Acteon targets growth after acquisition
Norfolk-based offshore oil and gas specialist, Acteon, is pushing for cross-company organic growth following its acquisition of US-based Pacific Management Technologies Inc (PMTI) for an undisclosed sum.
Based in Ventura, California and Houston, Texas, PMTI has attracted a strong following for its project management services, which fall into three main areas – production facilities and operations; drilling and production services; and decommissioning.
It employs around 70 people across its two sites, generating revenues in the range of £10 million. As with nearly all acquisitions by the decentralised Acteon group, PMTI’s existing management team will remain, though the name will change to InterAct PMTI.
Richard Higham, group chief executive of Acteon, said: “PMTI is an exciting acquisition for us because it reinforces the group’s high-level project management capabilities.
“The company possesses an unusually wide spectrum of offshore knowledge and experience and is recognised not only for its professionalism but also for its intensely value-driven approach to projects right across the oilfield life cycle.”
Much of PMTI’s current workload involves projects offshore California and in the Gulf of Mexico, and the company will continue to pursue work in these areas. However, joining Acteon will expose the company to opportunities further afield.
Acteon believes it is this capability that will facilitate organic growth and generate extra revenues at other Acteon subsidiaries, primarily in the fields of decommissioning and shallow water construction.
“We are naturally looking forward to the chance to expand geographically,” said Tom Kennedy, president of PMTI.
“In addition, we have long considered that we have the industry knowledge and understanding, plus the integration skills, to help us deliver more complex and challenging projects for our customers.
“As part of Acteon we will benefit from access to an outstanding range of capabilities, which I am confident will enable us to undertake an enhanced role. Overall, I believe PMTI has the potential to add a new dimension to Acteon’s business.”
The Acteon group focuses on technology that has applications in the vital region between the seabed and the surface production facilities.
Its companies are: MENCK, InterMoor, Trident Offshore, CIS, Aquatic, UWG, Claxton, 2H Offshore, WellCut, Mirage Machines and Team Energy Resources.