BGF invests £6m in Petrotechnics

The fresh funding will be used to recruit additional staff, expand the business into new locations and finance the further development of the company's software products.

BGF's capital will also allow Petrotechnics to continue with the roll out of its main product, Proscient, which is a predictive risk software platform.

The transaction marks BGF's fifth investment in the oil and gas sector.

Company
Founded in 1990, Petrotechnics is headquartered in Aberdeen and has additional offices in Houston, Saudi Arabia and Singapore. The company employs 100 staff and reportedly saw revenues of £6.9m for the year ending March 2012, though with an operating loss of £3.4m. Petrotechnics' revenues, however, sat between £10-15m for the previous five years.

Petrotechnics offers software solutions for frontline operational performance and risk management in the oil and gas industry. The company's main product, Proscient, is designed to provide the senior management of a company with an easy-to-use management system, with the aim of reducing risk in operations.

The company's software solutions are used by 50,000 personnel in the oil and gas industry across six continents. Petrotechnics claims its software is used by "the three largest independent oil and gas companies", as well as 80% and 40% of assets located in the North Sea and the Gulf of Mexico, respectively.

People
Phil Murray is the CEO of Petrotechnics. Simon Munro is BGF's regional director for Scotland. Mike Sibson, an investment director at BGF, will join Petrotechnics' board. The team that worked on the deal for BGF comprised Sibson, Munro, Patrick Graham and Richard Pugh.

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• Topics
• UK / Ireland
• Expansion
• Technology
• United Kingdom
• BGF (Business Growth Fund)