Cosalt acquires GTC

Cosalt has announced it is buying Aberdeen-based marine services business GTC for a total price of up to £30m


Cosalt Intrenational has announced it is buying Aberdeen-based marine services business GTC for a total price of up to £30m.



GTC specialises in the supply, repair and management of lifting equipment for the oil and gas industry to the majority of oil companies with operations in the North Sea. Cosalt has branches throughout the UK and provides marine and industrial safety equipment and clothing.



In a statement, Cosalt said that to finance the acquisition it would raise £25.5m by placing an open offer. GTC’s vendors are to take £7m of the sales price in new Cosalt shares.



Cosalt said the acquisition would significantly enhance its core Marine Safety business in line with strategy and would compliment its existing testing and inspection services for lifting equipment. It would also offer an opportunity to extend its reach into large operators in offshore oil and gas markets in the North Sea from its existing service stations and through expansion in Norway, Denmark and Netherlands



John Kelly, Chairman of Cosalt, said: ‘The acquisition of GTC represents a step-change in the group’s development. It is an excellent addition to the group and will significantly enhance our core Marine Safety business, one of our principal strategic objectives. GTC meets all of our acquisition criteria and expands our service offering in the sizeable North Sea offshore oil and gas market in the UK, where we already have an extensive network of servicing stations.’