LR announces record investment in creation of unique service for energy sector
Lloyd’s Register (LR), the leading global provider of independent assurance and expert advice, will make a significant investment in global services company Senergy to create an industry-leading offering - from the reservoir to refinery and beyond, LR said on Tuesday in its press release.
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 unparalleled 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.
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.
London-headquartered LR provides independent assurance and expert advice to companies operating high-risk, capital-intensive assets in the energy and transportation sectors. Helping clients to ensure the quality of construction and operation of critical infrastructure – from ships and oil platforms to power plants and trains, it also provides business assurance services it helps companies manage their systems and risks across a wide range of sectors.
The company also provides a range of technical assurance and consulting services to the drilling industry through LR Energy – Drilling, created from the acquisitions of ModuSpec and West Engineering Services.
Headquartered in Aberdeen, Senergy was founded in 2005. The company assists the development and management of oil and gas fields and alternative energy projects. Its suite of core technical services centre on subsurface, well engineering and operations, site survey and geo-engineering, facilities development solutions and power engineering which are complemented by software and training products. has more than 650 employees and a further 100 associates, operating from offices in the UK, Norway, Middle East, Malaysia, Australia, USA and Indonesia. Its turnover in the last financial year was £121m, making the investment the largest the Lloyd’s Register Group has made to date.
