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Tekmar Group plc, a market-leading technology provider of subsea protection systems is pleased to announce that AgileTek Engineering Limited has completed the acquisition of Ryder Geotechnical Limited.
The acquisition is AgileTek’s first and brings sellers Fraser Gibson and Nigel Jeremy Martin into the award-winning subsea engineering consultancy, to run Ryder as a subsidiary business.
Ryder Geotechnical, founded by Fraser Gibson in 2016, provide expert geotechnical design and consulting services in the offshore wind and subsea oil and gas sectors.
Offshore geotechnical engineering is a specialist branch of civil engineering that involves the assessment of seabed properties and design of subsea infrastructure, with the overall aim to ensure stability for offshore assets. Geotechnical engineering is critical at the preliminary stage, and throughout the asset lifecycle, to ensure safe and functional design, consisting of activities such as foundation design, geohazard assessment, and subsea cable routing and burial assessment.
Adding geotechnical engineering capability will give Tekmar Group earlier exposure to projects and greatly increases visibility on opportunities in the market, whilst also providing the opportunity to increase overall Group revenues per project.
The new combination of Ryder Geotechnical services with AgileTek Engineering will deliver value to both company’s existing clients by enabling them to deliver combined scopes. The move also comes after Ryder and AgileTek worked together on several high-profile subsea cable projects, with global clients including Ørsted, Global Maritime and Seaway Offshore Cables.
The acquisition furthers the Group's strategy to acquire offshore energy businesses which have a clear technology focus, have complementary customer bases and can leverage Group support to accelerate growth.
There will be no change to day-to-day operations and Ryder Geotechnical Limited will continue to trade under its own name from its headquarters in Newcastle upon Tyne and remain as a separate legal entity. There will be no disruption for its customers and all current employees intend to remain with the business.
James Ritchie, Chief Executive Officer, Tekmar Group plc, said: “We are delighted to welcome Fraser, Nigel and the team to become part of the Tekmar Group family. The business brings a valuable skill set which will open new doors, as well as providing earlier access to projects and expanding revenue streams throughout the project lifecycle.”
“We expect Ryder to benefit from Tekmar Group's trusted name in the global energy market, opening up sales opportunities for the business. We continue to add value with regards to the protection of subsea assets and it is of strategic value to know as much as possible about seabed conditions for projects being executed across the Group.”
Steve Rossiter, Managing Director of AgileTek Engineering, added: "We are constantly looking at ways to add value and provide our customers with more integrated services and geotechnical engineering complements our existing services extremely well. In particular, we look to add Ryder’s geotechnical expertise to our existing ability to offer mechanical and electrical design of subsea power cables to reduce our client’s risk with these critical assets.”
Mr Rossiter added: “Fraser, Nigel and the team will be a great addition to the Group and I look forward to working with them to deliver on their ambitious growth plans.”
Fraser Gibson, Managing Director of Ryder Geotechnical, added: "The team at Ryder is hugely excited by this move and view it as the start of the next phase of our business journey. We look forward to working closely with Steve and the team to offer combined engineering scopes. With the backing of Tekmar Group plc’s global offices and support functions, we expect to make huge strides towards our goal of becoming a global leader in geotechnical design and consulting services."
London based AgileTek Engineering Limited is one of Tekmar Group plc’s four primary operating companies, in addition to Tekmar Energy Limited, Subsea Innovation Limited and now Ryder Geotechnical Limited.
Tekmar Group’s vision is to be the partner of choice for the supply and installation support of subsea protection equipment to the global offshore energy markets.
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