Mitsui & Co., Ltd. (Mitsui) has executed a share purchase agreement to acquire 100% of the issued shares of STATS (UK) Ltd. (Head office: Aberdeen, UK, hereinafter "STATS"), a company which manufactures proprietary energy pipeline repair equipment and provides engineering services worldwide. The acquisition will be completed in the summer of 2023 after the necessary approvals have been obtained.

Founded in 1998, STATS currently has operations in nine countries. As a global player in the field of pipeline repair equipment manufacturing and engineering services, STATS excels in the servicing of large-diameter, high-pressure pipelines, which requires advanced technical capabilities unique to STATS. The company has carried out numerous projects for major national and international energy companies and pipeline operators in many countries worldwide.

Within the context of creating a circular economy, demand to prolong the life of ageing energy pipeline infrastructure through maintenance and repair is expected to continue to grow. While at the same time, within the framework of energy transition, the necessity to convert existing pipeline infrastructure to the supply of hydrogen, and the capturing, transportation and storage of carbon dioxide (CCS) is required to support a decarbonized society. STATS is uniquely positioned to provide their products and services to support these initiatives.

"With STATS' position as a market leader in the global energy industry, we are confident that this acquisition will strengthen Mitsui's business processes and provide new opportunities for growth in the areas of Carbon Capture and Storage (CCS) and hydrogen," said Koichi Fujita, COO of Mitsui's Iron & Steel Products Business Unit. "We will also leverage our network and expertise to maximise STATS' growth potential and achieve market acceleration for sustainable infrastructure maintenance. Strategically, the acquisition will help progress Mitsui's Medium-term Management Plan for transformation and growth, and play a pivotal role in realizing our mission of addressing key issues of today to build brighter futures, everywhere."

Mitsui will leverage the industry knowledge, their partner and client base as well as its robust global network across the entire energy value chain to support the continued expansion of STATS' products and services offering. Through the equipment and services provided by STATS, Mitsui will also work to further strengthen the value chain for its existing upstream energy interests in the areas of CCS and hydrogen.

Under its Medium-term Management Plan 2026, Mitsui aims to work toward a global energy transition by providing optimal solutions through business, eyeing both stable energy supply and climate change action. This acquisition further enhances the value chain within Mitsui that supports decarbonization and circularity, while also contributing to the stable supply of energy and the creation of an eco-friendly society.

About Mitsui

Mitsui & Co.'s five principal functions are marketing, financing, logistics, risk management, and IT and process development capabilities. We combine these functions to create and optimize value chains in a wide range of business fields. Maximizing our value-added content, we strive to meet the diverse needs of our customers around the world.

About STATS

STATS is market leaders in the supply of pressurised pipeline isolation, hot tapping and plugging services to the global energy industry. DNV type approved isolation tools provide leak-tight double block and bleed isolation that enables safe and efficient maintenance and repair of onshore, topsides and subsea pipeline infrastructure.