DUBAI, UNITED ARAB EMIRATES-- February 21, 2023 -- The Telford Offshore group (“Telford Offshore” or “the Company”) announced today that it has been acquired by entities affiliated with Merced Capital. The acquisition represents the completion of the previously announced competitive sales process (the “Sales Process”). Telford Offshore is now wholly owned by Merced Capital.

As part of the transaction, Merced Capital, advised by Sidley Austin, has provided an injection of new capital in the Company to support its next chapter of growth and improve its balance sheet, reducing its net debt position to zero post-transaction. With the backing of a supportive financial sponsor and substantially enhanced liquidity, Telford Offshore will be well-positioned to benefit from the recovery underway in the global energy industry and the associated robust demand for offshore services.

Telford Offshore also announced that Robert Duncan has been appointed as new Chief Executive Officer of the Company. Mr. Duncan will assume his responsibilities effective immediately, succeeding Fraser Moore. A respected executive with over two decades of experience leading global teams in the offshore energy and marine industries, Mr. Duncan most recently served as Founder and Chief Executive Officer of Capital Strategies International and prior to that was Chief Executive Officer of Seafox International.

Joe McElroy, Partner at Merced Capital, said “We have been Telford Offshore’s primary financial sponsor since the inception of the Company and look forward to continuing to support the team in this new chapter of its corporate history. We thank Fraser for the strong foundation he built at Telford and his support during this transition. Looking ahead, we are confident that Robert is the ideal leader to develop and strengthen the Company’s platform and to capitalize on growth opportunities in the offshore services market.”

“I am honored to join Telford Offshore at this pivotal time for the Company and at an important moment in our industry, which is in the early phases of what we expect to be a strong recovery after several challenging years,” said Robert Duncan, Chief Executive Officer of Telford Offshore. “Under its new ownership and with a streamlined balance sheet, Telford is poised to further establish ourselves as an industry leader.”

Telford Offshore’s ongoing commitments to clients, vendors and employees will be unaffected and current operations will continue in normal course. At present, Telford Offshore has five assets, which are all currently under contract to work with strong counterparties, including national oil companies (NOCs) and international oil companies (IOCs):

- Telford 25 with an 800-ton crane, rigid pipelay capable, 1,500 ㎡ of deck space and 379 berths
- Telford 28 with a 270-ton crane, 1,500 ㎡ of deck space and 462 berths
- Telford 30 with a 270-ton crane, rigid pipelay capable, 300 ㎡ of deck space and 480 berths
- Telford 31 with a 400-ton crane, 1,300 ㎡ of deck space and 477 berths
- Telford 34 with an 800-ton crane, rigid pipelay system, 1,350 ㎡ of deck space and 339 berths

Robert Duncan Biography

Mr. Duncan has held a number of C-suite roles at organizations in the global energy industry over the past two decades. He has been based in the United Arab Emirates for the past 17 years. Most recently, Mr. Duncan established and led Capital Strategies International Limited (CSIL), which delivers high quality professional services to offshore energy and marine sector companies as well as financial institutions. Prior to that, Mr. Duncan held a variety of roles including Chief Commercial Officer, Chief Executive Officer and Chief Financial Officer at Seafox International, an international offshore energy and marine services company, from 2007 to 2017. Mr. Duncan also currently serves as Non-Executive Director and Board Member of Advance Global Recruitment, a leading contract and permanent solutions recruitment business servicing the global offshore energy sector, and is the Exclusive Agent to the Middle East for the Van Aalst Group B.V.. Mr. Duncan is a qualified member of the Institute of Chartered Accountants of Scotland (ICAS), and also the Chartered Institute of Public Finance and Accountancy (CPFA).