London Merchant Securities’ crane management subsidiary Energy Cranes International Limited (ECI) has acquired the assets of Dynamic Cranes of Abbeville, Louisiana.
As a result of the acquisition ECI now has the largest market share in the offshore crane rental business in the Gulf of Mexico.
ECI is the leading supplier of offshore crane management services in the world. It has turnover of around £75m pa and is LMS’s largest unquoted investment.
LMS chief executive Robert Rayne said: “The Dynamic deal demonstrates our commitment to grow the ECI business, both organically and through acquisition.
“Continued growth in revenues and improvements in margin are expected in 2006,
against the background of a buoyant oilfield services sector.”
References: EGi News 12/01/06
