Helix Energy Solutions Group Inc. bought a majority stake in Subsea Technologies Group Ltd. (STL), which Houston-based Helix said May 30 will give it the ability to provide in-house engineering services.
STL is an Aberdeen-based subsea engineering company that specializes in the design and manufacture of subsea pressure control equipment, including well intervention, well control and subsea control systems. The terms of the acquisition were not disclosed.
“This acquisition provides Helix with a significant opportunity to offer in-house engineering services, product development and systems engineering, whilst also enabling us to accelerate the development of new well intervention technologies and provide an enhanced product and service offering,” Scotty Sparks, executive vice president and COO of Helix said in a statement on May 30.
Going forward, STL will operate from Helix’s offices in Aberdeen. The company’s co-founder and CEO, Drummond Lawson, along with Chief Technical Officer Dave McKay, will also continue in their current roles.
Lawson said in a statement: “We are excited about the acquisition, as joining Helix represents opportunities for company growth and to strengthen our capabilities, products and service offerings. STL will continue to provide industry-leading service to our clients, and we look forward to engaging existing and new clients alike in those opportunities.”
Chevron will invest some $3 billion into lowering emissions between now and 2028—a figure it expected to grow, CFO Pierre Breber said at the Reuters Events Global Energy Transition conference.
Energy lenders must keep borrowers at arm’s length while they face COVID-19 challenges or risk lender liability.
Southwestern Energy—considered first-movers in the ESG space—certified its first wells as responsibly sourced in 2017 through a partnership with Project Canary.