Offshore engineer Aquaterra nets seven-figure funding

Global offshore engineering firm Aquaterra Energy has secured multimillion-pound investment as it prepares for service growth and new technology launches.

Aquaterra said the investment from EV Private Equity would help fuel its growth. Picture: Contributed

The funding boost is coming from EV Private Equity in its first deal after it pledged last year to invest $200 million (£154m) in North Sea businesses with new technologies and high growth potential, with each to receive $10m to $40m.

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Aquaterra has operations in Aberdeen, Norwich and Cairo, and it provides riser systems, offshore structures and rental equipment to the global oil and gas industry.

Managing director George Morrison said the investment “will help us to fuel the growth of the business”, while Greg Herrera, senior partner at EV, added: “We believe this will be an excellent platform for both organic and acquisition-based growth opportunities.”

Aquaterra has also named Alan Wilson chairman, and Mark Boyd and Gavin Prise as non-executive directors.