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Investment in Nexus by Revita Consulting [ 02-12-2005]
NORWEGIAN company Revita Consulting has made a significant investment in supply chain assurance specialist Nexus Limited of Aberdeen, Scotland creating a strong international consulting group.
The deal paves the way to significant growth at Nexus, leading to the creation of 10 new posts and a 40% increase in turnover in the coming year. The expansion process has already started with the opening of an office in Stavanger.
Welcoming Revita’s decision, Nexus co-founder Trevor Butler said: "This is a positive move for the firm and provides a solid base from which to capitalise on current market conditions in our core assurance activities, and for us to continue to develop innovative solutions to the market place.
"Nexus will continue to operate as a discrete company. As a group, our combined capabilities will allow us to compete for work which bridges the well construction with other aspects of the operations."
Leading the investment, Francis Kiernan of Revita said: “The deal opens up significant opportunities for both companies to broaden their service provision both in the UK and internationally.
Revita is working in Scandinavia and mainland Europe, and has recently expanded into the UK market place. Nexus provides complementary services and strengthens Revita UK’s delivery capabilities significantly.
"Joining the group will allow Nexus to better pursue its international ambitions and the first step in that direction is to establish a Norwegian presence."
Kiernan added: "It also means that Revita is better positioned to provide the oil and gas industry with innovative solutions for improving the business performance of its properties. In particular, Nexus adds expertise in assurance and performance improvements for well operations.
"The combination of subsea technical knowledge and world class expertise in managing change gives the industry a ‘one stop’ supplier for performance reviews, audits and the implementation of sustainable business improvements."
Andrew Forsyth of chartered accountants Simpson Forsyth, which helped broker the investment said: "This was a challenging deal involving UK and Norwegian businesses; it was a complex process. However, the combined expertise of the two companies has synergy which should lead to significant growth."
Stuart Heslop, Aberdeen-based commercial banking director at the Royal Bank of Scotland said: "The commercial banking team in Aberdeen has worked closely with the parties to develop the total financing package. The investment will provide working capital to allow further rapid growth in buoyant market conditions.
"This is an example of our commitment to supporting the development of small and medium sized businesses. We are pleased to see that the deal already has resulted in new contracts and a recent expansion of the workforce."
Fast-growing Revita specialises in organisational development work, as well as innovative top-side and OPEX improvement projects.
The company has a track record of delivering sustainable business based performance improvement programs for the oil and gas industry and to other industries across Scandinavia, continental Europe and the UK.
Nexus Assurance is a market leader in the delivery of effective drilling and completion supply chain assurance, regulatory compliance and technical integrity services. Established in 1996, the company has provided management and technical consultancy to the international oil and gas industry, with a portfolio of blue-chip clients in the UK, Norway and the USA.
The company also specialises in the support of technically complex, HP/HT (high pressure/high temperature) and new technology-based well programmes. Well programmes supported by Nexus have shown significantly lower non-productive time ratios and equipment failure incidence than traditionally managed projects.
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