ABERDEEN-based oil services heavyweight Centurion Group has increased its exposure to the renewable energy sector through the acquisition of a Canadian specialist.
Private equity-backed Centurion acquired Trido Energy Services, which it said supplies sustainable and innovative solar-powered production equipment to the energy industries.
The price of the deal was not disclosed but Centurion described the acquisition as transformational.
It said: “The acquisition of Trido is a hugely important moment for Centurion, representing its first-ever acquisition of a renewable energy technology company.”
The acquisition comes as oil services firms look to capitalise on the opportunities that are being created by the growth of the renewable energy industry and the development of related technologies.
READ MORE: North Sea oil services group bought by French giant
Some are helping clients in the oil and gas business to reduce the emissions associated with their activities.
Centurion noted: “Trido has developed a fully integrated end-to-end carbon credit management service utilizing their equipment to reduce customer greenhouse gas emissions and generate carbon tax credits.”
Carbon credits can be traded around the world.
The Trido purchase was the fifth completed in the last six months by Centurion. The group bought Aberdeen-based subsea engineering specialist Aleron in January.
In December Centurion secured an additional $70m (£52.5m) credit to support growth, taking the total made available by lenders to $300m. It said that Royal Bank of Scotland and Clydesdale Bank had both increased their commitments.
Centurion was created in 2018 by US private equity business SCF. The investment firm merged a number of businesses active in the oil services, mining and infrastructure sectors to form a global group run from Aberdeen.
Centurion employs 200 people in Aberdeen. The firm has around 2,000 employees in its global operations.
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 here