We first invested in the oil services sector in 1974. The companies we have supported have shown strong organic and inorganic growth and have either achieved a successful flotation or have been sold to a market leader:
Vetco Gray, which was sold to GE in December 2006, and Vetco Aibel (now Aibel), was sold to a Norwegian Private Equity fund in June 2007 extended on the success of the original buyout of Vetco International from ABB the Swiss-Swedish giant in 2004. Vetco became a world-class oil services brand, known for product quality and its technical expertise. The sale of Vetco Gray and the spin out and eventual sale of, Aibel, marks a very successful point for both divisions of the company. See the full Vetco success story.
Dockwise is the leading player in the heavy lift offshore transportation market. We acquired the business in December 2006 when management agreed that a partner with a local presence and strong international reach within the sector was the right choice. Since we invested, the business has made two strategic acquisitions and merged with Norwegian heavy marine transport specialist Sealift to create a $2bn company which is listed on the Oslo Stock exchange main market.
Petrofac was seeking transformational growth. When we invested in 2002, it was a well-managed engineering, procurement and construction business but had ambitions to become an integrated facilities solutions provider. During our investment we introduced new members to the management team and helped Petrofac make strategic acquisitions. By the time the company went public in 2005, it had achieved its ambitious evolution and developed a presence in 18 countries.
