Quayle Munro is pleased to announce that it has advised the shareholders of Submersible Technology Services (Holdings) Limited (“STS”) on its sale today to Neptune Marine Services Ltd (“Neptune”).
STS is a specialist contracting company to the offshore oil and gas industry. It owns and operates a fleet of remotely operated vehicles (ROVs) providing specialist subsea services to substantial oilfield engineering services businesses and oil majors. Based in Aberdeen, STS supports clients across the world including Europe, the Middle East and South East Asia. In its last reported financial period from 16 April 2008 to 31 December 2008, STS generated pre-tax profits of £2.6 million.
Under the terms of the acquisition, Neptune, one of Australia’s leading providers of integrated solutions to the international oil and gas, marine and renewable energy industries, acquired the entire issued capital of STS for £16 million (plus an adjustment for working capital less debt at completion of the acquisition) with an additional conditional consideration based on STS’s EBITDA performance for the calendar year 2009.