ADI supported investment due diligence by assessing the market outlook for refinery turnaround (TAR) and maintenance services. Primary research involved interviews with major U.S. Gulf Coast operators to validate job pipelines and post-pandemic labor cost escalations. The work included site-specific unit outage forecasts with regional spending trends and assessing competitive margins.
The client
Private equity firm
The situation
Diligence required validation of a service provider’s revenue forecast against actual refinery outage schedules.
ADI’s contributions
Operator research
Conducted 11 in-depth interviews with refinery managers and planners to understand service provider stickiness.
Forecast validation
Used ADI databases to cross-reference refinery outages with individual unit maintenance cycles for revenue modeling.
Cost impact analysis
Quantified recent labor and material cost increases and their effect on turnaround service billing rates.
Strategic capability audit
Evaluated the competitive perception of digital integration and planning services versus traditional labor-only models.
Key outcomes
- Validated jobs pipeline and service quality perceptions to inform terminal valuation and risk mitigation strategies.
More insights
What recent M&A reveals about the catalyst industry
The catalyst industry is entering a new phase, with 2026 marking a period of significant portfolio realignment and expansion into adjacent catalyst technologies and services across refining, petrochemical, polymer, and emissions-control markets. The transactions shown in Exhibit 1 highlight a broader shift in how companies are positioning themselves across the catalyst value chain. For instance, […]
ADI insights featured in Enterprise AM
ADI Analytics is pleased to share that our CEO, Uday Turaga, was quoted in Enterprise AM discussing Kuwait’s Project Peregrine and the growing trend of infrastructure monetization across the global energy sector. Kuwait’s transaction is the latest in a series of deals involving companies such as ADNOC Group, Aramco, OQ, and Bapco Energies. These transactions […]
2026 August SAF Tracker highlights – #91
Here are the latest highlights from ADI’s SAF Tracker: The full newsletter along with archives and databases are available to SAF Tracker subscribers.