SOURCE: Lloyd's Register

Lloyd's Register

September 03, 2013 08:29 ET

From Reservoir to Refinery and Beyond: Lloyd's Register Announces Largest Ever Investment in Senergy to Create Unique Service for Energy Sector

ABERDEEN, SCOTLAND--(Marketwired - Sep 3, 2013) -  Lloyd's Register (LR), the leading global provider of independent assurance and expert advice, today (Tuesday 3 September) announces a significant investment in global services company Senergy to create an industry-leading offering -- from the reservoir to refinery and beyond.

The deal will see LR and Senergy provide a unique and comprehensive portfolio of services to the upstream sectors of exploration, production and transportation through to refinery and beyond.

The combined business will also provide life of field services from inception to decommissioning and offer unparalleled opportunities for technical and consulting staff to work with leaders in the industry by providing cutting edge services to customers.

London-headquartered LR provides independent assurance and expert advice to companies operating high-risk, capital-intensive assets in the energy and transportation sectors. Helping clients to ensure the quality of construction and operation of critical infrastructure -- from ships and oil platforms to power plants and trains, it also provides business assurance services it helps companies manage their systems and risks across a wide range of sectors.

The company also provides a range of technical assurance and consulting services to the drilling industry through LR Energy - Drilling, created from the acquisitions of ModuSpec and West Engineering Services.

Formed in 2005, Senergy applies expertise and technology to assist the development and management of oil and gas fields and alternative energy projects. Its suite of core technical services centre on subsurface, well engineering and operations, site survey and geo-engineering, facilities development solutions and power engineering which are complemented by software and training products.

Headquartered in Aberdeen, Senergy has more than 650 employees and a further 100 associates, operating from offices in the UK, Norway, Middle East, Malaysia, Australia, USA and Indonesia. Its turnover in the last financial year was £121m, making the investment the largest the Lloyd's Register Group has made to date.

Senergy will continue to operate as an independent company for three years, by which time LR will have acquired the balance of its shares. However, Senergy will become a member of the Lloyd's Register Group and will work with LR to provide a broad service portfolio to the oil and gas and broader energy market. LR will have representation on the board of Senergy.

John Wishart, energy director at Lloyd's Register said: "The investment in Senergy further expands our range of technical assurance services to the oil and gas sector, building on the complementary capabilities we have built up through the acquisitions of West Engineering, ModuSpec, ODS, and Scandpower. The combined entity is now the industry's leading provider in supporting safe operations in the discovery of new energy resources."

Senergy group CEO James McCallum said: "Lloyd's Register provides the perfect fit for our business. We strongly support the group's mission to uphold the safety of life, property and the environment, and see a strong alignment in terms of objectives, culture, excellence and management style."

LR was advised by PwC Corporate Finance in relation to its investment. Trowers and Hamlins acted as legal advisors to LR. Senergy was supported by HBJ Gately and Ernst & Young Corporate Finance in the transaction.

About Lloyd's Register

The Lloyd's Register group is a global organisation with a mission to protect life and property and advance transportation and engineering education and research. We offer services to the marine, energy and rail industries, and management systems services across a wide range of sectors -- focused on improving safety, quality and performance.

Lloyd's Register Foundation, a charity, is the parent entity in the group. Our operating company, Lloyd's Register Group Limited (Lloyd's Register), is a professional services organisation which generates the profits that fund our public benefit activities.

Our reputation as an independent body -- with safety, integrity and high standards as its guiding principles -- has been built up over more than 250 years. Set up in 1760 to survey merchant ships, and 'classify' them according to their condition, in the 1900s we began to apply our expertise to other sectors. This heritage is an important part of our culture and forward-thinking approach to our business.

Lloyd's Register is a successful, profit-making business which relies on the skills, knowledge and experience of its employees -- professionals and experts in their fields.

For more information about Lloyd's Register, visit www.lr.org

About Senergy

Established in 2005, Senergy has a global talent pool of more than 700 people across a network of locations in the UK, Scandinavia, the Middle East, Australia, South East Asia and the Americas.

The company delivers fully integrated project and asset development services across the energy industry, and has rapidly emerged as a global leader in diversified energy services through organic growth and a series of acquisitions.

The company's services encompass geosciences, reservoir engineering, geohazard assessment, marine site surveys, rig positioning, wells engineering and operations, production optimisation, reserve and asset evaluation, facilities engineering, project management, power engineering and alternative energy solutions. Senergy also develops and supports innovative software technologies including Interactive Petrophysics™ and Oilfield Data Manager™.

For more information about Senergy, visit: www.senergyworld.com

Contact Information

  • For further information please contact:
    Mark Stokes
    Group communications director, corporate communications
    Lloyd's Register
    Group Services Limited
    +44 (0) 20 7423 1725
    E mark.stokes@lr.org