LR said that the agreement follows a detailed analysis of the company portfolio and strategic strategy of LR.

As announced, the agreement will establish a new engineering and technical consultancy that will provide expertise in asset efficiency, risk management and project management across complex industrial assets, energy transformation and rail infrastructure.

“LR Energy offers world-class engineering solutions across the sector, and the partnership with Inspirit provides them with further support and investment to underpin their growth objectives. The LR Group remains committed to the energy sector, continuing to support our clients through our offshore compliance, digital products and inspection services businesses, in collaboration with our former LR Energy colleagues where appropriate, LR’s Chief Executive Officer, Alastair Marsh stated.

It is estimated that the transaction will be concluded on or before 31 October 2020 and is not subject to formal regulatory or other approvals.

Following LR's diversification from marine assets into the oil and gas industry, the LR Energy company was established in the 1930s.

The company has made several strategic acquisitions since 2005, including Capstone, ODS, Human Engineering, Celerity3, ModuSpec, Scandpower and WEST Engineering.

In 2013, the acquisition of Senergy extended the portfolio of LR Energy, covering the entire value chain and life cycle of energy.

Maritime Business World