Private equity investors One Equity Partners and Buckthorn Partners acquired offshore energy infrastructure player Acteon Group Ltd., the companies announced March 27.
U.K.-based Acteon Group provides specialist engineering, technology applications and other services to customers in offshore oil, gas and renewables. The firm was founded in 1989 and employs 2,300 staff from 58 locations around the globe, according to a news release.
Buckthorn Partners and One Equity Partners (OEP) “are making a substantial investment” to enable Acteon to compete more strongly in its core markets, the companies said. Financial terms of the acquisition were not disclosed.
Buckthorn and OEP will focus on building out Acteon’s capabilities in survey, foundations, moorings, decommissioning and consulting engineering services.
In conjunction with the acquisition, Brice Bouffard was appointed as CEO of Acteon.
OEP is leading the transaction, in which Buckthorn is partnering as a co-investor, according to an OEP press release.
“We are pleased to have One Equity Partners as our investment partner to help us capture the significant opportunity to grow in our target markets,” Bouffard said in OEP’s release. “OEP’s deep industrial expertise will be invaluable to us as we engage in initiatives that will increase operational efficiencies, develop more advanced services for our customers, and make us a stronger competitor in our core products and service areas.”
Recommended Reading
Defeating the ‘Four Horsemen’ of Flow Assurance
2024-04-18 - Service companies combine processes and techniques to mitigate the impact of paraffin, asphaltenes, hydrates and scale on production—and keep the cash flowing.
Tech Trends: AI Increasing Data Center Demand for Energy
2024-04-16 - In this month’s Tech Trends, new technologies equipped with artificial intelligence take the forefront, as they assist with safety and seismic fault detection. Also, independent contractor Stena Drilling begins upgrades for their Evolution drillship.
AVEVA: Immersive Tech, Augmented Reality and What’s New in the Cloud
2024-04-15 - Rob McGreevy, AVEVA’s chief product officer, talks about technology advancements that give employees on the job training without any of the risks.
Lift-off: How AI is Boosting Field and Employee Productivity
2024-04-12 - From data extraction to well optimization, the oil and gas industry embraces AI.
AI Poised to Break Out of its Oilfield Niche
2024-04-11 - At the AI in Oil & Gas Conference in Houston, experts talked up the benefits artificial intelligence can provide to the downstream, midstream and upstream sectors, while assuring the audience humans will still run the show.