Jack-up rig, North Sea. Credit: Lloyd’s Register Group Services Limited.

Lloyd’s Register (LR) has signed a definitive agreement to sell its energy business unit to London-based investment firm Inspirit Capital.

LR said that the agreement follows a ‘comprehensive review’ of the company’s business portfolio and strategic direction.

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The company added that the deal is expected to create a new engineering and technical consultancy that provides risk management, as well as project management expertise across complex industrial assets.

LR CEO Alastair Marsh said: “As part of an ongoing strategic review of our business, we reached the decision that this transaction is the best option to realise the long-term growth potential of our energy business.

“The LR Group remains committed to the energy sector, continuing to support our clients through our offshore compliance, digital products and inspection services businesses in collaboration with our former LR Energy colleagues where appropriate.”

Expected to be closed before this month-end, the transaction is not subject to any formal regulatory or other approvals.

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LR energy director David Clark said: “This is an exciting new chapter for us, which supports our mission to help clients tackle complexity head-on. This announcement provides us with a partner to build on our existing track record and unlock our growth potential as a standalone business, offering our full suite of technical, regulatory and operational expertise.

“The increasing complexity we are seeing with the transition and restructuring of the energy markets and the impact of digital transformation across our global energy, complex industrial and transport customers, means our solutions are more relevant than ever.”

Lloyd’s Register is a global professional services company, providing engineering and technology solutions.