pX Group, the Stockton-on-Tees-based provider of energy and industrial solutions, has acquired a majority stake in Aberdeen-based NRG Well Management, a provider of well management services to the oil & gas industry.
px Group said Wednesday that the acquisition would provide it with unique access to the capabilities and experience of the wider Aberdeen based NRG Group, now in its 25th year of operation, aligning to px’s growth ambition and plans.
"With a broad range of well and asset lifecycle expertise totaling over 900 years now at px’s disposal, the acquisition will bolster px’s service offering to new and existing clients," px said:
Commenting on the acquisition, Geoff Holmes, Chief Executive Officer at px Group, said: “NRG Well Management brings industry-leading expertise to px Group, extending our capability to the full upstream asset lifecycle. On a personal note, I am delighted to build an even stronger working relationship with the Mackay family.”
“NRG is not only sizeable and reputable, but the company has significant potential for growth with its wide range of operator clients across the North Sea. It is known worldwide for quality and consistency in delivery, which is something we at px Group pride ourselves on.”
Daniel Mackay, Managing Director of NRG Well Management, says: “We are delighted to be joining the px Group, adding to px’s expertise across the asset lifecycle and are very much looking forward to the growth opportunities this brings.”
pX Group, which operates the St. Fergus Gas Terminal and associated subsea pipelines, near Aberdeen, did not share the financial details of the NRG Well Management acquisition.
This is not the first acquisition in Aberdeen for px. The company in November 2019 acquired a majority stake – also for an undisclosed sum – in Camm-Pro Limited, an Aberdeen based company that specializes in project management for the oil and gas sector.
Established in 2016, Camm-Pro specializes in structuring and delivering development, engineering, construction management, and assurance services to independent oil and gas exploration companies and mid-sized operators in the sector.