Norwegian buyout firm creates oil service conglomerate

 
Ollie Gordon
HITECVISION, a Norwegian private equity firm focused on the offshore oil and gas industry, yesterday launched new oil service conglomerate Global Maritime Group by merging five companies in its portfolio.

The Stavanger-based buyout firm believes that as a group the companies are better positioned to capture a greater share of the market.

The largest member of the new group is Global Maritime, a consultant for the offshore and maritime industries.

The group also includes Marine Contracting and Deep Sea Installation, engineering companies focused on offloading, transportation and installation of offshore structures; Vryhof Anchors, a supplier of anchors and mooring equipment for large floating structures; and Deep Sea Mooring, a supplier of mooring to E&P companies and drilling operators.

Jan Vatsvag, chair of Global Maritime Group, told City A.M.: “The main reason for the merging is to take a larger portion of the sector’s contracts. Together the company is better positioned to capture more of the market than individually. There are areas where we can supply a number of different services to clients, and we know that some of the oil companies prefer to have larger suppliers.

“It also means that we’re quite prepared for the low oil prices [expected to continue into next year]. The discussions started before oil prices went down, so it wasn’t a direct driver. But at the same time, due to the price fall, it actually proves a good time to do it.”

With an annual turnover of around £119m, the group will be fully established by 1 January.

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