A company majority-owned by Simmons & Company International’s private equity fund has acquired Aberdeenshire firm Sengs Subsea Engineering Solutions (SengS).
Simmons & Company International
The North Sea will play “significant role” in the next upcycle, according to financial expert Colin Welsh.
Energy finance expert Colin Welsh said yesterday that the disarray at Xcite Energy was part of the impending North Sea liquidity crisis he warned of earlier this year.
A company backed by Aberdeen’s Simmons Private Equity has snapped up a firm led by well-known business man, Melfort Campbell, from administrators.
The North Sea oil and gas industry is sleepwalking towards a liquidity crisis on the scale of Lehman Brothers, an energy finance expert warmed yesterday. Colin Welsh, the Aberdeen-based head of international energy investment at Simmons and Company, also said the UK and Scottish governments were not doing enough to help the sector. But the head of industry body Oil and Gas UK (OGUK) said both administrations had shown their support, while Scotland’s energy minister said Holyrood would keep pressing the UK Government to provide support for exploration and production (E&P).
Schoeller Bleckmann Oilfield Equipment has taken a 68% controlling interest in US firm Downhole Technology for $103 million.
Simmons & Company boss Colin Welsh hailed the completion of its £90million buyout by a US investment bank as a “a big vote of confidence” in the energy industry.