Aberdeen oil and gas group swoops on US tech business
● Group seeks to capitalise on US shale industry ● Deal represents fourth acquisition in last 12 months
An Aberdeen energy group has swooped on a Texan tech firm as it targets expansion in the buoyant US shale sector.
Centurion Group, which supplies critical rental, infrastructure and support services to the energy industries, has acquired Total frac, a valve technology company based in the US.
The deal, for an undisclosed sum, will allow Centurion to grow its drilling, comple - tions and production arm and enhance its services to operators in shale basins in the US.
It marks the latest in a string of acquisitions by the Aberdeen-headquar tered group, which has snapped up four companies in the last 12 months as it seeks to po sition itself as a leader in the US fracking industry.
The move comes as Centurion, which employs around 300 people in Scotland and approximately 1,200 worldwide, unveiled its latest financial results.
Revenue sat the group increased to $442 million (£350m) in the year to 31 December, jumping from $323 min 2017.
Ebitda( earnings before interest, expenses, taxes, depreciation, and amortisation) more than doubled to $71 m, up from $34 min the previous year.
The latest figures mark the first time that Centurion has published its results as a combined group, after owner SCF brought together four established services companies in 2017: Centurion in Aberdeen, Oil Patch in the US and Site Energy Services and WTS Rentals in Canada.
Last month the group extended its revolving credit facility by $60m, in a move which saw Royal Bank of Scotland join the group’s sevenbank funding club.
Fernando As sing, chief executive of Centurion, said :“Drilling, completion sand product ion services are of critical importance to us, and for our customers, and we are pleased to be able to expand, and enhance, our flowback and well testing product lines.
“Our strong performance in 2018 has been led by organic growth across our three business segments, supplemented by value enhancing bolt-on acquisitions that have added new capabilities and new customers into the group.
“The breadth of our equip - men ta nd service offering, combined with the expertise and focus on safety and service quality, are major competitive strengths for Centurion.”
Derek Elzner, president of Centurion US Land, added: “We are excited to announce the addition of Total fr ac to Centurion.
“The addition of their highquality valves, designed to be low maintenance, will provide higher uptime for clients.
“This is yet another example of Centurion’s strategy to diversify product and service offerings, while providing our customers the highest quality products.”