Today (3 August 2018), Stavanger based Ridge AS (“Ridge”) announced it has partnered with Three60 Energy (“Three60”), a fast-developing energy services group backed by Simmons Private Equity (“SPE”), an energy focused private equity fund. This investment marks the addition of a third company into the Three60 Group.
Established in 2011, Ridge specialises in the provision of engineering and consultancy services in the subsurface, drilling & wells, subsea and facilities disciplines mainly in the Norwegian North Sea. The company has established a sound track record with its client base including around 20 major oilfield Operators, with projects delivered by a team of more than 90 specialist engineers. The business completed the acquisition of Ocean Maxwell in December 2017, adding engineers with subsea, subsurface and facilities capabilities and enabling Ridge to provide a wider spectrum of services to clients in Norway, Denmark, UK and Singapore.
The acquisition of Ridge represents the third constituent company of the Three60 Group following the investments in LEAP Energy and Step Change Engineering. LEAP Energy is headquartered in Kuala Lumpur, providing subsurface technical consulting and software development services. Step Change Engineering is based in Aberdeen and provides design engineering and project management services focused on both onshore and offshore facilities in the UK.
The headquarters of Ridge will remain in Norway and the existing management team of Ridge will continue to lead business operations, with key personnel to be recruited in Three60’s UK and Southeast Asia locations to supplement and expand the Ridge offering internationally.
Ridge will also benefit from the support of the Three60 leadership team.
Gerwyn Williams, Group CEO said, “The acquisition of Ridge represents a key service addition to the Three60 Group as we continue to build a global portfolio of excellent companies who together will provide Operators with a complete suite of technical services across the whole asset life cycle. We know that customers of LEAP Energy, Step Change Engineering and Ridge want them to offer a wider capability with the same technical excellence and service ethic they currently provide.”
Walter Thain, CEO North Sea Business said, “This addition to our overall service capability is extremely timely as we look to consolidate our integrated offering with capability in subsurface, drilling and facilities in conjunction with geographic expansion. We believe we can grow this business through adding capability including well engineering and production optimization services, continuing and accelerating the growth trajectory in Norway, and exporting the subject matter experts’ capabilities overseas.”
Jarle Veshovde, Managing Director of Ridge, said: “We are delighted to join the Three60 Group and look forward to leveraging our combined international footprint and exporting our services overseas. The wider integrated offering, with Step Change Engineering and LEAP Energy, will enable us to provide an enhanced service in field development, well management and production optimisation for our customers.”
About Three60 Energy
Three60 Energy is a fast-developing energy services Group whose aim is to deliver a more complete solution for owners, developers and operators of energy assets. Its strategy is to build a portfolio of oilfield services operating across the entire asset life cycle within the oil and gas industry both onshore and offshoreThree60 Energy has already acquired capability in Reservoir Engineering (Leap Energy based in Kuala Lumpur, Malaysia), Brownfield Engineering (Step Change Engineering based in Aberdeen, UK) and is in active discussions with a number of other companies interested in participating in the Group.
About Step Change Engineering
Step Change Engineering provides design, engineering and project management services in relation to brownfield projects and the repair and minor modification of topside Oil and Gas facilities in the UKCS. It currently has a team of approximately 50 experts based in Aberdeen, covering all engineering and project management disciplines in the sector. The company has been recognized extensively for its achievements, winning the ‘Business Success Under Three Years’ at the last Elevator awards, as well as being named as a finalist for the ‘Great Company Award - SME’ in the upcoming 2018 Offshore Achievement Awards.
About LEAP Energy
LEAP Energy was founded in 2008, with operated offices in Malaysia and Australia. The core activity is to provide subsurface technical consulting and software development services globally to Independent Oil Companies, National Oil Companies and Government bodies. Through a team of 100 technical staff, the company offers expertise in difficult hydrocarbon recovery, fractured reservoirs, mature field production optimization, enhanced oil recovery and unconventional resources such as coal bed methane. Besides a core competence in reservoir studies, LEAP Energy is also very active with Advisory Services, supporting M&A activities, asset and corporate valuation, and production optimisation and flow assurance. Since becoming the Three60 Energy founding company, the company has established a capability in operational geoscience, seismic project management and technical HSE, supporting both oil & gas and renewable projects.
About Simmons & Company
Simmons & Company are the Energy Specialists of US bank Piper Jaffray and have one of the largest and most experienced energy investment banking teams in the industry. The latest Simmons Private Equity fund II has raised approximately £130 million for investment in small to medium size companies who provide a differentiated offering to customers. To date, this fund has invested in Starn, specialising in services to support integrity services, the Seanamic Group specialising in subsea and marine related products, and the Pryme Group who specialise in component and outsourced manufacturing services.