Germanischer Lloyd acquires British oil and gas firm Advantica
Hamburg-based Germanischer Lloyd has acquired British firm Advantica Holding from National Grid plc in a deal the German classification society said would strengthen its position in the U.K., Middle East and United States markets.
Financial details were not disclosed.
Loughborough-based Advantica has 660 employees worldwide. It concentrates on oil and gas installations and pipeline networks and offers consulting services for installation design and the optimization of operations.
GL’s industrial services unit has focused on asset and process safety, production know-how and inspections as well as evaluation of structures and safety related components.
“The acquisition of Advantica will considerably extend our service portfolio as a full-line provider for the lifecycle of oil and gas installations,” says Lutz Wittenberg, GL’s managing director, industrial services.
GL said the acquisition will double the division’s turnover to more than 200 million euros ($272 million) and expand its international network to more than 50 offices in 32 countries.
Germanischer Lloyd acquires British oil and gas firm Advantica
