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.”
Recommended Reading
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.
Triangle Energy, JV Set to Drill in North Perth Basin
2024-04-18 - The Booth-1 prospect is planned to be the first well in the joint venture’s —Triangle Energy, Strike Energy and New Zealand Oil and Gas — upcoming drilling campaign.
EIG’s MidOcean Closes Purchase of 20% Stake in Peru LNG
2024-04-23 - MidOcean Energy’s deal for SK Earthon’s Peru LNG follows a March deal to purchase Tokyo Gas’ LNG interests in Australia.
Equinor Acquires Stake in Standard Lithium Smackover Projects
2024-05-08 - Equinor’s transaction, completed effective May 7, includes interests in Standard Lithium’s flagship South West Arkansas Project and East Texas properties.
Crescent Point Divests Non-core Saskatchewan Assets to Saturn Oil & Gas
2024-05-07 - Crescent Point Energy is divesting non-core assets to boost its portfolio for long-term sustainability and repay debt.