Stavanger-based Ocean Installer AS and Houston-based McDermott International, Inc. mutually agreed to dissolve their North Sea projectspecific alliance that the two companies entered in December 2012.
McDermott said that opportunities under the alliance have not materialized, however, the relationship between McDermott and Ocean Installer remains amicable. In recent months it has become apparent that the long term strategic aims of both companies are not aligned.
“We had different strategies,” said Ocean Installer CEO Steinar Riise. “As you mayhave seen of their recent press releases, McDermott has a lot of changes going on. Their strategy did not fit with ours.”
Riise said the dissolution of the alliance will not impact any of Ocean Installer’s current contracts.
Ocean Installer and McDermott entered the alliance to pursue and execute North Sea rigid pipelay projects. The partnership was projected to pave the way for a more permanent relationship.
The end of the alliance has not deterred McDermott from pursuing future partnerships, the company said in a press statement: “McDermott may undertake timely and appropriate strategic partnerships with leaders and niche players in the industry in support of reaching global tier-one status in subsea project execution.”
Ocean Installer maintains focus on expansion. The company established a Houston office earlier this year.
“Houston is an extremely important market because of the resources there. We strive to become a global service provider and Houston is a part of that,” Riise said. OE
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