EPC Offshore was acquired by Costain, one of the UK's Tier One engineering solutions providers.
The deal marks the launch of Costain Upstream, a new divisional operation combining EPC Offshore’s capabilities with ClerkMaxwell, the oil and gas engineering and support services provider which was acquired by Costain in 2011.
Costain Upstream, which will comprise a resource pool of over 350 people and provide services across the life-cycle of upstream offshore oil and gas assets, will deliver engineering, capital projects and asset support services across four principal service lines: field development, subsea facilities, topside facilities, and floating systems.
It will be based in Aberdeen with operating and support units in Maidenhead, Teeside, Manchester and Abu Dhabi.
Costain Upstream will be led by Keith Wallace, chief executive of EPC Offshore, supported by John Wilson, managing director of ClerkMaxwell; Peter Kirkbride, managing director of EPC Offshore; and Alistair Dornan of ClerkMaxwell as strategy director.
“The combination of EPC's successful field development and project management capabilities with ClerkMaxwell’s highend engineering and asset support services provides a formidable combination and one which gives us much confidence for the future,” said Wallace.
“Bringing together the complementary services of both companies will allow us as a group to compete for larger projects and be able to command and deliver more of the project along its life cycle,” said Wallace. “We have ambitious plans and aim to be a significant entity in our sector, creating opportunity and value for all stakeholders as we continue to grow moving forward.”
Established in 2009 and with a workforce of 75 professional staff, EPC Offshore is a field development and project management specialist providing client-side services to North Sea oil and gas companies. The company is differentiated by its programme management expertise and the highly effective application of proprietary in-house systems and processes.
EPC Offshore delivered revenue of US $17.7 million and profit after tax of $1.6 million for the year end July 31, 2012.