British private equity firm Blue Water Energy has announced the acquisition of Pipeline Technique Limited (PTL) for an undisclosed sum.
PTL, which provides pipeline welding, field joint coating and spoolbase services to the energy industry, was previously owned by Heerema Marine Contractors (HMC).
The company has carried out welding and coating services on major projects around the world, including Appomattox in the Gulf of Mexico, Kaombo in Angola, and Khazzan in Oman.
“We are excited by the investment into PTL,” said Martin Somerville, managing director of Blue Water Energy. The company has a very strong reputation and track record in the technically-challenging pipeline welding market and we have committed significant capital to support future growth.”
“HMC has been a good owner of PTL since 2008 and supported us to build an impressive track record and develop new technologies and services tailored to offshore and onshore markets,” added Patrick Boerkamp, CEO of PTL. “We now look forward to the company flourishing as an independent welding and field joint coating service provider, capitalising on the significant market opportunity that exists.”