Lloyd's Register acquires ModuSpec and makes a significant move
into the drilling sector
Lloyd's Register has made a significant move into the drilling
sector by acquiring ModuSpec, the leading supplier of rig
inspection and risk management services to the drilling industry.
The signing took place on January 18, 2008 in Amsterdam, between
Lloyd's Register CEO, Richard Sadler, and ModuSpec Managing
Director/CEO, Leo Nagtegaal.
"The acquisition of ModuSpec underlines our strategy to position
Lloyd's Register as the leading provider of compliance, integrity
and specialised consultancy services to clients throughout all
sectors of the oil and gas industry, satisfying increasing demands
for safe and sustainable operations. It is an exciting time of
opportunity for both organisations' employees", says Iain Light,
Lloyd's Register Oil & Gas Director.
ModuSpec is an independent company that has been providing
high-quality rig inspection, risk management and training services
since 1986. The move adds 250 experienced employees over eight
offices worldwide to Lloyd's Register's Oil & Gas business.
With operations in the Netherlands, Singapore, Australia, UK,
Canada, USA and Brazil, ModuSpec has a global capability, providing
services to a wide range of international customers. Drilling rig
inspections and related services account for a large share of
ModuSpec's overall activities.
Iain Light continues: "The brand of ModuSpec is highly respected
in the industry and is second to none in terms of providing key
customers with assurance that their drilling assets, when deployed,
will perform and meet the demands of project schedules and safety
requirements."
Richard Sadler said of the acquisition: "ModuSpec is an ideal
addition to the Lloyd's Register Group. We both share the same
vision that life matters and are committed to enhancing the safety
of life and property in the industries we serve".
Leo Nagtegaal said: "My goal has been to ensure that ModuSpec
could continue to grow and prosper as an independent authority in
the market place, so I am delighted to join the Lloyd's Register
Group. ModuSpec does not only contribute its expertise in the
drilling sector, but also a deep knowledge in the fields of Risk
Management and Health, Safety and Environment (HSE)".
ModuSpec will continue to be an autonomous company, organized
and managed as it is currently, but will be very closely
interlinked with Lloyd's Register's Oil & Gas business so they
can develop one global strategy for the future.
Lloyd's Register already has a strong position in the sector,
with the Oil & Gas division enjoying revenue growth of 19% in
2006/7, following a similarly strong performance in the previous
year The group has experienced significant and successful expansion
in the America's operations with the acquisition of the world
leader in risk based inspection, Capstone.
Ends
<
Previous
Next >
Notes to editors
1. The Lloyd's Register Group is an independent risk management
organization that works to help to improve its clients' quality,
safety, environmental and business performance throughout the
world, because life matters. Its expertise and activities cover
shipping, railways, oil and gas, and other asset-based industries.
The Group comprises charities and non-charitable companies, with
the latter supporting the charities in their public benefit
goals.
2. An image of Lloyd's Register CEO, Richard Sadler, and ModuSpec
Managing Director/CEO, Leo Nagtegaal is available from
news@lr.org
For more information, contact
Mark Stokes
Group Communications Director
Lloyd's Register
T +44 207 423 1725
F +44 207 423 1573
E mark.stokes@lr.org
Lloyd's Register
71 Fenchurch Street
London EC3M 4BS, UK
T +44 (0)20 7709 9166
F +44 (0)20 7488 4796
E news@lr.org
www.lr.org
Services are provided by members of the Lloyd's Register
Group.
Lloyd's Register, Lloyd's Register EMEA and Lloyd's Register Asia
are exempt charities under the UK Charities Act 1993.