Growth and jobs secured at Survivex after buyout Acquisition: New owners 3T Energy Group optimistic about future prospects

The new owner of Survivex said yesterday that growth was on the cards for the north-east offshore survival trainer.

Private-equity backed 3T Energy Group has bought 100% of the Dyce-based firm, set up in 2011.

Survivex was owned by founder George Green, who had the majority

“Time was right for 3T Energy to take it to the next level ”

shareholding, and wife Margaret, according to documents published by Companies House.

Bosses at 3T Energy said the takeover would create a group with 300 employees, revenues of £50 million, and offices across the world, including in London, Houston, Dubai and China.

The group was launched this year by combining AIS Training and simulator developer Drilling Systems, with investment coming from Blue Water Energy.

Paul Stonebanks, president of 3T Energy and founder of AIS, said “absolutely every one” of Survivex’s 72 employees would be retained.

Mr Stonebanks said Mr Green, 63, had turned Survivex into a “really great business”, and that the time was right for 3T Energy to “take it to the next level”.

He would not reveal the transaction value, but said the Greens had got “good value”.

Survivex, which offers nearly 250 training courses, turned over more than £7m in the year to March 31, 2018.

Mr Stonebanks said 3T Energy fully respected the Survivex brand, which will be retained.

Harnessing new technology is expected to play a key role in the group’s expansion he said.

Survivex chief executive Andrew Green, the son of George Green, will head up a section of the business focused in the Middle East. plans, Beryl Alpha platform. The Beryl field is located about 200 miles northeast of Aberdeen.

Apache produced 51,000 boe per day in the North Sea during the third quarter, down slightly from the second quarter due to scheduled maintenance.

Production is expected to increase in the fourth quarter, because the company brought its fourth development well online in the Callater field in September. Apache started production from Callater in May 2017. Apache has a 55% working interest in the field, while Chrysaor has 45%.

Group revenues totalled £1.5 billion during the third quarter, up from £1.2bn last year. Pre-tax profits rose to £315 million from £72m.

“Expected to pump out more than 10m barrels of oil”

SPECIALIST: Aberdeen-based Survivex, which was founded in 2011, offers nearly 250 offshore survival training courses