Lime Rock Partners Announces Realization of Investment in PSL Energy Services8/6/2007
ABERDEEN, Scotland, August 6, 2007 — Lime Rock Partners, a private equity firm focusing on the global energy industry, today announces the full realization of its investment in PSL Energy Services, a leading provider of innovative solutions for wells, process, and pipeline services to the global oil and gas industry. On July 31, 2007, Halliburton (NYSE: HAL), the global provider of products and services to the energy industry, completed its acquisition of all outstanding shares in PSL in an all-cash transaction.
In May 2003, Lime Rock Partners and a management team led by Doug Duguid teamed up to acquire the Aberdeen-based Progenitive Services Limited, then in receivership, and form PSL Energy Services. Over the next four years, PSL grew revenue and EBITDA by over three times by capturing opportunities in its core North Sea market and aggressively expanding operations in the Caspian, Middle Eastern, North African, U.S., and Asian-Pacific markets. Lime Rock Partners made two follow-on investments in PSL and sourced a key acquisition for the company. PSL is now a leading provider of process, pipeline, and well intervention services, including flange management and bolting, leak testing, pre-commissioning services, hydrotesting, hydraulic workover, coiled tubing, slickline, and pumping services. It has over 1,100 employees.
The realization of Lime Rock Partners investment in PSL is the firm’s second recent full realization of a European energy service company investment. On June 21, 2007, Lime Rock Partners fully exited its investment in Reservoir Exploration Technology, a Norway-based marine geophysical company specializing in multi component seabed seismic acquisition services. Lime Rock Partners was one of the two initial investors in RxT at the company’s formation in April 2004.
Lawrence Ross, Managing Director of Lime Rock Partners, noted, “It has been a great privilege to be an investor in PSL. Not only have Lime Rock Partners’ investors benefited from one of our most successful investments to date, but the Lime Rock team has also learned an immeasurable amount about how to powerfully manage and truly internationalize an energy service business from Doug, Derek Grant, Phil Bentley, Michael Buchan, and dozens of others on the PSL team. We appreciate all the hard work.”
Doug Duguid, Managing Director of PSL Energy Services, added, “Lime Rock Partners was a true investment partner to us at PSL. It brought not just capital but also the relationships and financial and operating expertise of its team here in Aberdeen and worldwide. As we at PSL embark on our new phase of growth, benefiting from being part of Halliburton and contributing our capabilities in turn, we look on our beginning period with pride and thank Lime Rock for its partnership.”
Established in 1998, Lime Rock manages $2.1 billion of private capital for investment in the energy industry through Lime Rock Partners, investors of growth capital in energy companies worldwide, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. With $1.6 billion under management, Lime Rock Partners is a creative, value-adding, and long-term investor of growth capital in exploration and production, energy service, and oil service technology companies worldwide. From locations in Aberdeen, Scotland; Houston, Texas; and Westport, Connecticut, the Lime Rock Partners team brings together a global network of relationships, deep interdisciplinary expertise in finance and energy company operations, and a strong track record of value creation.Back to News