All hands on deck: Aim-listed oil firm u-turns with new strategy to become subsea oilfield services specialist

Francesca Washtell
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Pennzenergy Company Oil Exploration Drilling Rig Ship Shoal 150 In The Gulf Of Mexico
The vessels Global Energy Development has conditionally agreed to purchase are currently located in the Gulf of Mexico (Source: Getty)

Aim-listed petroleum exploration firm Global Energy Development is today expected to announce a turnaround strategy that will refocus the group on the subsea oilfield services sector.

The Colombia-focused energy group will also announce a multi-million dollar conditional agreement to purchase more than 10 offshore subsea service vessels and other related equipment, City A.M. understands.

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The vessels are currently based in the Gulf of Mexico, though they are expected to remain there indefinitely as the group is targeting international subsea work.

To bolster the turnaround strategy, Global Energy Development will also appoint a director of operations who has considerable experience in the subsea services field.

Read more: Another big deal breaks down after intervention from US authorities

Global Energy Development listed on London’s junior market in 2002. Implementing the new master plan will be subject to approval from shareholders at a general meeting, expected to be held next month, with the deal completing soon after.

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