A SCOTTISH firm that uses laser technology to allow oil and gas firms to produce accurate models of assets, like drilling platforms, has raised £13 million expansion funding in a sign of investor enthusiasm for the sector.
Scopus Engineering won the funding boost from Growth Capital Partners, which is backing plans to grow the Aberdeen-based business in the North Sea and overseas.
The investment is timed to help Scopus capitalise on surging spending by oil and gas firms, which want to raise production to meet strong demand for energy in places like China.
Andy Inglis, who owns Scopus with co-founder Tom Bryce, said:"The inter-national opportunity is huge."
Scopus has developed laser survey technology that firms have used to ensure the accuracy of the huge components fitted on rigs and the like and minimise the need for trips offshore.
It has been enjoying rapid growth on the back of booming activity in the UK North Sea and overseas. With 180 employees, Scopus has offices in a range of countries, including Abu Dhabi and Thailand.
Scopus grew sales by 15% annually, to £13.1m, in the year to April 30, 2012. UK revenues surged 50% to £8.5m.
The company made a £2.4m pre-tax profit and paid dividends totalling £1.26m.
Turnover is expected to increase to £18m in the current year.
The investment by CGC reflects strong interest in the oil services sector among private equity firms.
This is a relatively fragmented sector in which some investors see scope to grow the firms they back through acquisition and moves into new markets.
Kirsty McDonald, investment director at GCP, said: "We have been targeting the oil and gas sector and are delighted to have found such a great business to back in Aberdeen."
Developed out of the former Close Brothers private equity operation, GCP has taken a minority stake in Scopus.
In 2009, Close Growth Capital backed a £28m management buy-out of Aberdeen-based Amor Group from Sword.
The IT services firm does a good deal of business with oil and gas firms.
Close Growth Capital previously backed the £21m management buyout of Wrap Film Systems from Benedetti International.
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