Xodus Group secures £10 million investment to fast-track growth
14 June 2011
Energy consultancy Xodus Group has signed a £10 million investment deal to focus on further growth in the UK and internationally. The major cash boost from Dutch based Sunrise Energy Group and Simmons Parallel Energy Fund signals a period of significant expansion.
Xodus, which was launched by chief executive Colin Manson and chief operating officer Stephen Swindell in 2005, has grown into the leading independent, integrated consultancy for oil, gas and renewables with more than 330 people employed across the UK and in Houston. The investment will enable Xodus to reach its target of growing to 500 staff in 2012 and 900 by 2015.
It follows hot on the heels of Xodus’ £2 million expansion into the US with the opening of an office in Houston earlier this year and setting up a new joint venture operation in Lagos, Nigeria. Xodus also recently acquired leading specialist renewables consultancy James Ingram & Associates to further boost its impressive low carbon credentials.
Commenting on the deal, Colin Manson, CEO of Xodus Group said: “Xodus has evolved over the last six years as we’ve expanded our horizons into new regions and developed our service offering into a fully integrated package across our six divisions. The investment will enable us to rapidly grow in new emerging regions and realise our ambitions of reaching growth targets.”
Edward van Kersbergen and Stephane Constant, Managing Partners of Sunrise Energy Group take up new positions as non-executive directors on the board of Xodus.
Edward van Kersbergen said: “We believe our subsurface and technical expertise marries well with the expertise that Xodus has been developing over the last few years. There is huge potential to be a world leader in this sector as demand grows for finding and developing reserves in more challenging environments. We have great confidence in Xodus’ robust strategy for international growth.”
Simmons Parallel Energy Fund invests alongside others in energy companies with a focus on oilfield services and technology, development and production companies and technologies.
Frank Summers, head of Simmons Parallel Energy Fund said: “We are delighted to support Xodus Group; the capital will help accelerate organic growth plans, international expansion as well as fund strategic acquisitions. Xodus is a compelling proposition which has the capability to create a world-class independent international energy consultancy providing integrated solutions throughout the life of an asset.”
Dave Rayburn, who joined Xodus’ London office last year, has been appointed strategic director on the board and Emma Merchant, who has been with Xodus since 2005, most recently as finance director, has been promoted to chief finance officer.
Former Xodus director Richard Heard and Charlie Parker of John Lawrie Group have stood down from the Xodus board.
The Aberdeen-headquartered consultancy has offices across the UK with its London, Houston and Lagos operations heading up international contracts. Clients include Talisman, Maersk, BG Group, Dana Petroleum, Shell, BP, Statoil, Ithaca Energy and Tullow Oil.
With a turnover of £28.6 million, Xodus has six divisions including: Subsea; Wells and Subsurface; Integration Technology; Technical Safety and Risk; Process and Facilities and Xodus Aurora (environmental).
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