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Lloyd's Register to acquire Senergy

Friday, September 13, 2013

Risk management organisation Lloyd's Register has announced plans to acquire oil and gas services company Senergy for an undisclosed sum.

The deal will see LR and Senergy provide a unique and comprehensive portfolio of services to the upstream sectors of exploration, production and transportation through to refinery and beyond.

The combined business will also provide life of field services from inception to decommissioning and offer opportunities for technical and consulting staff to work with leaders in the industry by providing cutting edge services to customers.

Senergy will continue to operate as an independent company for three years, by which time LR will have acquired the balance of its shares. However, Senergy will become a member of the Lloyd's Register Group and will work with LR to provide a broad service portfolio to the oil and gas and broader energy market. LR will have representation on the board of Senergy.

John Wishart, energy director at Lloyd's Register said: ''The investment in Senergy further expands our range of technical assurance services to the oil and gas sector, building on the complementary capabilities we have built up through the acquisitions of West Engineering, ModuSpec, ODS, and Scandpower. The combined entity is now the industry''s leading provider in supporting safe operations in the discovery of new energy resources.''?

Senergy group CEO James McCallum said: ''Lloyd's Register provides the perfect fit for our business. We strongly support the group''s mission to uphold the safety of life, property and the environment, and see a strong alignment in terms of objectives, culture, excellence and management style.''

LR was advised by PwC Corporate Finance in relation to its investment. Trowers and Hamlins acted as legal advisors to LR. Senergy was supported by HBJ Gately and Ernst & Young Corporate Finance in the transaction.

Associated Companies
» Senergy
» Lloyd’s Register
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