ABERDEEN-based oil services heavyweight Centurion Group has hit the acquisition trail after securing bank backing for expansion.

The company has bought subsea equipment maker Aleron, which is based in the Granite City. Centurion has also acquired Polar Septic Systems, which it described as a leading provider of wastewater rentals and treatment solutions in Canada. It did not disclose the prices paid.

The company has secured an additional $70 million credit facilities from banks to support growth, taking the total committed to $300m.

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Euan Leask, Chief Financial Officer, said the group was pleased to have extended its existing facility with two new banks providing support.

He noted: “The latest facility extension further strengthens the Group’s available facilities and is a vote of confidence in Centurion’s business and strategy.

“The new facility gives us over $150m of firepower, putting us in a strong position to capitalise on growth opportunities as our markets and customers continue to improve.”

The company underlined that it sees potential in the core oilfield services (OFS) market and in areas related to the transition to a lower carbon energy system.

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It said it expects to benefit from “the upcoming OFS recovery, the energy industry decarbonization initiatives, the growth in the mineral resources sector and the growth of the renewable energy industry”.

Centurion employs 200 people in Aberdeen, out of a global total of 1,900. Aleron has 23 employees.