Oilfield services company completes second equity finance raising

TOTALTEC Oilfield Services Limited (TOTALTEC) successfully completed its second equity finance raising from a large international investor, price undisclosed, on the 28th February.

According to media release from PR Newswire, the proceeds from this equity raising shall be used to roll out training, development, engineering, technical advisory, logistics, shore base operations and consulting services to support the development of the oil and gas industry in Guyana and across the mid-Atlantic margin.

“These are very exciting times for the industry and the region, I have never experienced a deep-water project moving as quickly forward from exploration to development as is the case with the ExxonMobil Liza Phase 1 project. This is truly a milestone and world class project being executed by one of the most capable operating E&P companies in the world and our team at TOTALTEC are enormously thrilled to be a part of this journey.

“Additional projects are now being considered for development in a basin where the exploration success by ExxonMobil and partners has been unparalleled. TOTALTEC is committed to accelerate its effort towards building local capacity to world class standards,” Lars Mangal, Founder, Chairman and CEO of TOTALTEC was quoted as saying, in the PR Newswire release.

TOTALTEC ambitions are also to extend its capability further to include offshore and subsea support services, including marine logistics support, specialized laboratory testing locally and other ancillary oilfield services, the statement said. TOTALTEC’s highly experienced team leverages local and international partnerships to scale and accelerate local capacity building.

TOTALTEC is an integrated oil and gas service company which was founded to support a major discovery by ExxonMobil in the mid-Atlantic margin offshore Guyana, the PR Newswire release stated. TOTALTEC has recently launched its Academy to recruit, train and develop Guyanese workers for careers in the oil and gas industry, with 24 recruits currently attending its inaugural operator programme.

TOTALTEC is also partnered in a major onshore infrastructure development project to deliver a fully functional logistics and supply shore base facility that ExxonMobil plans to operate from in Guyana.

Its initial equity finance raising in 2016 funded its establishment and the initial stages of its strategy to develop infrastructure and local capacity to enable native oil and gas production in Guyana to be supported locally, according to the PR Newswire media statement.

Simmons & Company International Limited served as corporate finance advisor and Pitmans LLP acted corporate legal advisor to TOTALTEC, its founder and shareholders.

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