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Techmar Services buys majority stake in Global 1 IRM

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Athens-based Techmar Services, part of the Heidmar group, has acquired a majority stake in Singapore technical services provider to the offshore oil and gas industry, Global 1 IRM (G1).

Techmar Services was established by Pankaj Khanna, the former ceo of George Economou-backed OceanRig UDW Inc and sole shareholder of Heidmar.

The deal is a major step forward for Techmar. G1, with 30 years of experience delivers innovative and customised technical solutions and its business activities include brownfield installation upgrade and refurbishment projects, decommissioning of offshore installations, as well as inspection services.

Further, through its training academy and E-learning programmes G1 is a leader in providing training on safe working practices, especially with regards to dropped objects which is applicable in every industry.

Confirming the deal, Khanna, said: “The recovery in oil and gas prices is fueling strength in oil and gas demand and there is need for technical services in the offshore sector to maintain and increase production to fulfil this need. As with many industries today getting good and experienced people is critical.”

He said Techmar intends to be part of the cycle of growth and Global1 “provides a strong platform to grow our technical services not just to oil and gas but more broadly”.

Khanna continued: “Having worked in both offshore drilling and maritime transportation I have witnessed the advances made in offshore that can be applied in the maritime space and also for the renewables sector [offshore wind]. Digitalisation, focus on process optimisation, safe working practices and performance measurement are just a few specific areas where lesson learnt on offshore could be applied in maritime transportation.

“Techmar’s focus on technology and innovation will position us as a pioneer to meet the environmental challenges set for the industry and to deliver safe and sustainable development to the society and generations to come.” 

Ryan Moore, ceo Global 1, said the deal was “a fantastic opportunity for G1 to join a world-class organisation with both an experienced leadership team that has global exposure, and have 100% commitment to meeting their customer requirements”. 

“I’m extremely confident with all of Pankaj’s experience G1 is very well placed to expand and achieve evermore success going forward,” said Moore. 

TAGS: Asia Offshore
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