metacor Undergoes Management Buy-Out (Nov 10)