Aquaterra Energy has completed a management buyout in which its existing leadership team takes ownership of the Norwich offshore engineering firm, backed by HSBC, according to a company announcement reported by the Eastern Daily Press, a change that matters to offshore operators and decommissioning contractors because it keeps a specialist well access supplier under stable ownership as demand for abandonment work grows.

Aquaterra Energy is a Norwich-headquartered offshore engineering company that describes itself as a global leader in offshore engineering solutions, with work across intervention, abandonment, decommissioning and energy transition markets, according to its announcement.

HSBC is the international bank that backed the transaction, according to Splash247.

Splash247 reported that Aquaterra won a multi-year, seven-figure contract earlier this year to supply subsea well access equipment for an 11-well intervention and abandonment campaign offshore Spain.

George Morrison, chief executive of Aquaterra Energy, said in the company’s announcement: “This is an important milestone in Aquaterra Energy’s journey and a statement of confidence in the future of the business. This new ownership structure gives us a strong platform from which to continue investing in our people, capabilities and technology, while remaining focused on delivering for our customers and pursuing opportunities for long-term growth.” According to Splash247, Morrison said the new structure will support international expansion and carbon capture and storage opportunities.

World Oil reported that around 500 inactive UK North Sea wells await final abandonment and more than 1,000 additional wells are expected to need decommissioning over the next five years, according to the North Sea Transition Authority.

Energy Voice reported that the NSTA’s forecast cost of remaining decommissioning stands at £43.4 billion, down only £200 million despite record spending.

The NSTA and 17 operators signed a charter that could cut subsea wellhead removal costs by about 30% through greater vessel use, according to World Oil.

The announcement did not state HSBC’s financing size or Aquaterra’s turnover.

For the sector, a management-owned specialist backed by a bank, with seven-figure abandonment work already won, illustrates how supply chain firms are positioning for a decommissioning backlog that regulators say will grow.