Simmons & Companys Reports $1 billion in Transactions

Despite a financial meltdown and the collapse in oil prices, Simmons & Company International Limited announced yesterday that the firm has closed twenty deals with a total transaction value of $1 billion in 2009/2010.

The Aberdeen-based specialist corporate finance advisers to the energy industry announced the healthy deal figures despite a financial year which suffered from the global economic crisis and a collapse in the oil price. The number of deals was up by more than 50% against the previous financial year.

Around a third of the deals were centered on the local Aberdeen market which also acts as a hub from which Simmons accesses its international market, while more than half of the deals were cross-border involving parties from Europe, North America, Middle East and Australia.

The firm is predicting a significant improvement in dealflow as confidence in the long-term prospects for the energy industry grows and is entering 2011 with a strong back-log of new projects.

Simmons has retained its full complement of people during the financial year and strengthened the team in specific areas through new appointments and promotions.

“It’s by no means a record year, but bearing in mind the previous state of the oil price, economy and banking sector this time last year we are very satisfied with the outcome which underlines the performance of our team and the resilience of the energy sector,” said Colin Welsh, CEO, Simmons & Company International.

“Our completed transactions list includes a good balance of acquisitions, sales and finance raisings across the oil service sector, from drilling and completions to pipeline, process and general oilfield services. The subsea space features predominantly with successful transactions for Nautronix, SubOcean Group and Acteon.”

The successfully completed transactions include the acquisition of Norson by Enermech, the sales of Serimax to Vallourec and Cyclotech to MI-SWACO and finance raisings for International Tubular Services and Red Spider.