TOTALTEC Oilfield Services Limited on February 28, 2018 successfully completed its second equity finance raising from a large international investor. However the price has not been disclosed.
TOTALTEC is a partner in a major onshore infrastructure development project in Guyana to deliver a fully functional logistics and supply shore base facility that ExxonMobil plans to operate in the South American country.
According to a news release, proceeds from this equity raise will 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.
“TOTALTEC’s 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. TOTALTEC’s highly experienced team leverages local and international partnerships to scale and accelerate local capacity building,” the release said.
TOTALTEC, an integrated oil and gas service company which was founded to support a major discovery by ExxonMobil in the mid-Atlantic margin offshore Guyana, 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.
“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,” said Lars Mangal, Founder, Chairman and CEO of TOTALTEC.
