Firm business

Centurion Group acquires Aberdeen subsea equipment company

Aberdeen-based rental and service provider Centurion Group has acquired two new companies as part of its growth strategy.

It also bought Aberdeen-based Aleron – which designs and manufactures underwater equipment for sale and hire for the subsea energy, decommissioning, telecommunications and offshore wind markets – alongside Polar Septic Systems, a provider of rental and wastewater treatment solutions in Canada.

Centurion also increased and extended its revolving credit facility by approximately $70 million, bringing the group’s total committed facilities to approximately $300 million.

The increased funding should support Centurion as it continues to invest in organic growth and strategic acquisitions.

The group expects to benefit from the upcoming recovery in the oil services sector, decarbonization initiatives in the energy sector and growth in the mineral resources sector.

Centurion has already been funded by a syndicate of seven banks including: HSBC, Wells Fargo, ATB Financial, Royal Bank of Scotland, Clydesdale Bank, Iberia Bank and Amegy Bank.

As part of this facility extension, two new Canadian banks – RBC and TD Bank – have joined, while existing lenders RBS and Clydesdale Bank have both increased their commitments.

All existing banks have approved an extension from December 2022 to December 2024, giving Centurion additional flexibility for the next three years.

Chief Financial Officer Euan Leask said: “We are extremely pleased to have successfully extended our revolving credit facility with our existing banking group and to have attracted two new banks.

“The latest facility expansion further strengthens the group’s available facilities and is a vote of confidence in Centurion’s business and strategy, giving us over $150 million in firepower, putting us in a strong position to capitalize on growth opportunities as our markets and customers continue to improve.”

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