Halcyon Offshore Broadens Service Offering Through Acquisition
Halcyon Offshore, a Singapore-headquartered integrated engineering and construction services provider for the offshore oil and gas industry, has announced that it has acquired the entire issued and paid-up capital of Vantage Engineering (Vantage).
Vantage is a Singapore-based specialist service provider of mobilisation and demobilisation of offshore assets, specifically vessel-mounted structures and equipment. An established player in its niche sector, Vantage has built a reputation for responsive and reliable service with a strong commitment to safety – a perfect fit to Halcyon Offshore’s values.
The acquisition was completed in May 2010 and Vantage is expected to add S$6 million in net sales to Halcyon Offshore for the pro-forma financial year ending 31 December (‘FY’) 2010. Halcyon Offshore achieved group revenues of S$94.3 million in FY 2009.
Mr Robert Meyer, CEO of Halcyon Offshore’s ultimate holding company, Halcyon Investment Corporation, said: “Having worked with Vantage for several years on a sub-contractor basis, we are confident of the outstanding quality of Vantage’s service offerings. Vantage will be a valuable addition to the mobilisation and demobilisation side of our business, further enhancing our overall value proposition vis-à-vis our clients.”
“We also welcome Mr Kelvin Tan, who founded Vantage and brings with him 19 years of in-depth knowledge and experience in the offshore services sector, to our management team. We are convinced that Mr Tan will be a positive addition to Halcyon Offshore’s management team, and that Halcyon Offshore is now in an even better position to take advantage of the many opportunities in the buoyant offshore industry,” Mr Meyer concluded.
The acquisition of Vantage Engineering is in line with Halcyon Offshore’s business strategy of acquiring successful SMEs and integrating them into the context of a globally competitive organisation. “The offshore oil and gas industry in Singapore is undergoing a structural change,” commented Mr Meyer. “Operational scale and scope, world-class safety systems, professional facilities and financial strength are critical success factors that are finding increasing consideration by tendering oil companies and their front-line contractors such as drilling and production companies. Halcyon Offshore builds on our solid corporate platform and strengthens our value proposition with each successful integration, enabling us to offer customers superior value to secure a winning bid.”