ATR Expands into Subsea Sector with Acquisition

02 July 2012

OIL and gas equipment supplier ATR Group has bought Underwater Engineering Services (UES) as it eyes expansion in the subsea sector.

No value has been disclosed for the deal but all 14 UES staff, including managing director Jeff Riddoch, are moving across.

UES, founded in 2006 and based in Foveran on the outskirts of Aberdeen, rents marine and subsea support equipment to the global offshore industry.

Its range includes deck cranes, winches, power packs and survey equipment.

Mr Riddoch said: "This is an exciting opportunity for us and is a major step forward for our business, which has itself seen ongoing growth on a global scale since our inception in 2006.

"Working together we will be able to provide one another with access to new markets and deliver significant added value for our clients in terms of our mutual specialist capabilities in the provision of tools and equipment to the global oil and gas industry."

The deal will boost turnover at ATR to more than £20 million.

In May this year it secured more than £20m from NBGI Private Equity and Clydesdale Bank as part of a management buyout to pursue an expansion plan.

Keith Moorhouse, chief executive of ATR Group, said: "UES is widely respected and has built up a significant track record for servicing the leading, specialist marine and subsea contractors.

"ATR Group is performing strongly and we have identified the subsea market as a key strategic area for many of our customers. We intend to invest substantially in UES for growth without losing its core focus and speciality. It's about responding to customer needs and continuing to deliver."