Odfjell Technology, a subsidiary of Odfjell Drilling renowned for its expertise in offshore operations, well-service technology, and engineering solutions, has recently finalized the acquisition of McGarian TDC, a consultancy, design, and development services firm based in Aberdeen.
The acquisition is anticipated to substantially strengthen Odfjell Technology’s Well Services business area by diversifying its product line offering and bolstering its capabilities in the slot recovery and plug and abandonment sectors within the energy industry.
The transaction entails a base consideration of £3 million, with additional earn-outs contingent upon achieving specific commercial success and product development targets over the three years following the closure of the deal.
Established in 2005, McGarian TDC has been focused on providing support to the oil and gas sector while concentrating on the development of proprietary intellectual property and products. Notably, the company has amassed a portfolio of patents and patent applications related to whipstock product lines and survey tools, with their technology finding applications in various operations such as casing milling, packer milling, abandonments, rigless abandonments, fishing, remedial, and drilling.
It has been a productive period for Odfjell Technology, having recently secured a contract valued at approximately $14.8 million to provide tubular running services for COSL Drilling Europe over a three-year term, with the potential for two additional one-year extensions. In addition, Odfjell Technology has entered into a four-year contract with Equinor for drilling services on four fixed platforms on the Norwegian Continental Shelf, commencing in October.
The strategic acquisitions and contract wins demonstrate Odfjell Technology’s commitment to expanding its service offerings and reinforcing its position in the oil and gas industry. The company’s dedication to innovation and high-quality service delivery has positioned it as a trusted partner for industry leaders.
As Odfjell Technology continues to enhance its capabilities and expand its operations, the company remains well-positioned to contribute to the advancement and efficiency of oil and gas projects worldwide. This acquisition marks another significant step in the company’s growth trajectory and underscores its commitment to delivering comprehensive and reliable solutions to its clients.