Private equity backer of EnerMech and Neptune Energy posts investment loss of nearly 1bn – News for the Oil and Gas Sector – Energy Voice

Posted: May 1, 2020 at 7:48 pm


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The private equity backer of Aberdeen-headquartered Enermech and operator Neptune Energy posted an investment loss of nearly 1billion for the start of the year.

Carlyle Group cited the fallout from the Covid-19 pandemic for the 957m deficit in the first quarter, which compares to a 520m profit in the same period a year ago.

The US corporation has now wiped out all financial guidance given at the start of the year, stating the crisis reduces its ability to accurately forecast near term financial results.

Carlyle commands assets worth $217bn (173.2bn) under management via nearly 400 investment vehicles.

It bought energy services firm EnerMech in 2018 from Lime Rock Partners in 2018 in a 450m deal.

The firm also holds a 30% stake in Neptune Energy, which employs around 140 people in Aberdeen and operates the UKs largest gas field, Cygnus.

Carlyles real assets segment decreased in value by 14% to 31.7bn during the period, mainly driven by write-downs in the energy portfolio, it said.

Meanwhile, co-chief executives Kewsong Lee and Glenn Youngkin praised courageous frontline workers.

They added: Since the beginning, our priority has been the health and safety of our people. As a firm, we have adapted well to this new environment as we support our companies and prepare for a wide range of outcomes.

The momentum weve established and our strong first quarter give Carlyle a position of strength as we navigate the current environment.

We are taking a balanced and patient approach, and our global and diversified platform enables us to provide capital to companies as long-term investors as we drive value for all of our stakeholders.

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Private equity backer of EnerMech and Neptune Energy posts investment loss of nearly 1bn - News for the Oil and Gas Sector - Energy Voice

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May 1st, 2020 at 7:48 pm

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