Arnlea Systems (Arnlea), the leading asset management provider in the North Sea, has received a £5.5 million investment package from a combination of NVM Private Equity and management as part of a buy-out. The investment will provide the firm with capital to fund product development and international expansion.
Arnlea targets the global upstream oil and gas industry, helping operators, offshore floating systems and drilling companies to optimise their inspection and repair processes, ensure compliance with industry regulations, and manage asset integrity during the entire lifecycle. The deal included NexusAB, Arnlea’s partner company, which provides integrated quality assurance and technical inspection technology.
Managing Direcror Mr Merritt said: “The NVM investment is a great opportunity for Arnlea; our business is now perfectly poised, as the demand for our inspection and tracking solutions grows rapidly.
“We already maintain a market-leading position with established and new products being delivered to the oil and gas sector, however we have created a three year business plan, aiming to triple our turnover to £15 million by 2017. To help support this demand we also look to double our head count to 60 staff.”
Oil and gas industry sees growth in asset integrity post Macondo
The product demand for Arnlea is driven by growth in asset integrity, health, safety and environmental concerns; and a tightening of compliance and regulation post the Macondo oil spill. BP is currently among Arnlea’s extensive blue-chip customer base, along with Total, Shell, Nexen, Chevron, ConocoPhillips, Talisman and Subsea7.
Adapted from press release by Cecilia Rehn
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11062014/investment_package_for_north_sea_asset_management_provider/