Johnston Carmichael’s Corporate Finance team recently acted as lead advisor to the shareholder of Oceanscan Holdings Limited (“Oceanscan”) on its disposal to Venterra Group Plc (“Venterra”).

Oceanscan is a group of companies that provides subsea and non-destructive test equipment, geotechnical services, specialist personnel and equipment calibration services to the offshore energy market. 

Founded in 1989 and headquartered in Aberdeen, Oceanscan has developed into a prominent and significant business in its core sectors with its UK trading subsidiaries comprising:

• Oceanscan Limited – rental of hydrographic survey and ROV sensors and non-destructive test equipment, related calibration services and supply of highly skilled personnel to Tier 1 offshore wind and subsea contractors.
• Hydrographic Personnel Resources (UK) Limited – provision of specialist personnel for offshore renewable energy and subsea projects with a focus on supporting construction and inspection campaigns.
• Geoforce Technical Services Limited - cone penetration testing services for measuring in-situ soil conditions for offshore windfarm developments.
• Sercal Non Destructive Test Equipment Limited - UKAS accredited calibration business providing repair, sales and calibration services to the rail and power generation industries.

The group’s operational footprint has also expanded internationally to incorporate subsidiaries in Houston and more recently in Singapore.

Johnston Carmichael were engaged by the shareholder of Oceanscan to provide corporate finance and transaction tax advice together with providing ongoing project management support throughout the disposal process.

Venterra is backed by First Reserve, General Atlantic and a banking club led by HSBC and was formed as a platform to create a global services provider supporting the offshore wind industry’s rapid expansion and take a leading role in the Energy Transition.

The purchase of Oceanscan follows a series of previous acquisitions and is highly complementary to Venterra’s wider service offering particularly in respect of its Geoscience and Survey teams. The addition of Oceanscan will establish Venterra’s position as a provider of one of the most comprehensive survey offerings in the market led by cutting edge subsea equipment and offshore sensing technology solutions.

Graham Alexander, Partner and Head of Corporate Finance at Johnston Carmichael, said: “We are delighted to have supported Ken Hunter and Oceanscan in what marks a significant milestone and testament to 35 years of innovation and development. In Venterra, we believe the group has an ideal partner for providing access to new markets, accelerating growth and making a significant contribution to delivering the Energy Transition.”