IJmuiden, 10 October 2016
Airborne Oil & Gas (AOG), the world’s leading manufacturer of Thermoplastic Composite Pipe (TCP) for oil & gas applications, announced today that it has raised € 23 million in a series C investment round from both new and existing shareholders.
Saudi Aramco Energy Ventures (SAEV) joins the shareholder base with an investment of € 10 million.
SAEV is the corporate venturing arm of Saudi Arabian Oil Company, the world’s largest oil company that accounts for approximately 12% of global oil production.
The funds raised will enable AOG to further focus on growing the business, including product development, qualification, expanding its manufacturing capacity and increasing its sales force.
For its product design and manufacturing, AOG has obtained a number of DNVGL qualifications, as well as product qualifications from several leading operators such as Chevron, Petronas and Shell. The significant cost-saving benefits of its products and the company’s field proven track record and blue chip client base which includes Statoil, Saipem, OneSubsea and Total, provide the conditions for strong growth going forward.
Eric van der Meer, CEO Airborne Oil & Gas “We are very pleased to have secured this latest funding. We feel strongly supported by our shareholders and see the current investment as further evidence that our products and capabilities can make a large contribution to the industry’s need to structurally reduce costs. We are happy to welcome SAEV as a new shareholder. Their specific needs offer us an opportunity to further expand our product offering and grow business volume. AOG is seen as a game changer, significantly reducing capex and operational expenditure, while enhancing reliability. Even in the current low oil price environment with its rather challenging market conditions our strong business potential is recognised, as emphasised by our ability to raise significant funds under current circumstances.”
“We are delighted with the investment opportunity into Airborne Oil & Gas. Corrosion in midstream infrastructure is a global problem; AOG’s product offering is highly compelling to the oil and gas industry and to Saudi Aramco. We look forward to working with the AOG team to further develop the company’s already unique offerings and to growing the business.” says Majid Mufti, CEO of SAEV.
Following the transaction, the shareholder base of AOG includes HPE Growth Capital, Shell, Chevron Technology Ventures, Evonik, Saudi Aramco, Adveq, founders and management.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to Aramco.
For more information about SAEV, please visit www.aramcoventures.com.
About Airborne Oil & Gas
Airborne Oil & Gas (AOG) has developed a range of Thermoplastic Composite Pipe (TCP) products that offer unique benefits for offshore oil & gas operations. The thermoplastic composite pipes are corrosion-free, lightweight and spoolable, and can be deployed in the most demanding offshore and subsea applications. These intrinsic properties enable a step-change in offshore and subsea operations, with a 30 – 50% capex saving, and even higher opex savings. The pipes are non-metallic, which eliminates the need for expensive corrosion prevention and inspection measures. This enhances reliability and safety while significantly reducing operational expenditure, particularly for Flowlines. The spoolable composite pipes can be installed significantly faster and with simpler vessels than traditional steel-based pipes. The AOG headquarter and manufacturing facility is based in IJmuiden (Port of Amsterdam), the Netherlands and has regional sales offices in major oil & gas hubs in Asia and the US. AOG has 90 employees.
source: Airbone Oil and Gas