HitecVision merges five companies into one

Global Maritime has informed that HitecVision, a private equity investor focused on the upstream offshore oil and gas industry, is establishing a new oil service Group under the name Global Maritime Group by merging five companies in its portfolio.

The five companies work in the fields of offshore and maritime engineering, marine warranty, dynamic positioning, vessel inspection, mooring and anchors, as well as offloading, transportation and installation of offshore structures.

According to the press release, Global Maritime Group will be a global company with a strong international position, with around 650 employees, and will have an annual turnover of about NOK 1.4 billion ($188 million) in 2014.

The largest member of the new Group is Global Maritime. 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. The Group also 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 E&P companies and drilling operators.

“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.”

“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.”

Headquartered in Stavanger

Global Maritime Group will be led from Stavanger, Norway, where around 120 of its employees are based. In total, the Group will have around 650 employees divided between offices in 26 countries worldwide. The Global Maritime Group will have a clear international profile, and roughly 70 per cent of its 2014 turnover will be coming from customers outside Norway. The five companies that form the foundation for Global Maritime Group, are owned by the private equity fund HitecVision Private Equity VI L.P. HitecVision senior partner Atle Eide, is responsible for the Global Maritime Group investment. 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. “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. ”

The establishment of Global Maritime Group is due to be completed by January 1, 2015.

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