Private equity firm invests in Norwich-based offshore engineering company
A deal with US firm EV Private Equity means that offshore engineering firm Aquaterra is set to receive between £7.7m and £30.8m to expand its services and explore new technologies. The investment in the Norwich-based energy company is the first deal agreed as part of EV’s pledge to invest in fast-growing and technologically advanced North Sea businesses.
Aquaterra recently designed, fabricated and installed a new Sea Swift platform for PICO Petroleum Integrated Services in the Gulf of Suez, and its WellStart service, which gives economic and technical advice to companies in the early stages of well construction is also attracting interest from industry specialists.
The company has its headquarters on Alkmaar Way near Norwich Airport, and reported a turnover of £22.8m in 2015.