INDUSTRY NEWS
Motive Adds International Finance Expert to Senior Team
Motive Offshore Group, specialist in marine equipment fabrication and rental, has appointed Declan Slattery as Chief Financial Officer.
Mr Slattery, who co-led Enpro Subsea through its recent acquisition by energy group Hunting plc, joins Motive as it continues to implement its domestic and international growth strategy to become a £20million EBITDA business by 2024.
To this, he brings 12 years’ financial experience – specifically focused upon oil field service providers – and a proven track record in M&A activity, new country entry and strategic development. He has held senior positions whilst based in the UK, USA and Norway.
Commenting on Mr Slattery’s appointment, CEO Dave Acton said: “We are exceptionally pleased to have secured Declan’s expertise; he will play a major role in the Motive journey – be that acquisition, organic growth, global expansion or service diversification.
“His international industry experience and existing relationship with Motive shareholders, EV, make Declan an ideal fit within
L-R: Dave Acton and Declan Slattery
our senior management team and we look forward to working with him as he helps steer the company to its next level.”
Mr Slattery added: “The Motive team has established a well- diversified revenue portfolio which has proved resilient in the current market. The synergies between us are already there, making this an exciting time for me to join the company and help to achieve the ambitious growth strategy.”
Launched in 2010 by James Gregg and Dave Acton, Motive Offshore Group is headquartered in Boyndie, Banff, Scotland, with additional offices in Aberdeen, Houston, Norway and the Middle East.
Acquisition of ROS Technology
OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, is pleased to announce the acquisition of the trade and assets of ROS Technology Limited (“ROS Technology”).
OTAQ has acquired the trade and assets of ROS Technology for a consideration of up to £300,000 to be satisfied from existing cash resources (the “Acquisition”). The Acquisition consideration comprises initial consideration of £225,000 and up to a further £75,000 of deferred consideration, payable in two instalments of £37,500 over the next two years, subject to certain criteria.
Founded and managed by Dr Peter Robinson, ROS Technology is an
innovative technology business which specialises in electronics and mechanical design in multiple industries including aquaculture and offshore. The Acquisition will add existing revenue generating contracts and greatly enhance OTAQ’s aquaculture R&D capability as the Company looks to broaden its product offering.
As part of the Acquisition, Peter will join the Company and have responsibility for the continued development of the acquired ROS Technology products as well as joining the existing OTAQ R&D team. A technology innovator for over 40 years and formerly a founder of OTAQ and designer of the original SealFence product, Peter is well known to the Directors of OTAQ and has recently assisted the Company in its work with the US aquaculture company, Minnowtech LLP.
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For the unaudited year ended 30 June 2020, ROS Technology generated revenues of approximately £312,000 and made a profit before tax of approximately £152,000. As at 30 June 2020, its unaudited gross assets amounted to approximately £196,000.
Commenting on the Acquisition, Phil Newby, Chief Executive at OTAQ, said: “We are very pleased to welcome Peter back to OTAQ through the acquisition of his business, ROS Technology. Peter is well known to the Directors of OTAQ and has a first-class track record for developing ground breaking technologies. At a time where OTAQ is broadening its product and service portfolio to a global client base looking for competitive advantage in its markets, this is an exciting addition to our research and development capability.”
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