Deal struck for management buy-out of integrated advisory service at Drilling Systems
Drilling Systems, which is part of the 3T Energy Group, has sold the consultancy side of its business in a management buy-out.
The Drilling Systems’ Integrated Advisory Service (IAS) has been acquired by Graeme Eglintine, previously Vice President of Drilling Systems’ IAS & MENA region. IAS was established in 2016 and has been successful in providing bespoke training, development, competence and talent management solutions for the drilling, well control and lifting sectors around the globe with Drilling Systems’ technology at their core.
The management buy-out will allow Drilling Systems to focus on its market-leading simulator business and advance 3T Energy Group’s vision to transform the global energy training sector through technology.
Both Drilling Systems and the new consultancy business will continue to work closely together and have signed a long-term collaboration agreement to enhance their respective customer offers.
“As part of the 3T Energy Group, the strategic direction of Drilling Systems’ business is very much focussed on developing cutting-edge simulation and training technologies and bringing new innovations to the global energy industry to help the sector work safer, smarter and faster,” Kevin Franklin, Chief Executive Officer at 3T Energy Group and Drilling Systems, said.
“Selling off the consultancy side of our company in an MBO allows us to focus on this and our core strength of technology development, whilst continuing to access advisory services for our clients through this new collaborative agreement,” Mr Franklin said. “Clients from both businesses will benefit enormously from the renewed focus and enhanced services and products being developed.”
“I am delighted to acquire the IAS consultancy business of Drilling Systems,” Mr Eglintine, Managing Director of the new IAS International Oil & Gas consultants, said. “Having been an integral part of the IAS success story since its inception and after listening to client and industry feedback, I’m incredibly excited about the future potential of IAS.”
“The IAS team has built a strong reputation in the last few years of delivering highly effective solutions and excellent service to its clients and we are looking forward to using the teams’ vast experience and expertise to further develop the services on offer to clients,” Mr Eglintine said. “We will continue to work closely with Drilling Systems and 3T Energy moving forward and we see this very much as a win-win scenario for clients, who will benefit from an enhanced focus from both companies.”
