ICR

Graphite Capital is developing ICR into a broader, technology-enabled provider of inspection, repair and maintenance services to the global energy and industrial sectors

ICR has a strong presence in the North Sea, Middle East, Norway and Australia, with emerging operations in America. ICR also operates globally through a partner network. The group operates under six brands, Walker (composite wraps), CIU (chemical pumps), MOSS (on-site machining), NECE (inspection), Quickflange (cold welding) and Sky Futures (drone-based inspection), each of which inspects, prevents or repairs corrosion. Demand for these services is driven by an ageing industrial infrastructure. ICR differentiates itself through strong technical capabilities, a track record of successful projects and its ability to operate in high-risk environments.

The global industrial infrastructure is ageing and requires increasing inspection, repair and maintenance. In the UK North Sea, 60% of the over 300 offshore installations have operated for more than 20 years, many of them beyond their original design life. Consequently, UK North Sea maintenance spend has grown rapidly over the past 15 years. Onshore industrial installations in the UK and across the world also have a similarly ageing profile which will drive increasing opportunities for ICR.  Covid-19 restrictions reduced access to offshore platforms or onshore sites, particularly for non-critical repairs, but these restrictions are easing. 

ICR has a strong reputation for quality and deliverability in a sector with strict health and safety requirements and it has grown rapidly, both organically and by acquisition. In recent years, ICR has significantly diversified its operations, which has increased the group’s resilience. Graphite is supporting ICR’s international expansion and the development of its R&D pipeline to launch new services in data analytics and drone inspection.