3rd Momentum Acquires Majority Shareholding In Rig Surveys Group
Aberdeen-headquartered 3rd Momentum has increased its shareholding in global inspection, repair and maintenance business, Rig Surveys Group, to a level where it now has a controlling interest in all business activity.
Rig Surveys Group, which comprises Rig Surveys, Evolution Ropes and Evolution Hose, was formed in 2019 as a joint venture between 3rd Momentum and service and contracting company Global Energy Group (GEG), with Global holding the majority of shares at that time; Rig Surveys, Evolution Ropes and Evolution Hose having been established in 2012.
The agreement saw both businesses combine their inspection, rope access, wire rope and hydraulic hose businesses to create a global services group targeting the offshore and onshore oil and gas industry.
A change to the group structure has resulted in 3rd Momentum now taking control of the business’ operations.
3rd Momentum director, Russell Ritchie said: “Having the majority stake in Rig Surveys Group enables us to really focus on the oil and gas offshore drilling industry, providing a clear specialist service offering to our customers.
“There is no doubt our industry has experienced a number of challenges in recent years including climate change pressures, the drop in oil price and the COVID-19 pandemic, but we have also seen the drilling industry find ways to make its service offering greener and more cost effective, while creating more value.
“We have been safely delivering offshore inspection, repair and maintenance equipment, products and services to our global customer base for more than 25 years and look forward to continuing to help our clients’ meet their legislative requirements, while maintaining safe and reliable operations and addressing the energy balance.”
Mr Ritchie also founded offshore rope access and wire rope sales business REEL Group in 1995, selling to business to GEG in 2008.
Mr Ritchie continued: “It’s been hard watching so many specialist oil services companies transition into other areas and markets, which will undoubtedly dilute the service capability and competence of our industry, rather than supporting and finding new ways to improve and benefit the environment within the Oil & Gas drilling sector.
“However, despite the core challenges that the industry has faced, significant opportunities lie ahead still, and through our three businesses we will continue to deliver high quality offshore services and products to our global customer base.
“With an emphasis on the safety of our people and our customers’ people, we will keep building on a culture that brings passion, strength and care to everything it does.
We are focused on expanding our team and recently welcomed five new trainees to the business to help to close the current skills gap, while reaffirming our continuing strategy of servicing offshore drilling rigs during this exciting period of growth.”
With bases in UK, USA and Norway, Rig Surveys Group employs 50 people across the business and has a turnover of £8 million.