Aquaterra Energy has announced a change in ownership, with its existing management team taking ownership of the offshore engineering business, backed by HSBC.
The transaction would maintain continuity in its leadership and strategy while supporting further investment in offshore well access and field development technologies, according to Aquaterra.
The Norwich-headquartered has secured substantial backing from HSBC, although the company did not disclose the financial terms of the ownership transaction or identify its previous owners.
The company plans to continue investing in its personnel, engineering capabilities and technologies, while exploring opportunities to expand geographically and into energy transition markets, including carbon capture and storage (CCS).
“This new ownership structure gives us a strong platform from which to continue investing in our people, capabilities and technology, while remaining focused on delivering for our customers and pursuing opportunities for long-term growth,” said George Morrison, CEO of Aquaterra Energy.
The ownership change follows an expansion of Aquaterra Energy's capabilities across offshore intervention, abandonment, decommissioning and energy transition projects.
Recent technology developments include its recoverable abandonment frame (RAF) system, designed to simplify well re-entry and abandonment for CCS projects, and its AQC connector technology.
The company's offshore engineering portfolio also includes well access systems, riser and interface technologies, offshore platforms and front-end engineering services.
Founded in 2005, Aquaterra Energy has delivered projects in the North Sea, West Africa, Southeast Asia, the Middle East, the Caribbean and Australia, with offices across Europe, Africa, Asia and Australasia.
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