A Fife company that carries out important safety checks for offshore industries has been snapped up by an Aberdeen firm in a deal understood to be worth £5 million.
Methil-based PTS is Glacier Energy Services’ fifth acquisition since the company was formed after a management buyout of MB Oil & Gas in 2011.
PTS was founded in 1981 and carries out non-destructive tests including ultrasonic, radiographic, magnetic particle, dye penetrant and visual inspection services on equipment used by the oil and gas and offshore renewable industries.
These are crucial in ensuring the initial and ongoing integrity of offshore structures while minimising disruption to production.
PTS has a turnover of around £6m a year and employs 55 staff, with five more expected to join shortly.
The acquisition of PTS will push Glacier’s turnover up to more than £25m and its total of employees to nearly 200, based in Aberdeen, Fife, Glasgow and Newcastle as well as in Singapore and Benelux.
PTS has significant experience in the asset construction marketplace, with long-standing framework agreements with Burntisland Fabrication (BiFab), SIF Group bv and Smulders Group.
End-users of assets PTS has worked on include Shell, Chevron, BP, Marathon Oil, Britannia, Seapower, Vattenfall and E.On.
Mark Derry, managing director of Glacier’s offshore division, said: “Acquiring PTS further enhances our offering and opens up opportunities across the sectors, complementing our onsite machining and the repair and refurbishment work that we carry out through Roberts, Site Machining Services and Ross Offshore.
“PTS has some of the best-qualified resource in non-destructive testing in the North Sea. Its inspectors are qualified to Level 2 as a minimum, and the company also has a significant number of Level 3 qualified personnel, enabling it to provide a comprehensive range of services including consultancy to its clients.”
PTS services are predominantly used on new-build fabrication and assembly projects for the oil and gas and renewable sectors, and the techniques employed are equally important in in-service repair and maintenance situations.
Tom Shields, operations director at PTS, who will remain in post, said: “There is a key synergy between our work and the wider service offering at Glacier the ability to provide our non-destructive testing experience and expertise in tandem with the group’s other businesses brings significant value to the market and our client base.
“Expanding our operations as part of the Glacier group will offer us opportunities to diversify into new work areas and markets, giving us a platform for real growth.”
Glacier chairman Scott Martin said: “The UK Continental Shelf continues to hold significant growth potential for us and acquiring PTS brings another complementary service into the group, following on from our acquisition of Ross Offshore and the continued strong performance of our offshore businesses.”
Glacier has achieved significant growth through targeted acquisitions and now provides a series of related, integrated technical services to the energy industry in the North Sea and South-East Asia.
Mr Martin said: “We continue to pursue buy-and-build opportunities in the marketplace which strengthen our position as a multi-disciplinary service provider, with ongoing investment support from Maven Capital Partners and Simmons Parallel Energy.”