Nu-Oil and Gas PLC (AIM:NUOG) – formerly a vehicle for un-manned oil projects – is to relaunch as a technology and security business, with a float in London via a standard listing.
It is to acquire Guardian Maritime Ltd and Guardian Barriers IP Ltd, which together supply products to prevent unauthorised entry into areas that are deemed to have value, with maritime security being the main focus initially.
The new company, called Guardian Global Security PLC, will be led by chief executive Gary Smith, an ex-Royal Marine Commando and an expert in maritime security.
Guardian is described, in a statement, as “a revenue-generating business with a backlog of orders to fill”. Among its products is a retro-fit anti-piracy barrier. According to the company, no vessels fitted with the Guardian maritime system have been breached to date (among them there were five vessels that had experienced piracy attacks against them).
“The maritime security industry is currently approximately $20bn, which is expected to rapidly increase in size and profile,” Gary Smith said.
“As the world economies begins to accelerate their recovery from COVID, shipping remains in high demand with a higher number of transits with bulk carriers, product tankers and container vessels remaining as the most commonly targeted vessels; therefore the risk remains as high as ever.
“The piracy threat is expected to remain elevated as economies struggle to return to pre-Covid-19 levels and related socio-economic grievances persist.”
Smith noted that Guardian Global Security’s admission to the stock exchange will provide access capital that can accelerate investment decisions, maximise the opportunity ahead and deliver rewards and results for stakeholders.
“With existing revenues, strong pipeline of orders, and unlimited growth potential, we look forward to welcoming further new investors at this important time for the company, and to sharing a highly prosperous future,” the Guardian chief executive added.
Guardian, in its previous guise, has won multiple awards for innovation and in particular as a provider of anti-piracy solutions.