“Recognising the strength and reputation of the Duffy & McGovern service, Superior intends to retain the name and independence of the company, except in the US where the company will now operate under the name of HB Rentals,” Superior said today.
Superior said Duffy & McGovern would complement its existing accommodation subsidiary HB Rentals, which is headquartered in Broussard, Louisiana.
HB Rentals provides accommodation and accessories to oil and gas companies in Oklahoma, Texas, the Rocky Mountains, the Gulf of Mexico and Trinidad. The company has a dominant market position in the provision of accommodation to land-based and offshore projects and has more than 1000 units in its fleet.
Superior chairman and chief executive Terence Hall said this acquisition gives his company immediate exposure to new rental markets around the world and further broadened its international reach.
“We will use capital, our experience in the accommodation business and our diverse service offering to help Duffy & McGovern, which already has well established global operations and relationships, to realise its growth potential and extend our own reach for other rental products and intervention services,” he said.
HB Rentals said Duffy & McGovern’s expertise and track record in coastguard-approved accommodations and in deepwater offshore locations complemented HB’s strength in onshore and fixed platform offshore accommodation.
Duffy & McGovern, which is headquartered in Aberdeen, Scotland and has bases in all the major oil and gas locations in the Americas, Europe, Australia and South-East Asia, will retain its management team and all staff will remain in their current positions.
Superior said it would immediately begin investing some $15 million to accelerate Duffy & McGovern’s fleet growth, building 100 new offshore accommodation modules over the next six months. It said it would focus on stepping up Duffy & McGovern’s presence in the South-East Asian market in particular.
Duffy & McGovern employs 30 people in Aberdeen and eight in the United States and South-East Asia.
Established in 1999 in Aberdeen, the company set up a US operation in New Orleans in 2002 and in Singapore in 2005.
With more than 250 modules, the firm now operates the world’s largest fleet of rental offshore accommodation cabins.
Customers include Shell, BP, Statoil, Talisman, Schlumberger and Baker Hughes, as well as Australia’s Woodside Petroleum and Origin Energy.
The company has an annual turnover of $17.8 million and has operations in 13 countries.
Prior to this acquisition, Duffy & McGovern was fully owned by Loftbridge Holdings, registered in Norwich.
This is Superior’s second acquisition in the UK. It acquired Premier Oilfield Rental in 2003.
