16 march 2022
RSM UK has advised on the sale of Tendeka, a leading provider of innovative technology, products and services to the oil and gas industry, to TAQA (Industrialization & Energy Services Company), the $1.2 billion revenue global oil field services provider.
Established in 2009, Tendeka has grown to become an industry leader in the provision of technology for reservoir optimisation, completion systems and related services to the upstream oil and gas industry.
RSM’s role was to support on key negotiations around the completion mechanism, including providing strategic commercial advice in relation to net debt and working capital.
The transaction was led by Corporate Finance Director Connor Agnew, with support from Tom Sheerin and Dylan Spry.
Colin Burnett, CEO Abbotsford Capital investment adviser to the shareholders of Tendeka and a member of the Tendeka board, said: ‘Connor and his team at RSM provided invaluable support in the final stages of negotiations with TAQA.’
Alan Pearson, Financial Director Tendeka, said: ‘RSM provided a first-class service, taking a commercial and practical approach to various complex issues.’
Connor Agnew, Corporate Finance Director RSM UK, commented: ‘It was a pleasure to work alongside Colin, Alan, Tendeka and its shareholders to achieve a great result for all parties – despite the broader macro uncertainties. The North East of Scotland is held as a centre of technical excellence for the global energy industry, and this deal further underlines Aberdeen’s strategic importance.’