Three60 expands with Stavanger-based engineering firm buy
Energy services group Three60 Energy, backed by Simmons Private Equity, has acquired Stavanger-based engineering firm Ridge AS.
Three60 said on Friday that the investment marks the addition of a third company into the Three60 Group.
Established in 2011, Ridge specializes in the provision of engineering and consultancy services in the subsurface, drilling & wells, subsea and facilities disciplines mainly in the Norwegian North Sea. The company established a track record with a client base that includes around 20 major oilfield operators.
The business completed the acquisition of Ocean Maxwell in December 2017, adding engineers with subsea, subsurface and facilities capabilities and enabling Ridge to provide a wider spectrum of services to clients in Norway, Denmark, UK, and Singapore.
The acquisition of Ridge represents the third constituent company of the Three60 Group following the investments in LEAP Energy and Step Change Engineering.
Jarle Veshovde, managing director of Ridge, said: “We are delighted to join the Three60 Group and look forward to leveraging our combined international footprint and exporting our services overseas. The wider integrated offering, with Step Change Engineering and LEAP Energy, will enable us to provide enhanced service in field development, well management and production optimization for our customers.”
LEAP Energy is headquartered in Kuala Lumpur, providing subsurface technical consulting and software development services while Step Change Engineering is based in Aberdeen and provides design engineering and project management services focused on both onshore and offshore facilities in the UK.
The company added that the headquarters of Ridge would remain in Norway and the existing management team of Ridge would continue to lead business operations, with key personnel to be recruited in Three60’s UK and Southeast Asia locations to supplement and expand the Ridge offering internationally.
Gerwyn Williams, Group CEO, said: “The acquisition of Ridge represents a key service addition to the Three60 Group as we continue to build a global portfolio of excellent companies who together will provide operators with a complete suite of technical services across the whole asset life cycle. We know that customers of LEAP Energy, Step Change Engineering, and Ridge want them to offer a wider capability with the same technical excellence and service ethic they currently provide.”
Walter Thain, CEO of the North Sea business, added: “This addition to our overall service capability is extremely timely as we look to consolidate our integrated offering with capability in subsurface, drilling and facilities in conjunction with geographic expansion.”