Aberdeenshire-based Motive Offshore — a supplier of equipment and services to the oil and gas, marine and renewable-energy sectors — has agreed a funding deal with EV Private Equity that will result in a multi-million-pound investment to accelerate its growth in the oil and gas and marine market.

EV will have a stake in the business and two positions on the board, as Motive focuses on the delivery of new products and services, while also scaling up the business and increasing its global presence through acquisitions.

Motive managing director Dave Acton said (www.motive-offshore.com): “We have been in discussions with EV for the past 12 months, and we are excited about the future, as we move forward with the investment and the expertise that they bring to the board. We have come through difficult times in recent years, and we are now in a very strong position to accelerate our growth strategy.

"This deal gives us the opportunity to build on our rental fleet to deliver new products and services and to open bases in additional locations.

"We are firmly on the acquisition trail for companies that complement our supply and would demonstrate scalability, plus access to new regions and a wider client base.”

After facing a real risk of closure during the downturn, Motive has succeeded in turning its fortunes round through careful restructuring, plus its growth and acquisition strategy. The company is targeting a £30 million EBITDA in the next five years.