Following the deal, which includes the transfer of key management and staff, the ECI rental fleet in the Gulf of Mexico comprises 23 portable offshore pedestal cranes, ranging from 2t to 120t.
“The business fit is excellent,” said ECI chief executive officer John Jordan.” He added: “ECI is already the largest player in the long-term contract crane rental market.”
ECI has an established reputation for quality of service in the Gulf, and the rental cranes business is the most profitable segment of its US arm.
ECI is the leading supplier of offshore crane management services in the world, with a dominant position in the North Sea. It has turnover of around £75million per annum and is LMS’s largest unquoted investment.
Robert Rayne, chief executive of LMS said: “The Dynamic deal demonstrates our commitment to grow the ECI business, both organically and through acquisition.”
He added: “Continued growth in revenue and improvements in margin are expected in 2006, against the background of a buoyant oilfield services sector.”
