Corporate carve-outs

Varel is a leading manufacturer of high value, consumable downhole drilling, cementing and completions products that enable its customers to drill, complete and produce wellbores more efficiently, safely and with higher economic returns.

Varel’s products are highly engineered and critical components for the drilling and completion of conventional wells. In many instances, the Company’s products are consumed during these operations or permanently cemented into the wellbore.

The Houston‐based Company has over 1.1 million square feet of low-cost manufacturing centers strategically located in Mexico, India and Saudi Arabia that enables it to serve key energy markets across both hemispheres with rapid response times.

Severn Group (“Severn”) is a leading global designer and manufacturer of
fail-safe flow control solutions including an extensive range of high-spec
shutoff / control valves, air filters and dryers for critical infrastructure
applications.

Severn has 60+ year track record of providing reliable specialised products
and consultative services across the most challenging environments with
highly predictable demand.

Severn’s proactive focus on critical maintenance, testing, repair and
replacement services for its global installed base of 350,000+ units
drives reoccurring revenue sources from a diverse set of the world’s
largest blue-chip industrial companies.

CRC Evans is a leading global provider of cutting-edge welding, field joint
coating solutions, technologies and spoolbase services for the energy and
infrastructure sectors.

With operations across five continents and a track-record of >90 years, CRC
Evans is well-positioned to service the growing demand for pipeline
infrastructure essential to the energy transition.

Bluewater acquired Pipeline Technique in 2019 and backed the
management team to acquire CRC Evans companies from Stanley Black &
Decker in 2022.

The company has diversified its end markets, extending its expertise to low-
and zero-carbon energy sectors, including renewables, hydrogen, carbon
capture, nuclear energy, and natural gas as a transitional fuel.