Centurion Group acquires Aberdeen submarine equipment company

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Aberdeen-based rental and service provider Centurion Group has acquired two new companies as part of its growth strategy.

It also purchased Aberdeen-based Aleron, which designs and manufactures subsea equipment for sale and rental in the subsea power, decommissioning, telecommunications and wind markets. offshore, alongside Polar Septic Systems, a provider of rental and wastewater treatment solutions in Canada.

Centurion also increased and extended its revolving credit facility by approximately $ 70 million, bringing the group’s total committed facilities to approximately $ 300 million.

The increased funding is expected to support Centurion as it continues to invest in organic growth and strategic acquisitions.

The group expects to benefit from the forthcoming recovery in the petroleum services sector, decarbonization initiatives in the energy sector and the growth of the mineral resources sector.

Centurion has previously been funded by a syndicate of seven banks including: HSBC, Wells Fargo, ATB Financial, Royal Bank of Scotland, Clydesdale Bank, Iberia Bank and Amegy Bank.

As part of this extension of the facility, two new Canadian banks – RBC and TD Bank – have joined, while existing lenders RBS and Clydesdale Bank both increased their commitments.

All existing banks have approved an extension from December 2022 to December 2024, giving Centurion more flexibility for the next three years.

CFO Euan Leask said: “We are extremely pleased to have successfully extended our revolving credit facility with our existing banking group and to have attracted two new banks.

“The latest facility expansion further strengthens the group’s available facilities and is a vote of confidence in Centurion’s business and strategy, giving us over $ 150 million in firepower, putting us in a strong position to capitalize on. growth opportunities as our markets and customers continue to improve. . “

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