OCB Oilfield Services, an arm of Abu Dhabi-based investment firm Gulf Capital, has acquired a 100 percent in the offshore construction and maintenance services firm Kuiper International, which has a stronghold in Asia Pacific (APAC) region and Australia
The Kuiper deal almost doubles the size of OCB Oilfield Services and extends both its geographical coverage as well as its service offerings to its client base. According to the company, the investment demonstrates Gulf Capital’s ability to work with regional businesses and to grow them internationally, either organically or via acquisitions.
Karim El Solh, CEO of Gulf Capital, said, “This deal represents another milestone for Gulf Capital and OCB Oilfield Services. This latest bolt-on acquisition cements our track record in partnering with great management teams and building global platforms.”
OCB, which was launched in 1999, delivers end-to-end crew management solutions to the oil and gas industry, enabling vessel owners and operators to focus on their core operation. The company’s projects cover expansive and diverse geographies with a strong concentration in the Middle East, South East Asia and the Indian subcontinent.
Kuiper International was established in 2010 and is headquartered in Singapore. It is a provider of personnel and technical support services to offshore oil and gas construction and maintenance sectors, including the provision of short-term and long-term blue-collar and white-collar employees, payroll services and logistics coordination.
Richard Dallas, managing director of Private Equity at Gulf Capital, added, “With this single transaction, OCB not only gains entry into new geographies, but also extends its services to new sub-sectors such as production and construction. Kuiper also enjoys strong relationships with blue-chip clients in the offshore construction segment, with minimal overlap to OCB’s existing client database. In a nutshell, this acquisition accelerates results that would have taken OCB many years to achieve organically.”
George Gourlay, CEO of OCB, noted that the Kuiper acquisition was key to both the company’s growth and diversification strategies.
“The Kuiper business model of providing complete crews to the construction sector of the oil and gas industry moulds well with that of OCB’s ‘Total Management Basis’, which is provided to drilling contractors in oil and gas.”
Gulf Capital and OCB Oilfield Services were advised by Ernst & Young and Gibson, Dunn & Crutcher.