Cosalt to boost North Sea business with £30m GTC deal
Thursday, September 13, 2007
Industrial services and leisure group, Cosalt today unveiled plans to buy GTC, a marine services business specialising in the supply, repair and management of lifting equipment for the oil & gas sector, in a £30 million deal.
Cosalt said it would part-fund the deal through a share placing to raise £25.5 million. It noted that a deal would significantly enhance its own Marine Safety business and would be complementary to its existing testing and inspection services for lifting equipment.
John Kelly, chairman of Cosalt, said: “The acquisition of GTC represents a step-change in the group's development. GTC meets all of our acquisition criteria and expands our service offering in the sizeable North Sea offshore oil & gas market in the UK, where we already have an extensive network of servicing stations.”
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