Three60 Energy, an energy services group backed by energy focused private equity fund Simmons Private Equity (“SPE”) has acquired Stavanger based Ridge AS.
This investment marks the addition of a third company into the Three60 Group.
Established in 2011, Ridge specialises in the provision of engineering and consultancy services in the subsurface, drilling & wells, subsea and facilities disciplines mainly in the Norwegian North Sea. The company has established a sound track record with its client base including around 20 major oilfield Operators, with projects delivered by a team of more than 90 specialist engineers. The business completed the acquisition of Ocean Maxwell in December 2017, adding engineers with subsea, subsurface and facilities capabilities and enabling Ridge to provide a wider spectrum of services to clients in Norway, Denmark, UK and Singapore.
The acquisition of Ridge represents the third constituent company of the Three60 Group following the investments in LEAP Energy and Step Change Engineering. LEAP Energy is headquartered in Kuala Lumpur, providing subsurface technical consulting and software development services. Step Change Engineering is based in Aberdeen and provides design engineering and project management services focused on both onshore and offshore facilities in the UK.
The headquarters of Ridge will remain in Norway and the existing management team of Ridge will continue to lead business operations, with key personnel to be recruited in Three60’s UK and Southeast Asia locations to supplement and expand the Ridge offering internationally.
Ridge will also benefit from the support of the Three60 leadership team.
Gerwyn Williams, Group CEO said, “The acquisition of Ridge represents a key service addition to the Three60 Group as we continue to build a global portfolio of excellent companies who together will provide Operators with a complete suite of technical services across the whole asset life cycle. We know that customers of LEAP Energy, Step Change Engineering and Ridge want them to offer a wider capability with the same technical excellence and service ethic they currently provide.”
Walter Thain, CEO North Sea Business said, “This addition to our overall service capability is extremely timely as we look to consolidate our integrated offering with capability in subsurface, drilling and facilities in conjunction with geographic expansion. We believe we can grow this business through adding capability including well engineering and production optimization services, continuing and accelerating the growth trajectory in Norway, and exporting the subject matter experts’ capabilities overseas.”
Jarle Veshovde, Managing Director of Ridge, said: “We are delighted to join the Three60 Group and look forward to leveraging our combined international footprint and exporting our services overseas. The wider integrated offering, with Step Change Engineering and LEAP Energy, will enable us to provide an enhanced service in field development, well management and production optimisation for our customers.”