AAB Act As Advisors To Enovate Systems In The Sale To Aker Solutions

Anderson Anderson & Brown (“AAB”) are delighted to have advised long term clients Enovate Systems Limited in the sale to Aker Solutions.

Aker acquired a majority stake in Aberdeen based Enovate, a leading technology company providing subsea well control equipment. The financial details of the acquisition are undisclosed however in the financial year 2012, Enovate had revenues of approximately £15m with an EBITDA of £5m.

Enovate, which currently employs 62 people, are a engineering and product provider to the worldwide energy sector, primarily to construct and supply new technologies relating to drilling BOPs, well control, well completion and well intervention operations. Enovate has developed a wide range of unique and patented components and products for use in open water work over systems, in riser work over systems, rig less intervention systems and drilling safety systems. Specific advantages are superior cutting and sealing capabilities and the unique use of complete metal to metal sealing solutions.

AAB has acted as advisors to Enovate since it was established in 2002, providing a full range of audit, tax and corporate finance services.

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