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.
READ MORE: Gas price rise fuels surge in profits for Shell
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.
READ MORE: Scottish Government report underlines risk of reliance on wind power
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.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel