Graphite Capital is backing the expansion of ICR, a group of businesses providing a broad range of inspection, repair and maintenance services to the energy sector

ICR has a strong presence in the North Sea, Middle East, Norway and Australia, with emerging operations in America. 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 prevents or repairs corrosion. Demand for these services is driven by an ageing global energy infrastructure. ICR differentiates itself through strong technical capabilities, a track record of successful projects and its ability to operate in high-risk environments.

The UK’s energy infrastructure is ageing and requires increasing 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, four of the UK’s ten oil refineries were built before 1940 and the other six were built before 1980. The Middle East and Americas are attractive markets for ICR, with ageing infrastructure across these regions. 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 long-range drone inspection.