Business Growth Fund (BGF) has made its fifth deal in the oil and gas industry by investing £6m in Petrotechnics, which develops software for companies operating in “hazardous industries”.
The UK growth investor has now invested £30m in Scottish businesses.
Petrotechnics, whose clients include the world’s three biggest oil and gas companies, said that 80 per cent of North Sea and 40 per cent of Gulf of Mexico assets utilise its software.
The Aberdeen-based company will use the funding to expand into new markets and develop its products.
Over the past five years, Petrotechnics has been generating annual revenues of £10m to £15m.
BGF Investment Director Mike Sibson, who has recently received a promotion, said, “Our investment in Petrotechnics is a very exciting opportunity for BGF.
“Petrotechnics has demonstrated its ability to deliver complex software solutions to major oil and gas companies throughout the world.
“There is an increased priority on the management of operational risk and safety in hazardous industries, with several major incidents over the last decade demonstrating the potential consequences of poor control of work.”
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