Aberdeen-based Ramco Tubular Services, has strengthened its position as the oil and gas sector’s leading provider of tubular services, by acquiring a controlling interest in Pipetech International AS from Onshore Group North AS.
Pipetech is a leading player in the provision of advanced and environmentally friendly, water-based cleaning technologies to the North Sea oil and gas and petrochemical industries, both in Norway and the UK.
With Ramco’s support, Pipetech will now establish a permanent presence in the UK and look to increase its business in the off-shore sector.
LDC backed the secondary buyout of Ramco in March 2013.
This latest acquisition was funded by a combination of further investment from management and LDC, with additional debt provided by Clydesdale Bank.
In addition to the Pipetech investment, Ramco has also announced the appointment of Lindsay Young as its international business development director. As well as helping further internationalise Ramco, Lindsay will also be responsible for driving the growth of Pipetech in the UK.
Lindsay has extensive knowledge of the oil and gas sector through previous roles as managing director of Offshore Solutions BV and UK operations director for RBG. Lindsay will work closely with May Britt Lilletvedt the CEO of Pipetech International AS. Both Lindsay and May Britt will join the Ramco Board.
Malcolm Edward, CEO of Ramco, commented “Through the acquisition of Pipetech, Ramco will be able to expand the range of tubular and pipe services offered. Pipetech has already demonstrated in Norway that it can offer a highly valuable solution to its customers in helping solve problems and reduce shutdown time and, in turn, costs.
“We look forward to working with the Pipetech team to help grow the business further both in Norway and internationally. The acquisition and appointment of Lindsay and May Britt to the Ramco board represents an exciting stage in Ramco’s continued growth.”
Mark Kerr, LDC’s Director of Oil and Gas, welcomed this latest investment in Ramco:
“When LDC announced our initial investment in Ramco last year, we said then that we looked forward to growing the business. This Pipetech acquisition is a significant step in helping realise the full potential of one of the sector’s most exciting companies.”