A team led by AJ Jain, Harkand North America managing director, has agreed to a management buyout (MBO) of Harkand’s North American and African business.
The subsea inspection, repair and maintenance firm went into administration on Wednesday this week.
The new company, to be named Ethos Offshore, will continue to provide subsea engineering and construction services to Harkand’s existing US, Mexican and West African client base to market-leading standards.
The new company, backed by investment funds advised and managed by Oaktree Capital Management,is expected to have a contracted backlog of US$145 million worth of projects. The move also could potentially safeguard more than 100 jobs across North America, Africa and Mexico.
Operations in the three regions will continue to be led by AJ Jain as CEO, supported by Brian Schacht, head of business development and communications, James Parker, head of North America operations and Doug Fieldgate, head of West Africa operations.
Jain said: “Throughout the transition process, our focus will be to ensure that there is no disruption to clients. Our project teams will continue to deliver the high standard of services that our clients are accustomed to. We are delighted that Oaktree Capital Management continues to believe in the business created by the North America team of Harkand and is supporting not only the current projects but also the growth ambitions of our new company.”
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