Teesside energy business px has taken a majority stake in a Scottish company which specialises in project management for the oil and gas sector.
The undisclosed deal has seen px acquire a controlling interest in Aberdeen firm Camm-Pro Limited, which handles project management for the oil and gas sector.
Established in 2016, Camm-Pro specialises in structuring and delivering development, engineering, construction management and assurance services to independent oil and gas exploration companies and mid-sized operators in the sector.
px – which has its headquarters at Stockton - operates the St. Fergus Gas Terminal and associated subsea pipelines, near Aberdeen, as well as the Ineos Breagh Alpha platform and associated pipelines in the North Sea, the Teesside Gas Processing Plant and power stations on Teesside, Cumbria, Lincolnshire and Wales.
Last year it acquire Saltend Chemicals Park in Hull from BP and, through an energy trading division known as E24, manages energy buying and selling on behalf of clients, as well as services relating to industry ICT and administrative activities.
Geoff Holmes, CEO of px said, “We have achieved remarkable growth over the last few years across a number of industrial sectors.
“The investment in Camm-Pro is aligned to our strategy of strengthening our onshore and offshore capability and further demonstrates the business’ ambitious growth plans in this sector, through a lean and focused approach.”
Simon McBain, director with Camm-Pro, said: “Experience has shown that even when well defined and detailed, implementation of a project framework can, in practice, create conflict and deflect from delivery. We provide experienced independent management teams that develop and drive an execution strategy to its proper conclusion.
“We look forward to providing this expertise for px as it expands its reach into the oil and gas sector.”
px group, which was earlier this week named in the largest 50 companies in the North East, was established in 2002 and was acquired by private-equity fund Blue Water Energy in 2016.
In its most recent accounts, the company had turnover of £230m and more than 400 employees.
