Herkules boost for Petroleum Technology Company

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Oil services firm Petroleum Technology Company (PTC), which has an operating base in Aberdeen, has been sold to a Norwegian private equity group.

Herkules, one of Norway’s largest private equity firms, said it had signed an agreement to acquire a majority of the shares in the gas lift and wellhead firm and plans to significantly grow the company. It will work with the current owners of PTC several of whom are members of the management team.

It did not says how much it was paying for the shares but Herkules will inject almost £14 million into the firm as growth capital.

Erling Kleppa, co-founder and chairman of PTC, pictured right, said: “PTC is experiencing strong and increasing global demand. This agreement will position the company well to supply current and future customers with the best possible service while providing a solid platform for growth.”

The news comes ahead of a reception in Westminster on Wednesday, when ministers and MPs will be warned that failure to support subsea technology and skills programmes could impact on UK oil production levels and export revenues.

Trade body Subsea UK will unveil its manifesto which spells out the need for
greater collaboration between industry, government and academia and significant public and private investment in skills and technology research and development.