Ritchie & Craig said: “CRE is an established business with a strong reputation for subsea connector products in the ROV segment. With robust growth forecast for the oil & gas market, the prospects for CRE are extremely positive. However, we felt it was time to review the strategic direction for the business. There are clear opportunities in new market segments for the CRE business and we believe that by bringing FEP’s expertise on board, we will accelerate the growth into these new markets.” Incoming Managing Director Robin Mair will be supported by Finance Director, Joe Murdoch. The management team will be further strengthened by the appointment of Graeme Coutts as non-executive Chairman. Graeme commented ... “We were attracted to CRE as we saw an opportunity to invest in an established and profitable business operating in a sector we know well and where there are very positive market dynamics. There are tremendous opportunities for growth, not only in their established ROV segment but in the drilling and production segments. It is FEP’s ability to support and deliver the vision and strategy for the CRE product line that has drawn the parties together”.
The investment in CRE by FrontRow Energy Partners (FEP) follows their recent investments in HCS in Fife and Well Centric in Aberdeen.