Techmar Services, part of the Heidmar group, has acquired a majority stake in Singapore-based offshore oil and gas technical services provider Global 1 IRM. The transaction is expected to close at the end of this month.
Techmar Services was established by Pankaj Khanna, the former CEO of OceanRig UDW and sole shareholder of Heidmar, to service the needs of the offshore oil and gas industry and bring advanced know-how from offshore into the renewables sector and maritime transportation.
Khanna commented: “The recovery in oil and gas prices is fueling strength in oil and gas demand and there is need for technical services in the offshore sector to maintain and increase production to fulfil this need. As with many industries today getting good and experienced people is critical. We intend to be part of the cycle of growth and Ryan Moore with his team provide us a strong platform to grow our technical services not just to oil and gas but more broadly.”
Ryan Moore, CEO Global 1 IRM, added: “I am delighted that Techmar has acquired a majority stake in Global 1 IRM, this was a fantastic opportunity for G1 to join a world-class organization with both an experienced leadership team that has global exposure, and have 100% commitment to meeting their customer requirements.”
Global 1 IRM, also known as G1, delivers brownfield installation upgrade and refurbishment projects, decommissioning of offshore installations, as well as inspection services.