Norwegian private equity outfit HitecVision has created a new oil service group by merging five companies in its portfolio.
Global Maritime Group comprises companies working within offshore and maritime engineering, marine warranty, dynamic positioning, vessel inspection, mooring and anchors, as well as offloading, transportation and installation of offshore structures.
From the day it launched - 15 January - the group had 650 employees with NOK 1.4 billion turnover for 2014.
The largest member of the new group is Global Maritime, an independent provider of consultancy services for the offshore and maritime industries. In addition, the group will comprise Marine Contracting and Deep Sea Installation, both engineering companies focusing on segments within offloading, transportation and installation of offshore structures. Further the Group includes Vryhof Anchors, a global supplier of anchors and related mooring equipment for larger floating structures, and Deep Sea Mooring, which supplies mooring solutions for exploration and production companies and drilling operators.
“Each company complements the others in terms of expertise and services they offer, and they are all making progress and achieving growth,” says Jan Vatsvåg, chair of Global Maritime Group. “Through the combination we’re ramping up and positioning the companies for further growth. As a single group we will increase the competitiveness, efficiencies and improve opportunities for reaching ambitious growth targets set for each of the Global Maritime Group companies.
Jan Vatsvåg continues: “We see that markets for this type of specialist expertise are growing sharply, with each company independently already occupying leading positions. The job in the future will be to build further on this strong foundation through both organic growth and acquisitions.”
Global Maritime Group will be led from Stavanger, Norway, where around 120 of its employees are based. About 70% of its 2014 turnover will be coming from outside Norway.
The Group is working to have a permanent chief executive in place early 2015.
“We see several exciting opportunities in the oil service sector,” says Atle Eide, HitecVision senior partner. “Global Maritime Group has leading-edge expertise and occupies a strong position. As owner, we are ready to support the strategy adopted for the Group and we have dedicated one billion kroner to secure the growth through both acquisitions and organic development. It is our ambition that the workforce and revenue will grow substantially based on the current presence in 26 countries with more than 40 establishments.”
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