The Telford Offshore group, a Dubai-headquartered international offshore service provider, has been acquired by entities affiliated with Merced Capital, a US-based private investment firm.
As part of the transaction, Merced Capital has provided an injection of new capital in the Company to support its next chapter of growth and improve its balance sheet, reducing its net debt position to zero post-transaction. With the backing of a supportive financial sponsor and substantially enhanced liquidity, Telford Offshore will be well-positioned to benefit from the recovery underway in the global energy industry and the associated robust demand for offshore services.
Telford Offshore also announced that Mr. Robert Duncan has been appointed as the new Chief Executive Officer of the Company. Mr. Duncan will assume his responsibilities effective immediately, succeeding Mr. Fraser Moore. Mr. Duncan most recently served as Founder and CEO of Capital Strategies International and prior to that was CEO of Seafox International.
“I am honored to join Telford Offshore at this pivotal time for the Company and at an important moment in our industry, which is in the early phases of what we expect to be a strong recovery after several challenging years. Under its new ownership and with a streamlined balance sheet, Telford is poised to further establish ourselves as an industry leader.”
Mr. Joe McElroy, Partner at Merced Capital, said that “We have been Telford Offshore’s primary financial sponsor since the inception of the Company and look forward to continuing to support the team in this new chapter of its corporate history. Looking ahead, we are confident that Robert is the ideal leader to develop and strengthen the Company’s platform and to capitalize on growth opportunities in the offshore services market.”
Telford Offshore’s ongoing commitments to clients, vendors and employees will be unaffected and current operations will continue in the normal course. At present, Telford Offshore has five assets, which are all currently under contract to work with strong counterparties, including national oil companies (NOCs) and international oil companies (IOCs).