STATS Group Receives £7.8M Investment from Business Growth Fund
In addition to the BGF investment, Lloyds Bank Wholesale Banking and Markets has increased its working capital funding to STATS through its team in Aberdeen.
The company intends to use the capital to invest in people (http://www.statsgroup.jobs/), build out the fleet of proprietary isolation devices, and expand internationally.
Founded in 1998 by CEO Peter Duguid and Lorraine Porter, STATS is an engineering-led business that provides isolation services for onshore and offshore oil and gas pipelines. Its proprietary tools, manufactured in-house, are used to plug and isolate “live” sections of pipelines to enable safe pump and valve replacement and general repair and maintenance work.
In addition to its base in Aberdeen, STATS operates across the world through a network of branch offices and agencies in Canada, the Middle East and the Far East. The company employs 130 people.