ABERDEENSHIRE offshore energy equipment firm Motive Offshore has acquired fellow Scottish firm Aquatic from Acteon Group.
As part of the deal, Motive will acquire Aquatic for an undisclosed sum, gaining control over its operations in the UK, Singapore, the US, Australia, and Norway.
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Motive has announced this acquisition as a reaction to the growing market need for Aquatic’s flexible lay equipment designed for offshore telecommunications, wind energy, and oil and gas projects.
Additionally, Motive plans to buy and invest in Aquatic’s facility in Peterhead, expanding its presence in Scotland with new bases in Boyndie and Kintore.
The company believes this move is in line with its strategy of focusing on key locations and expanding its rental equipment portfolio. This acquisition also helps Motive achieve its target of generating 75% of its income from renewable energy sources by 2025.
Motive is on course to meet its objective, with half of its earnings for the year 2024 originating from the green energy sector.
This recent deal is the newest addition to a string of purchases by Motive in the past few years. The firm took over Flowline Specialists in north-east Scotland in 2020 and Pumptech in Stavanger, Norway, in 2019.
Currently, Motive has a workforce of 335 individuals and operates in more than 52 locations across the globe, including countries like Norway, Brazil, the Middle East, Taiwan, and the United States.
In 2022, Motive secured a significant investment from a private equity firm, H2 Equity Partners, which has since contributed to the group’s earnings surpassing £65 million.
This achievement marks a 97% rise in earnings since H2 Equity Partners’ investment in the company.
Commenting on the acquisition, Motive chief executive Dave Acton said: ““As an established and longstanding offshore business, we have valued Aquatic as a partner for some time, working closely together over the past couple of years.
“Its highly skilled engineering team and quality equipment make it a perfect fit for our business, both on a cultural and operational level.
“This move demonstrates our commitment to delivering specialist equipment to our customers in Scotland through investing in new facilities and in international locations where they need our services.”
