Global Energy Group Expands Into Australia
Leading energy sector service company the Global Energy Group (GEG) is pleased to announce its first foray into the Australian market with the acquisition of Global Resources Network – GRN Australasia Pty. Ltd.
The deal satisfies a growing demand among its customers for company representation in Australia, where its head office will be established in Perth. GEG had been looking for a successful platform company to maximize on the opportunities available in Australia. GRN fitted the profile of what they were searching for on many levels.
The acquisition is mutually beneficial in that GRN, highly respected and successful in its own right, whose turnover has grown from $0 to $50 million in five years, will retain its local management team and 30% ownership. GRN counts as its ongoing clients some of the largest offshore drilling, construction, maritime, production and repair and maintenance contractors in the world. The additional balance sheet strength plus expanded services provided by GEG are seen as a major fillip to its operations.
A wholly-Scottish owned company, GEG specialises in the construction, enhancement and maintenance of energy industry assets and also provides resource management and vendor inspection services.
With four operating divisions (Fabrication, Marine & Offshore, Infrastructure and Services), GEG employs over 4,000 people worldwide and has annual revenues of over $500 Million.
GEG also operates in Houston, Norway, Dubai, Brazil, India, Ghana, Egypt and Abu Dhabi and has joint ventures in Croatia, Cameroon, Namibia and Angola.
GEG has been named Scotland’s fastest growing company in the past three years and the UK’s fastest international growth for the same period. It is strongly focused on its heritage as a family-owned enterprise and strives to maintain a personal touch. In each of the countries is has representative offices, the culture of the region is very much respected and worked into its day-to-day operations. GEG sees huge potential in the Australian market and regards the provision of resource management as the hub of its future growth.
Director Mr Iain MacGregor said, “Global Energy Group has reinforced its resilience by growing sales and earnings in past financial years, in the face of the most challenging economic conditions in recent history. Although international economic conditions remain challenging, our continuing development including our acquisition in Australia gives us every reason to look to the future with considerable confidence.”
Mr MacGregor said the group’s strategy of spreading its portfolio across five core energy markets was a crucial factor in delivering positive results. The flexibility to move between markets also enabled GEG to maintain its capability and talented workforce.
Rick de Franck from GRN concurs with Mr MacGregor on the combined strength of the two companies.
“We can now fully broaden our horizons and offer a fuller range of services to our clients. We are able to do this without compromising our quality of service or our integrity. It is a win-win situation and it makes our future unlimited. We have been approached by a number of potential companies over the last 18 months but regard GEG as an exciting partner moving forward,” said de Franck.
GRN will be rebranded to Global Resources to tie in with GEG’s international resource management business.