Aberdeen-based specialist oil and gas project management services company EPC Offshore has today (Thursday, 1st August 2013) been acquired by Costain, one of the UK's leading Tier One engineering solutions providers.
The deal marks the launch of Costain Upstream, a new divisional operation combining EPC Offshore’s capabilities with ClerkMaxwell, the oil and gas engineering and support services provider which was acquired by Costain in 2011.
Costain Upstream, which will comprise a resource pool of over 350 people and provide services across the life-cycle of upstream offshore oil and gas assets, will deliver engineering, capital projects and asset support services across four principal service lines: Field Development, Subsea Facilities, Topside Facilities, and Floating Systems.
It will be based in Aberdeen with operating and support units in Maidenhead, Teeside, Manchester and Abu Dhabi.
Costain Upstream will be led by Keith Wallace, chief executive of EPC Offshore, supported by John Wilson, managing director of ClerkMaxwell; Peter Kirkbride, managing director of EPC Offshore; and Alistair Dornan of ClerkMaxwell as strategy director.
“The combination of EPC's successful field development and project management capabilities with ClerkMaxwell’s highend engineering and asset support services provides a formidable combination and one which gives us much confidence for the future,” said Mr Wallace.
“Bringing together the complementary services of both companies will allow us as a group to compete for larger projects and be able to command and deliver more of the project along its life cycle. We have ambitious plans and aim to be a significant entity in our sector, creating opportunity and value for all stakeholders as we continue to grow moving forward.”
Established in 2009 and with a workforce of 75 professional staff, EPC Offshore is a field development and project management specialist providing client-side services to North Sea oil and gas companies. The company is differentiated by its programme management expertise and the highly effective application of proprietary in-house systems and processes.
EPC Offshore delivered revenue of £11.7 million and profit after tax of £1.1 million for the year ended 31 July 2012.
Andrew Wyllie, CEO of Costain, said: “We are delighted to welcome EPC Offshore to the Costain Group, in an acquisition which will accelerate our stated strategy of broadening our range of capabilities in response to the requirements of major blue chip customers.
“The formation of Costain Upstream will significantly enhance our position in this sector, and the acquisition of EPC Offshore will boost its growth, complementing the front-end engineering and operations capabilities we acquired with ClerkMaxwell two years ago.
“There is a sizeable addressable market for these highly complex services and we see further compelling opportunities to grow our oil and gas footprint both in the UK and internationally.”
Further information can be found at www.costain.com
Pictured Keith Wallace Costain Upstream divisional leader and Mark Rogerson Costain Natural Resources Managing Director