17th Jun 2019

Global Energy Group continue to build momentum - Consolidation and diversification is key

As the Offshore Drilling market shows signs of recovery; consolidation of key service providers is important to continue to build the momentum and service value with greater cost effectiveness in the offshore market place.

Global Energy Group have secured a deal with 3rd Momentum that will combine their Inspection, Wire Rope and Hydraulic Hose businesses, to create a best in class services group, focussed on Global expansion and market leading services, enhancing their capabilities and strength in the market. A natural step for both businesses, who share a passion for supporting their client’s assets & infrastructure through the provision of bespoke, innovative solutions.

The newly formed combined venture “Rig Surveys Group Limited” will be jointly owned by Global Energy (Holdings) Ltd and 3rd Momentum Ltd.

Rig Surveys Group will consolidate and comprise of the following three main business units; Rig Surveys, Evolution Ropes and Evolution Hose. This will be combined with Global Energy’s Inspection and Wire ropes division, Reel forming the strongest Offshore Drilling Inspection Services Company in the North Sea as well enhancing their international operations.

With a combined turnover in excess of £ 12 million and workforce of nearly 100, Rig Surveys Group will have a positive impact on the market place with an unrivalled history of quality and customer satisfaction.

The combined group will be headed by Russell Ritchie whom previously sold Reel Group to Global Energy over 10 years ago, but a strong firm business relationship has always remained between Roy MacGregor, Global Energy Group, Chairman and Russell.

Russell commented, “Both businesses are aligned, they are people focused both in terms of our staff and our clients and the fit is perfect, the confidence, trust and enthusiasm we have for the market is shared”. Roy MacGregor commented ““ The combination of these businesses together with the expertise that it’s people bring will provide our clients with the smart solutions and added value they require. Momentum’s passion for great service and customer focus is a great fit for the Global Energy Group culture and I look forward to what the future holds for the new business”.