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.”
Analysts said the decision not to stay the pipeline’s Biological Opinion increases the odds Equitrans Midstream Corp. can put the project into service in second-half 2021.
The company’s gas production in 2019 was at 29.67 Bcm, a jump of 7.2% from the prior year.
The total consideration of the transaction amounts to R$144.4 million (about US$27 million), according to a news release.