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GR Engineering acquires Production Solutions to enter oil and gas sector

16th December 2013

GR Engineering acquires Production Solutions to enter oil and gas sector in Australia and South East Asia

Oil gas drilling
GR Engineering has signed a USD 5.75m deal to acquire Production Solutions to mark its presence in oil and gas sector across Australia and South East Asia

GR Engineering has signed a USD 5.75m deal with Oceaneering to acquire Production Solutions, an oil and gas services company based in Melbourne. The acquisition will enable GR Engineering, a service provider to resources and mineral processing industry, to mark its presence in the oil and gas sector across Australia and South East Asia.

 

Geoff Jones, managing director of GR Engineering, said: “Production Solutions represents a well considered and logical opportunity for GR Engineering by providing a strategic entry into the oil and gas services sector via a proven business with a strong management team capable of taking advantage of numerous growth opportunities.”

 

Production Solutions’ service portfolio comprises operations & maintenance and well management. The company will continue to operate as an independent oil and gas services business unit of GR Engineering post acquisition.

 

Joe Corvetti, general manager at Productions Solutions, said: “As an independent business unit of GR Engineering, Production Solutions will still be able to provide its clients the same high quality service, while realising the benefits of being part of a strong group with close Board and senior management interaction and support. We see numerous opportunities for Production Solutions to secure more work and to build upon our strong pipeline with GR Engineering’s support.”

 

Global oil and gas services company Oceaneering acquired Production Solutions as part of its acquisition of AGR Field Operations in 2011. The acquisition offered Oceaneering an access to AGR’s subsea technology including an ROV-deployed deepwater ultrasonic piping inspection tool. Oceaneering’s Magnum 169 recently set a new ROV ultra deepwater drill support depth record offshore India while working at 10,385 feet water depth.

 

 

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