Investments

IMServ is one of the UK’s largest independent energy meter operators and
data service providers, delivering accredited half-hourly1 and non-half-
hourly data collection and aggregation services

With 30+ years of experience, the company supports the UK’s leading blue-
chip energy suppliers as well as industrial and commercial clients through
reliable, value-added metering operations

Acquired by Bluewater in 2021 as a carve-out from Schneider Electric,
IMServ has since expanded through the acquisition of Power Data
Associates (unmetered data) and Astral Technology (SaaS energy analytics)

IMServ is a market leader in industrial half-hourly data collection and
continues to deliver profitable growth through operational excellence and
customer-focused innovation

Global Energy Storage (“GES”) Port Klang is the first independent
refrigerated LPG import and distribution hub for South-East Asia (“SEA”)
located in Port Klang, Malaysia

Strong partnership with a blue-chip company, Equinor, who is able to
consolidate the market, driven by the reduction of their transhipment
costs in SEA. Partnership further solidified by adding an LPG bottling
plant for Equinor

GES secured the last available sea front land with deep draft approved for
3rd party lease in Port Klang, the primary industrial port serving Kuala
Lumpur and its wider region

134k cubic metres storage capacity for propane, butane and LPG mix

Jernbro was established in 2015 through the carve-out and transformation of the technical services division from a larger facilities management business.

Jernbro’s blue-chip client portfolio includes Siemens Energy, Lantmännen, Gränges, Outokumpu, Ørsted, Haldor Topsoe, Novo Nordisk and other major industrials such as ABB, Volvo, SSAB, Sandvik, and Equinor.

With the execution of a buy-and-build strategy in a fragmented market Jernbro is now the leading independent provider of high-value industrial & infrastructure technical services across Sweden, Denmark, and Norway with a core focus on engineering, mechanical and electrical maintenance and project work.

Jernbro supports a highly diversified customer base across sectors such as power generation, downstream energy infrastructure, water infrastructure, pharmaceuticals, steel, automotive, waste management and mining.

Edge Energy (“Edge”) is a pioneer and market leader in delivering low-cost, high quality LNG to market by converting stranded and flared natural gas.

Offers either (i) natural gas delivery or (ii) service contracts that allow operators to liquify and use their own natural gas.

Its range of modular gas-to-power integrated solutions for “the first mile” and “the last mile” in the natural gas value chain is possible through the Cryobox (the first modular, scalable, transportable Gas-to-LNG unit), Virtual Pipeline and regasification technologies offered by Galileo, an exclusive technology partner.

Has 2 production sites (Mentone, Garden City) at the Permian Basin and 30 cryoboxes (of which 29 operating and 1 currently damaged), allowing it to provide vaporization and storage for operators in Texas and New Mexico.

An independent oil and gas exploration and production company focused on acquisition and drilling opportunities in Egypt and other countries in the Middle East and North Africa.

Authentix is a market leading provider of authentication and identification
solutions to prevent illicit trade of high value, high volume critical products.

Completed five acquisitions across 4 geographies since Bluewater’s
acquisition in September 2017.

The company operates under three verticals: (i) Tax and Marketplace
Governance, (ii) Currency and (iii) Brand Protection.

Through local presence in Africa, Europe, the Middle East, and Asia, and a
comprehensive network of partners, Authentix is able to provide holistic
solutions on a global scale to government entities, central banks and
corporations.

A production-focused service company, designing, engineering and delivering topside process systems to enable oil and gas operators worldwide to access or enhance production.

Exlog is a leading specialist energy services provider delivering cutting-edge solutions in Surface Data Logging (SDL), Well Intervention (WIN), geological data consultancy and its recently launched AI-enabled LithoSmart imaging devices to its clients in both the conventional and energy transition space.

Exlog was founded in 2015 by Bluewater through a series of acquisitions and integrations of high-performance regional SDL and WIN providers, including Weatherford’s legacy business. Exlog’s footprint now spans 35+ countries and its employs over 1,700 engineers deployed in all the key global energy hubs servicing blue-chip customers including IOCs, NOCs and global / regional independents.

Exlog has emerged the market leading player in its segments including SDL in MENA and WIN in Continental Europe and is still expanding its presence across key high-activity basins as well as emerging geothermal zones and hydrogen pilot wells in continental Europe – leveraging its existing service offering.

Wellesley Petroleum (“Wellesley”) is a leading exploration and appraisal
company focused on the Norwegian Continental Shelf (“NCS”).

In 2025, Wellesley entered a strategic partnership with Equinor to advance
future field developments.

Wellesley’s strategy is to develop a material portfolio of commercial
discoveries and future exploration drilling prospects.

The company targets gas-intensive, low-emission assets with electrification
potential.

Currently holds a strong portfolio with 4 discoveries and 6 prospects.

Proven monetisation track record, including Duva, Ørn, and Atlantis.

Unique Group (“Unique”) is a leading global provider of subsea technology
including advanced hydrographic survey equipment, saturation diving
systems and support vessels as well as complimentary offshore ancillary
revenue lines with offshore applications.

Unique predominantly designs, engineers and conducts final assembly of
its state-of-the-art rental fleet and for-sale equipment, its product portfolio
is diversified covering the whole offshore project lifecycle greenfield
capex through to brownfield opex providing a balanced exposure to its
blue-chip customers spend profiles.

Unique has a strong track record operating for over 30 years, has built a
global footprint consisting of over 20 sites in 10 countries covering its
client base across the ME, Europe, Asia Pacific, Africa and the US.