ASCO on acquisition hunt downunder

The Scottish services group bought a 60 per cent stake in onshore oil and gas logistics firm Bonnie Rock Transport for $28m, its third Australian acquisition in recent years.

Scottish oil and gas services company ASCO has acquired a 60 per cent stake in Perth-based onshore oil and gas logistics and services company Bonnie Rock Transport for $28 million.

It is the Aberdeen-based company’s third Australian acquisition since it began operating in the country four years ago and the company is looking for more acquisitions, says  ASCO Australasia chief executive Matt Thomas.

“We’re always on the look out for suitable bolt-on acquisitions, especially in oil and gas related services,” Mr Thomas told Data Room in an interview.

ASCO acquired Darwin-based marine supply company Shore Base and Brisbane-based Oniqua, a global inventory management company, and was awarded a 20-year management contract to operate the newly constructed Darwin Marine Supply Base on behalf of the Northern Territory government.

Bonnie Rock Transport, says Mr Thomas, specialises in the mobilization of onshore oil and gas platforms but also provides caterings and camp services. It has depots in Perth, Dampier, Dongara and Broome in Western Australia, as well as Chinchilla in Queensland.

(Reporting by brett.cole@businessspectator.com.au)

(Editing by miranda.maxwell@businessspectator.com.au)