SPT uses an alternative, proprietary, technology, for fixating piles in the seabed via vacuum suction. The suction pile technology is patented and is applied amongst others for foundations of jackets, subsea structures, pipelay start-ups and moorings. SPT is involved in the design, engineering and rental of its assets and is increasingly involved in the transport & installation of suction-based offshore assets as well. Customers of SPT are (smaller) oil & gas or offshore wind operators and EPC(I) contractors across the globe.
VE Partners identified substantial growth opportunities for the company as a standalone entity, rather than operating within a larger corporate structure. The decision to partner with the seasoned owner/CEO, combined with the compelling technology, positioned the company to explore further global expansion, reaching new customers and end markets.
VE Partners made material investments in the equipment base, thereby optimally positioning SPT for a broader range of projects, and realized sales growth of 100%+ by 1) expanding the commercial team, 2) entering into the high-growth offshore wind market, both in Europe and in Asia, and 3) creating a stand-alone, professional organization (including an establishing broad management team, optimization and improvement of internal processes, and the introduction of detailed management reporting). As a result, SPT was successfully divested to Deme Offshore, a large offshore contractor that recognized its strong strategic value.