Ex-Petrofac CEO leads deal for Scots offshore specialist
Ayman Asfari and Jim Bell
A global offshore energy specialist, based in Livingston, has been acquired by a company led by an oil industry veteran who aims to create a global services champion.
Former Petrofac chief executive Ayman Asfari and a group of energy sector heavyweights have formed a new global offshore wind services outfit, Venterra.
They have acquired FoundOcean, which provides structural grouting services for offshore energy construction.
FoundOcean, which also has a base in Houston, Texas, has developed over half a century into the world’s largest dedicated offshore construction grouting company. It has delivered more grouted connections than any other contractor – from the North Sea to the Gulf of Mexico and the Gulf of Thailand.
Venterra has also acquired Northumberland-based subsea engineering and offshore technology firm, Osbit and Gavin & Doherty Geosolutions (GDG), an Irish geotechnical engineering specialist.
The member companies cover the entire windfarm lifecycle, from planning and development, installation and build, through to operations, maintenance and lifetime extension.
With renewables expected to provide 90% of the growth in global electricity demand, offshore wind power is set to increase seven-fold – from 33GW in 2020 to an estimated 250GW by 2030.
Venterra has assembled a board and management team with a business plan to invest around £250m.
It intends to seek a public listing for its shares to maintain its growth trajectory in due course.