UK-based subsea protection systems provider Tekmar Group has signed a sale and purchase agreement for the acquisition of Pipeshield International from its founder Steven Howlett.
The acquisition enables Tekmar to strengthen its subsea protection offerings in addition to its current suite of products including; concrete mattresses, scour protection, pipeline crossings.
Pipeshield provides subsea concrete mattresses, which are used to protect subsea equipment such as pipelines and power cables within all marine environments, as well as offshore wind, marine renewables, oil and gas and marine civil engineering.
Concrete mattresses and related products are used to maintain and protect subsea equipment in the places where burying of them is not possible.
Headquartered in Lowestoft, Pipeshield has manufacturing operations local to its primary markets, including Aberdeen, UAE, Saudi Arabia, and Singapore.
Tekmar said that the concrete mattresses are a complementary to its portfolio and often used in combination on previous projects.
Pipeshield is the third acquisition of Tekmar
The acquisition, which is in line with Tekmar’s strategy to acquire offshore energy businesses with synergies that have a clear subsea technology focus, is the third acquisition for the company since June last year.
Tekmar CEO James Ritchie said: “Pipeshield is a perfect fit for Tekmar. Its products are complementary, allowing us to upsell and expand our offering to clients, realising our Group vision.
“The business focuses on technology, as its key differentiator, and Pipeshield has outstanding credentials, which demonstrate its commitment to safety, quality and, above all, its people; these are key values which we embrace across all Group companies.”
Pipeshield founder and managing director Steven Howlett said: “We are industry-leading technology providers within subsea protection and share a similar history and culture.
“I am keen to see the business progress and believe that being part of Tekmar will accelerate the achievement of our long-held growth aspirations.”
In 2018, Tekmar signed an agreement to acquire Subsea Innovation after the shareholder approval and it represents the company’s first transaction after its AIM admission in June this year.
