Company Updates

Subsea Services/Diving Support: Offshore Seen from Sea Depths

BourbondivingsupportA module containing technicians, and you have to use an airlock to get out of it to work in a challenging environment: an orbiting space station? Not quite, although the living and working conditions are similar... The module is on the deck of the Bourbon Evolution 806, for a new diving support mission off the coast of Saudi Arabia.

Subsea construction and maintenance work on oil facilities can be performed by saturation divers working at depths of up to 200 m, operating from an IMR vessel.

The principle: divers are kept at a constant pressure equal to the pressure at the sea bottom (up to 20 bars), enabling them to live and work over a long period - up to 4 weeks in a row - without having to undergo a decompression period with each dive. 3 teams of divers work in shifts at the intervention site, which they get to using a pressurized capsule, or diving bell, that acts as an elevator between the sea bottom and the vessel.

Work at the bottom becomes almost continuous (3 x 6hr shifts) and there is only one single decompression phase at the end of these 4 weeks. This single decompression is longer than usual, since it takes nearly 3 days to bring divers back to atmospheric pressure. Among the missions performed:

Taking measurements prior to interventions,
Connecting pipes,
Cleaning, maintenance, or repair work.

Bourbon Evolution 800, The Safety Advantage
"Diving support differs from other missions because of the human stakes," says Jean-Charles Audouin, Subsea Project Manager. "Divers work under risky conditions, so we need to ensure maximum safety for them. In this context, class 3 dynamic positioning (DP 3) is one of our advantages." Indeed, the Bourbon Evolution 800 series is equipped with DP 3. This system, highly redundant, allows the vessel to maintain its position in the event of a failure, but also in case of a fire or a leak. It's an important guarantee of safety for all types of subsea operations, but even more so when divers' lives may depend on it.

In the worst-case scenario of an evacuation of the vessel, divers can take refuge in a pressurized capsule, called the HRC (Hyperbaric Rescue Craft), which is launched and recovered by a second vessel, the safety vessel, constantly holding in the area to take charge of it within 30 minutes. The capsule will then be brought back to land, to be depressurized safely. .

A Bustling Vessel
During the operation, which can spread out over a period of 2 to 6 months, the vessel becomes a beehive of activity. Nearly a hundred people are working on board. On its own, the station housing the divers is managed by three command posts: one for handling pressurization, another for handling the daily lives of divers, and one for subsea operations.

The 1,000 m2 deck of the Bourbon Evolution 800 is well suited to integrating these systems and makes it possible to maintain clear deck space for storing the parts to be installed. In addition to the diving system, the capsule, and the essential equipment for a subsea intervention, the vessel also houses an ROV on deck. The ROV ensures both the monitoring of the operation and provides assistance to divers during certain tasks. At these depths, nothing can be left to chance...

Quick, Efficient Installation
In the past few months, BOURBON has conducted several such operations in Malaysia, New Caledonia, and China, thus taking advantage of the versatility of its vessels. After the mission is accomplished, the diving system is dismantled and the vessel can be reconfigured for any other subsea operation.

In this market segment, efforts are now being focused on optimizing the mobilization time for the diving system. Halved over the last two operations managed by our vessels – 7 days instead of 15 – Studies are underway to move towards a system similar to plug & play, with a vessel mobilization time reduced to a few days

ParaganOffshoreParagon Offshore plc ("Paragon") (NYSE: PGN) has announced that Julie A. Ferro has been appointed Vice President – Human Resources with responsibilities that include human resources, administration, learning and development, performance management, employee relations, recruiting and retention.

Ms. Ferro has more than 18 years of human resources experience working for both public and private companies in the energy and commercial real estate industries including her most recent role as Vice President – Human Resources at Endeavour International Corporation. She also spent three years as a Managing Director for a leading compensation consulting firm in Houston. Ms. Ferro has a BA degree from the University of Houston, and is a Certified Compensation Professional (CCP), a Certified Executive Compensation Professional (CECP), a Certified Equity Professional (CEP), and a certified Professional in Human Resources (PHR).

"We are extremely pleased that a professional of Julie's caliber has joined our management team," said Randall D. Stilley, President and Chief Executive Officer of Paragon. "She brings a wealth of experience to the role which will be critical in ensuring Paragon maintains and enriches the quality and capabilities of our global employee base, key differentiators of Paragon in both our competitive business and a challenging macro environment."

Oil & Gas Veteran Sees More Opportunities in Low Oil Price Environment

abis-projects-logoABIS Projects has won a clutch of contracts worth around £1million over the next 15 months. The oil and gas project services consultancy has secured frame agreements and call-off contracts with ADTI, Hunting, Talisman Sinopec and North Sea newcomer, MOL.

Aberdeen-based ABIS Projects is working with these new clients providing multi-discipline resources covering business strategy, acquisitions, risk, projects and management systems across the supply chain.

Francis Kiernan, who acquired an interest in ABIS Projects earlier this year, said: "With the considerable drop in oil price, the focus in the North Sea once again turns to innovative ways of working which will deliver cost-efficiencies and greater value. A one size fits all approach is no longer sustainable. The ability to take a commodity, whether it be intellectual property, material, goods or supply chain risk and turn it into a value proposition is now required".

The oil price has dropped by more than 25% in recent months and Mr Kiernan said that this is exacerbated by high production costs. "Unit operating costs have risen 62% since 2011. The industry has lost sight of achieving optimal value for minimal cost. We need a much better alignment of cost and value."

Mr Kiernan, who has been involved in the oil and gas industry for over 30 years, has been through several downturns. He said: "The cyclical economics of oil and gas are nothing new and we are already dipping into a downturn. I reckon we will have three years of challenging times before we get back to the highs of this summer. And these challenges are going to be similar to the ones we faced in the early nineties when the UKCS contracting model changed dramatically, when there was fundamentally a balance sheet transfer from the oil company to the supplier."

During this coming period, companies will be focused on doing things smarter. Mr Kiernan believes that oil companies will be more willing to look at creative opportunities to work with suppliers who have the flexibility to expand in a contracting market because they are willing to work more innovatively.

"While this is not good news for the big service companies, who need to pursue volume and service their overheads, it is good news to the smaller companies who can interpret and deliver what an oil company needs and meet that need through a boutique service with high-end intellectual property and value.

"Smaller, nimbler oil companies, like MOL, have clear terms of reference and want to engage with suppliers on how they can really work together to deliver value and not just add cost," Mr Kiernan said. "Suppliers, like Hunting Energy Services, who are growing and maturing with a unique offering in the marketplace, are able to offer what their customers want which is a reduction in inventory and capital balance to allow their clients to shift their focus forward to exploration and development."

Mr Kiernan is also forecasting opportunities in the Norwegian sector for UK companies. He explained: "Norway has invested heavily in best-in-class technology and operations but the Norwegian Continental Shelf (NCS) has reached a production plateau. Having peaked in terms of high end capital investment, the NCS must now embrace more effective business models and contractual arrangements to regain competitiveness. This will lead to the recalibration we saw in the UKCS in the nineties, which until now, Norway has resisted and potentially open up opportunities for UK companies who learnt the lesson of optimal value for minimal cost and are prepared to return to this mind-set."

Mr Kiernan has served as a of several companies in the UK and Scandinavia including Nexus Ltd, Aker Operations, Aker Kvaerner, Kvaerner Oil and Gas, Dietsmann Morgan Moore and Press Offshore/AMEC

BMT Asia Pacific Joanne Tse low rezBMT Asia Pacific, a subsidiary of BMT Group, the leading international maritime design, engineering and risk management consultancy, has appointed Joanne Tse as Head of Risk Management based in Hong Kong. The new appointment will help support the regional growth of risk consultancy services - principally in the transportation and construction sectors.

Joanne will be actively involved in developing and managing risk projects for our growing client base. She brings more than 15 years of experience in the rail industry specialising in risk assessment and management, safety assurance, and corporate/enterprise risk management.

Rejoining BMT after three years at Willis Insurance Brokers, Joanne's previous tenure focussed on rail engineering projects involving operational and construction project risks. She delivered insurance, risk management and technical services to 15 railway operators, across Asia and worldwide. Additionally, Joanne led underwriters in providing risk surveys to hotel, resort and casino clients and extended professional coverage to the oil refinery industry.

Joanne is actively involved in the wider risk community. She is currently Vice Chairperson of the IET Hong Kong Management Section Committee and has acted as facilitator for numerous risk identification workshops, as well as providing strategic risk management consultancy to the Hong Kong Government.

As a specialist qualified by The Institute of Risk Management (IRM) in business continuity and crisis management, Joanne is experienced in disaster recovery consulting work in the telecommunication and logistic industries.

Joanne is a Chartered Engineer. She holds a Mechanical Engineering degree from the Hong Kong University of Science and Technology (HKUST) and an MBA from the City University of Hong Kong.

Frontier International, specialists in international oil and gas resourcing, has announced a service sector contract portfolio increase from 6 client contracts to 13 client contracts in this sector during 2014.

Well known for providing personnel and associated services to the industry's major operators, the company says the increase can be attributed to recent expansion into the local and international oil and gas service sector. Whilst continuing to work on a substantial number of global contracts with the major operators, this constitutes over a 100% increase for Frontier in its activity within the service sector.

Mark-Clarke--Paul-Radcliffe-Frontier-InternationalPhoto: L-R Mark Clarke, chairman and Paul Radcliffe, managing director, Frontier International

Frontier chairman, Mark Clarke explains that the diversification into the service sector was a clear strategic move: "We are delighted to report on this successful expansion into the supply sector. Over the past two years, a key business development driver for us has been the anticipated long term decline in the UK operator sector, which we are aiming to mitigate by increasing our overall overseas activity and specifically our service sector activity in the UK.unparalleled understanding of the roles for which we recruit. To continue the company's growth, it made sense for us to turn our skills towards the service sector. Blending the disciplines of expert engineering and recruitment allows us to offer a resourcing service like no other, meaning we truly speak our clients' language."

As well as working with the service sector, Frontier also works with the majority of operators, on both a local and international basis. In addition, international client demand has led the company to successfully expand in several key regions, with wholly owned subsidiaries established in India, Tanzania and Trinidad and Tobago.

bwOffshoreBergesenSeagulllogoBW Offshore and Seagull Oil & Gas are cooperating to develop industry-leading training material for the offshore industry.

Building on a training relationship stretching back almost two decades, BW Offshore and Seagull are developing new training material to cover BW Offshore's process and production operations.

"This is a great opportunity for Seagull Oil & Gas," says Morten Aasen, Managing Director, Seagull Oil & Gas. "We have the ambition to offer the most comprehensive training library for the oil & gas industry, and BWO Offshore is an ideal partner for us. To support our ambition we have acquired all intellectual rights of the educational material developed by Norwegian Petroleum Academy. This is the official educational material used by technical colleges in Norway. We are building a comprehensive e-learning library based on the educational material, and by partnering with industry leaders like BW Offshore we aim to offer exactly what the industry needs."

"BW Offshore has an ambition to always be at the forefront when it comes to training of our offshore crew," says Dagfinn Hatleskog, BW Offshore Senior Vice President Oceanic Fleet. "We have worked with Seagull for many years on the maritime part of our operations, and we are delighted to see that Seagull now also focuses on production and process related topics. Seagull and BW Offshore share the idea that training is most effective offshore using real equipment, where the crews are already on duty."

Well management and performance improvement specialist Exceed has announced significant growth in 2014, reaching its target turnover of £15 million. In addition, the expansion of its Aberdeen team adds 10 new business support positions to the head office, including the appointment of a global business development manager. Founded in 2005, the Aberdeen-based company now employs a team of 75 with an international presence in Canada, Ghana, Kenya, Myanmar and Malaysia.

During the course of 2014 Exceed has expanded its client portfolio, resulting in a contracts value in excess of £5million, and is targeting business growth in new strategic markets in 2015.

Exceed-WellMngmntIan Mills, Exceed founder and director & Al Brockie, Exceed well management director

Exceed established an impressive track record as a performance improvement specialist before diversifying in 2009 to launch the industry's first wells management team to focus on deepwater well delivery, delivering projects in the Black Sea, East Mediterranean and Indonesia. The company continues to trail blaze, currently planning the very first deepwater campaign in Myanmar, expected to commence in early 2015.

The establishment of Exceed Canada in 2013 followed an agreement with two Canadian operators to provide high-calibre wells teams to support their existing drilling programmes. Exceed now has a team of harsh environment drilling experts supporting operations offshore on three rigs East Coast Canada.

In keeping with Exceed's strategy of client demand-led growth and diversification, a new enterprise is being established in Ghana driven by a high degree of confidence in the growth of the region following the announcement of the TEN deepwater field development offshore Ghana and other emerging opportunities in the Gulf of Guinea.

Exceed founder and director Ian Mills, who has 30 years' experience in the oil and gas industry including senior drilling roles at Shell and BP, said: "This year, we have experienced an increase in client-led enquiries across the business and as a result of the increased number of projects, we have invested heavily in our recruitment.

"2014 has been an exciting year for the company, with new projects enabling us to build on our international footprint while strengthening our presence in Canada and Africa. In 2015, our aim will be to look at further prospects in South East Asia and Brazil. We are also excited by the contracts we have been awarded and delivered in Iraq and Kenya which reinforces our industry reputation. The fact that we have been requested to support land-based well construction projects, which are typically much lower cost operation, highlights the clients' belief and commitment in our performance improvement solutions."

Exceed's Performance Improvement division has a proven track record of helping clients save millions of pounds by improving safety and increasing rig productive time, typically by 10-15%.

Exceed launched its well management service with the aim to become the world's preferred wells specialists partnering with clients to develop prospects without incidents and at the lowest possible cost of access. The key benefits to Exceed's target market – NOCs and the independent IOCs – include the calibre and training of its people and its track record for consistently delivering well objectives safely, on time, and within budget.

SeaRobotics LogoSeaRobotics Corp. announces that Scott Olson has been hired as a Project Engineer in the company's Stuart Florida office.

Olson joins SeaRobotics after serving as chief engineer for Chariot Robotics. He is a project and systems engineer with over 28 years of experience in ocean engineering, project management and marine operations including the design, operation, fabrication and maintenance of marine systems for oil & gas, salvage and scientific applications. He is qualified as a pilot of both manned and un-manned underwater vehicles.

Previously Mr. Olson served as a Project Engineer at Perry Slingsby Systems, an underwater vehicle manufacturer, from 2007 to 2010. Prior to that he was a Systems Engineer at Phoenix International, a deep-sea salvage company with the US Navy from 2002 to 2007, as well as a Systems Engineer/Pilot with Harbor Branch Oceanographic Institution from 1988 to 2002. He graduated with a Bachelor of Science degree from Florida Institute of Technology, Jensen Beach in 1986. He has also completed numerous graduate courses at the University of Maryland in Systems Engineering.

In his new position, Olson will work with new and existing product lines at SeaRobotics including the HullBUG cleaning vehicle as well as projects associated with the design and deployment of subsea fiber optic networks. "We are very excited to have Scott join SeaRobotics," said SeaRobotics president Don Darling, "and we look forward to working with Scott and putting his extensive hands-on engineering experience to work in this very important role."

northernoffshoreNorthern Offshore, Ltd. (the "Company") (Oslo Bors: NOF.OL) announces that on January 2, 2015 it issued a Notice of Contract Termination to Oceanic Consultants Nigeria Ltd. (Oceanic), an affiliate of Houston, Texas based CAMAC Energy Inc. (CAMAC) for the Energy Searcher drilling contract. CAMAC guaranteed Oceanic's obligations under the drilling contract.

The Company believes that Oceanic breached various terms of the drilling contract and will be filing a claim for in excess of $50 million associated with this matter pursuant to the arbitration provisions of the contract.

The Company hopes to have the rig demobilized out of Nigeria by late January.

JDRCablelogoJDR is pleased to announce the appointment of David Currie as Chief Executive Officer and a member of the Board of Directors, effective 12 January 2015.

David is an accomplished industry leader with nearly 30 years' experience in the global offshore energy industry, most recently the UK Regional President for Aker Solutions. Previously to that he spent the bulk of his career at FMC Technologies where he held a range of senior positions, the last of which was Director of Global Subsea Operations.
JDR's Executive Chairman, Pat Herbert, said: "I am delighted to welcome David to JDR. He brings a vast wealth of experience in the global subsea industry. His commercial knowledge of JDR's key markets will be a valuable asset to the company as we develop our products and services for offshore oil, gas and renewables markets."

David will focus on developing JDR's commercial opportunities, creating new opportunities for the company's industry-leading products and services; from subsea production umbilicals, IWOCS and power cables to aftermarket and installation services. David will be based in the UK, travelling frequently between JDR's key oil and gas markets around the world.
David Currie commented: "It's an exciting time to be joining JDR. With our continuing focus on technology and customer success, we are well positioned to support our partners in the challenges our markets face both today and in the long term."

RangerOffshorelogoRanger Offshore, Inc., a leading global marine and subsea construction and support services contractor to the offshore oil and gas industry has closed the previously announced agreement to acquire Technip USA's diving assets.

Highlights:
• Strategic acquisition – supporting Ranger's next phase of growth, including:
◦ Multi-year preferred sub-contractor agreement to provide diving services to Technip USA
◦ Further capacity to deploy additional diving spreads and broaden its growing customer base in existing markets
◦ Expansion into key new markets in Africa and South East Asia


• Assets include:
◦ Two multi-service support vessels - The MSV Global Orion and The MSV Normand Commander
◦ Saturation diving systems, a hyperbaric receiving facility, surface compression chambers, launch and recovery systems, diving control systems and other ancillary diving equipment
◦ Staff, including divers, supervisors and shore based support and project management teams that have a strong track record of operational excellence


The assets have established accreditation and decades of proven performance, along with best-in-class diving procedures that meet the strict standards of major oil companies, large independents, and top tier contractors.

Bill Lam, CEO of Ranger commented,
"This acquisition gives Ranger additional critical capacity to enhance our service offerings, grow with and serve our existing customers, and capture new business opportunities. In particular, we are now well-positioned to execute our strategic plan to grow into key global regions such as Africa and Southeast Asia, where current market demand for our services far outpaces existing qualified capacity.

We have already made significant advances in preparing and managing the integration of these assets into the wider Ranger Group and, with the acquisition closing on schedule, we look forward to continuing with the next phases of our growth plan."

The Company was advised by Pareto Securities on this transaction. Pareto Securities is an independent full service investment bank headquartered in Oslo, with more than 350 employees located in offices throughout Scandinavia and in Houston, New York, London, Calgary, Singapore, Rio de Janeiro and Perth, Australia. Pareto Securities has a leading position within the international energy sectors and is actively providing M&A advice and capital markets services to companies globally.

Trond Rokholt and Torjus Berge, Managing Directors in the Houston office of Pareto Securities said, "We were delighted to support the team at Ranger in advising on this transaction and financing. The successful completion of the acquisition of assets from Technip will form the basis of the company's next stage of growth. In particular it will support development into new but known international markets, where an evident demand supply gap exists."

Teledyne-Marine-Systems-Logo 1Teledyne Marine Systems group, leading providers of undersea vehicles and subsea infrastructure, has announced that SeaBotix, part of the recent Bolt Technology Corporation acquisition by parent company Teledyne Technologies Incorporated, will join the Marine Systems group of companies.

seabotixSeaBotix is a world leading manufacturer of innovative and diverse underwater observation class MiniROVs designed to perform a multitude of tasks that include maritime security, search and recovery, hull, pipeline and infrastructure inspection, hazardous environment intervention, aquaculture, sensor deployment, oceanographic research, nuclear applications and more. SeaBotix continues to deliver revolutionary advancements to its diverse portfolio of MiniROV systems that are responsive to demanding professional applications.

"We are excited to have SeaBotix join the Teledyne Marine Systems group of companies." said Vice President and Group General Manager, Thomas W. Altshuler. "We see strong synergy between their innovative remotely operated vehicles and the tethered and autonomous vehicles produced by our existing organization."

SeaBotix will operate under the name Teledyne SeaBotix from their current location in San Diego, California. To learn more about Teledyne SeaBotix visit www.SeaBotix.com.

BMT Nigel Gee Jason Steward low rez1BMT Nigel Gee (BMT), a subsidiary of BMT Group Ltd, the leading international maritime design, engineering and risk management consultancy, is pleased to announce the appointment of Jason Steward as Business Development Manager.

Jason's new role at BMT will see him support the continued expansion of the business in both new and existing markets delivering design and engineering services within the Commercial, Offshore Energy, Defence and Yacht Sectors.

A University of New South Wales graduate in naval architecture, Jason has over 20 years' experience in the marine market. His previous roles have included Regional Manager for Austal Ships, Consultant to Defence at professional technical services firm Jacobs Australia and most recently Business Development Manager at BMT Design & Technology based in Melbourne, Australia. Jason is a Chartered Professional Engineer (CEng MRINA), a member of the Professional Affairs Committee of the Royal Institution of Naval Architects, and has an MBA in Marketing.

John Bonafoux, Managing Director at BMT Nigel Gee commented: "We are delighted to welcome Jason to the team at an exciting time for the business. He will play a key part in building market share in our existing markets as well as spearheading our diversification into new markets, based around our existing core capabilities and design portfolio."

RandyBergeron160Tesla Offshore LLC, a leading offshore survey service provider, has announced the retirement of Randall P. Bergeron (left) as President and CEO of the company effective December 15, 2014.

CDSchempf160It was also announced that Tesla Offshore co-founder, and current Senior Vice President of Sales & Marketing, C. D. Schempf, Jr., (right) will assume the leadership role as President of Tesla Offshore. Fellow co-founder, Donald W. Spicer, will continue in his role as Senior Vice President and General Manager of the company.

In a message to Tesla Offshore employees, Bergeron said that while his tenure at the helm has afforded him a wealth of life experiences and professional relationships with remarkable people from around the world, in all of his thirty-four years in the industry, " ... nothing has compared to the privilege of leading the employees of Tesla Offshore LLC and the joy of watching our families grow and prosper together as we set out to provide the best possible survey services available". Beginning in early 2015, Bergeron will assume the role of Executive Director of Tesla Offshore LLC, and continue to contribute as a valuable member of Tesla Offshore leadership.

C.D. Schempf, Jr. is a nineteen year veteran of the offshore survey service industry and, together with Bergeron, Spicer and two others, established Tesla Offshore LLC in 2004. Then, as now, the company adheres to a simple, yet uncompromising, business philosophy: Demand integrity of yourself and your co-workers; Offer only the highest quality compliant products and services; and, Focus on customer satisfaction as the best measure of success. That these characteristics remain a guiding force at Tesla Offshore today is no accident, says Schempf, but a conscious commitment "to keep integrity, quality and regard for customer service as the primary focus of business relationships today and into the future".

total brand block rgb 0As from January 1st 2015, the Exploration and Production Branch of Total will be restructured with five geographical divisions, an Exploration division and five functional divisions. Arnaud Breuillac, President Exploration & Production, stated: "These changes are made with the objective to improve efficiency and adapt to the challenges the Group is facing.

The new organization is as follows:

• Africa division headed by Guy Maurice 

• Americas division headed by Michel Hourcard 

• Asia Pacific division headed by Olivier de Langavant* 

• Europe and Central Asia division headed by Michael Borrell (merge of Northern Europe and Continental Europe – Central Asia divisions) 

• Middle East and North Africa division headed by Stéphane Michel 
• Exploration division headed by Kevin McLachlan 

• Quality Health Safety Societal Security Environment division headed by Pierre Bang ;

• Technical support to operations division and Development division headed by André Goffart 

• Strategy Growth Research division headed by Martin Deffontaines** 

• Corporate Affairs headed by Namita Shah.

Ladislas Paszkiewicz, currently Vice President of Americas division, will be appointed Senior Vice President Mergers & Acquisitions in the Finance Division.

* Until March 1st 2015, Jean-Marie Guillermou will remain Vice President for Asia Pacific division and Olivier de Langavant Vice President Strategy Growth Research division.
** Effective March 1st 2015

Click here to see the biographies 

Hoover-Container-Solutions1Hoover Container Solutions ("Hoover"), a leading provider of chemical tanks, cargo carrying units and related products and services to the global energy, petrochemical and related industrial end markets, has entered into an agreement to partner with First Reserve, the largest global private equity firm exclusively focused on energy. Financial terms of the transaction were not disclosed.

One of the global industry leaders in oilfield fluids container solutions, Hoover operates worldwide through 15 facilities in North and South America, Europe, Australia, the Middle East and Southeast Asia. The company has a rental fleet of approximately 40,000 stainless steel intermediate bulk containers ("IBCs"), 8,000 cargo carrying units and more than 15,000 slings, GPS asset tracking units and other peripheral equipment.

Hoover was the original manufacturer of stainless steel IBCs approximately 50 years ago and has a history of pioneering and innovating material handling solutions since 1911. Hoover has earned a reputation with its loyal customers for being a high-quality service provider.

Hoover provides customer-driven solutions through a vertically integrated model that includes design, manufacturing, maintenance, certification and cleaning services through the entire life cycle of their products. The company's products are critical to the energy and industrial value chain with a business model that is, in First Reserve's view, generally resilient to market cyclicality.

First Reserve believes Hoover's products are exposed to several favorable macro trends, including the continued demand for oilfield production chemicals, further development of offshore and deepwater oil and gas opportunities as well as the continued investment in North American petrochemical facilities.

Donald Young, CEO of Hoover, commented, "After a thoughtful process, we chose First Reserve as our partner to help support Hoover in its next stage of growth. We expect First Reserve will bolster Hoover's already strong financial position and allow us to accelerate our growth plan as well as continue to introduce innovative products and services to the market."

Neil Wizel, managing director of First Reserve, commented, "We are excited to partner with CEO Donnie Young and his management team to progress Hoover's growth strategy focused on providing the energy, petrochemical and general industrial markets with specialized fluid handling and container solutions. We believe Hoover has demonstrated a strong track record of providing its customers with high-quality products and services and that the company is well-positioned for continued expansion in North America and internationally."

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