Motive Offshore Group has acquired Norway-based Weld Integrity Group, a move aimed at strengthening its certification and inspection (C&I) capabilities and boosting its presence in the Norwegian offshore energy market.
The acquisition is expected to add $1.34 million (£1 million) in annual EBITDA, according to Motive, which will immediately integrate Weld Integrity’s Norwegian operations, expanding in-house non-destructive testing (NDT) and inspection services and broadening its customer base into sectors such as civil construction and aerospace.
The deal also supports Motive’s goal of diversifying revenues, targeting 75% from non-oil and gas sources by 2026. The company will add NDT capabilities including radiographic and X-ray inspection, and acquire Weld Integrity’s majority stakes in Weld Integrity Oslo and Integrity Heat, which provides heat treatment of welds and materials.
As part of the transaction, Weld Integrity founder and CEO Max Brown will become Motive’s Regional Manager for Scandinavia, bringing two decades of NDT experience. Around 20 inspectors will also join Motive’s workforce.
“Norway is an exciting growing market in offshore energy, and Weld Integrity’s highly competent, local team of inspectors will help us make inroads into this vibrant market, while expanding NDT and inspection services to our customers.
“Our C&I Division, delivers long-term, recurring revenue by supporting customers in maximising the efficiency and profitability of their assets. We work collaboratively to reduce risk, enhance quality, and ensure full compliance with relevant standards and regulations,” said Dave Acton, CEO at Motive Offshore Group.
“There are natural synergies between our businesses and many opportunities for combining our services. This will enable us to tap into Motive’s international customer base across the offshore energy market, as well as offering Motive’s wider services to our current customers across Norway’s commercial and industrial sectors,” added Max Brown, CEO of Weld Integrity Group.