Offshore energy firm Pipeshield International acquired by Tekmar
One of the East of England region’s leading offshore services companies has been sold to a major global firm in a multi-million pound deal which will enable the business to continue its growth in the worldwide offshore energy market.
Advisers on the sale were accountants Lovewell Blake and law firm Birketts.
Lowestoft-based Pipeshield International Ltd, which has become one of the world’s leading providers of specialised subsea pipeline protection systems to oil and gas majors and offshore contractors, has been bought by Tekmar Group Plc, an AIM listed market leading-provider of subsea cable, umbilical and flexible pipe protection systems and engineering services.
Pipeshield, which was formed in 1999, has its headquarters at the Quay View Business Park in Lowestoft and works in the oil and gas, renewables and marine civils sectors.
It has manufacturing bases in Montrose, Blyth, (UK); Dammam (KSA); Abu Dhabi, Dubai, Bahrain (UAE); Qatar; Johor (Malaysia); plus global site specific operations.
The £6.5 million sale will provide a platform for further growth for the company which has a permanent workforce of 25 and engages approximately 15 contractors at any one time.
Pipeshield managing director and founder Steve Howlett said: “This is an exciting next step in the development of Pipeshield as a major global player in our sector. The sale to Tekmar will open up new markets for us and provide the investment and foundations for further growth.
“I am very appreciative for all the hard work that the teams at Lovewell Blake and Birketts have put in to make this deal happen for me. It has not been a straightforward process but they stuck to the task to see it through to its conclusion.”