Techmar Services has acquired a majority stake in Singapore-based offshore oil and gas technical services provider Global 1 IRM, reports Splash 247.
The transaction is expected to close at the end of this month.
Need for technical service
Techmar Services was established by Pankaj Khanna, the former CEO of OceanRig UDW and sole shareholder of Heidmar.
Khanna commented: “The recovery in oil and gas prices is fueling strength in oil and gas demand and there is need for technical services in the offshore sector to maintain and increase production to fulfil this need. As with many industries today getting good and experienced people is critical. We intend to be part of the cycle of growth and Ryan Moore with his team provide us a strong platform to grow our technical services not just to oil and gas but more broadly.”
Ryan Moore, CEO Global 1 IRM, added: “I am delighted that Techmar has acquired a majority stake in Global 1 IRM, this was a fantastic opportunity for G1 to join a world-class organization with both an experienced leadership team that has global exposure, and have 100% commitment to meeting their customer requirements.”
Global 1 IRM, also known as G1, delivers brownfield installation upgrade and refurbishment projects, decommissioning of offshore installations, as well as inspection services.
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Source: Splash 247
