Drilling Systems sheds consultancy firm via management buy-out
Drilling simulator manufacturer Drilling Systems, a part of the 3T Energy Group, has sold the consultancy side of its business in a management buy-out.
Drilling Systems said that its Integrated Advisory Service (IAS) was acquired by Graeme Eglintine, previously the vice president of Drilling Systems’ IAS & Middle East and North Africa (MENA) region.
IAS was established in 2016 and provides bespoke training, development, competence, and talent management solutions for the drilling, well control, and lifting sectors around the globe with Drilling Systems’ technology at their core.
According to the company, the buy-out will allow Drilling Systems to focus on its simulator business and advance 3T Energy Group’s vision to transform the global energy training sector through technology.
Drilling Systems added that it would continue working closely with the new consultancy business. The two companies signed a long-term collaboration agreement to enhance their respective customer offers.
Kevin Franklin, CEO of 3T Energy Group and Drilling Systems, said: “Selling off the consultancy side of our company in an MBO allows us to focus on this and our core strength of technology development, while continuing to access advisory services for our clients through this new collaborative agreement. Clients from both businesses will benefit enormously from the renewed focus and enhanced services and products being developed.”
Eglintine, managing director of the new IAS International Oil & Gas consultants, added: “I am delighted to acquire the IAS consultancy business of Drilling Systems. Having been an integral part of the IAS success story since its inception and after listening to client and industry feedback, I’m incredibly excited about the future potential of IAS.
“We will continue to work closely with Drilling Systems and 3T Energy moving forward, and we see this very much like a win-win scenario for clients, who will benefit from an enhanced focus from both companies.”