Tag Archives: offshore

Partners Group to acquire North Star, a leading European provider of offshore infrastructure support services

Partners Group

Baar-Zug, Switzerland; 13 January 2022

  • North Star operates a fleet of 48 specialized vessels that offer emergency response and rescue and essential offshore wind maintenance services
  • The Company has predictable cash flows and is set to benefit from structural growth in the offshore wind industry, supported by global decarbonization trends
  • Partners Group aims to transform North Star into a leading next-generation offshore wind infrastructure services company

Partners Group, a leading global private markets firm, has agreed, on behalf of its clients, to acquire North Star (or “the Company”), an operator of specialized vessels that offers emergency response and rescue and essential offshore wind maintenance services, from Basalt Infrastructure Partners.

Headquartered in Aberdeen, Scotland, North Star is an established infrastructure company with a fleet of 48 Emergency Response and Rescue Vessels (ERRVs) and Service Operation Vessels (SOVs) and around 1,400 employees. North Star’s ERRV fleet is the largest in Europe and provides essential crew rescue, firefighting, and other emergency response services to offshore energy operations in the North Sea. The Company is also the leading UK provider of SOVs which are used to transport technicians to offshore windfarms and accommodate them for extended periods of time. North Star has strong infrastructure characteristics with an asset-heavy business model and predictable cash flows, supported by the mandatory usage of ERRVs and long-term contracts in the offshore wind sector. The Company is set to benefit from rising demand for SOVs due to structural growth in the offshore wind industry, which is being driven by global decarbonization trends.

Partners Group aims to transform North Star into a leading next-generation offshore wind infrastructure services company, which reflects the firm’s focus on investing with sustainability factors in mind. Partners Group will work with management on a transformational value creation plan that will expand the Company’s platform in Europe through growing its offshore wind fleet and broadening its offshore wind offering.

David Daum, Managing Director, Private Infrastructure, Partners Group, says: “North Star represents an excellent opportunity to acquire a leading energy infrastructure services business that is well-positioned to capitalize on the transformative trends driving growth in the offshore wind industry. The Company provides mission-critical services and benefits from steady demand due to high barriers to entry and few direct competitors. We have extensive experience in the offshore wind sector and North Star is a great fit for our platform-expansion strategy. We look forward to working with Matthew and the team.”

Matthew Gordon, Chief Executive Officer, North Star, comments: “We have decades of operating experience and maintain a market-leading position for both ERRVs and SOVs. Looking ahead, servicing the offshore wind industry represents a huge growth opportunity for us as the decarbonization of economies gathers pace. Partners Group’s operational expertise in that industry will be very valuable as we expand into new offshore wind markets in Europe, which are experiencing similar tailwinds to those in the UK.”

Nicholas Pepper, Member of Management, Private Infrastructure, Partners Group, adds: “The provision of mission-critical offshore infrastructure services is a subsector within renewables that we have been tracking through our thematic sourcing approach. Demand for SOVs is being driven by the construction of larger wind farms further from shore, which makes daily maintenance trips inefficient. North Star’s home market of the UK, the largest offshore wind market globally, is expected to account for a large proportion of future offshore wind capacity, providing the Company with a good springboard for growth internationally.”

Categories: News

Tags:

Investment in TMS Werkendam

On 26 May 2021 Anders Invest acquired 70% of the shares in TMS from Werkendam. The company develops and assembles custom mechanical installations for use in offshore wind, maritime and civil markets. TMS has a turnover of € 15-20 million and employs approximately 25 permanent employees. It is the 22nd investment in the Anders Invest Industry Fund.

Founded in 1994, TMS focuses on the engineering and delivery of unique custom installations that are used, for example, in the construction of offshore wind farms. Think of pile plugs and foundation installations for the French offshore wind farm at Saint-Nazaire and special cranes and manipulators for use on ships and civil works. The company’s customer base consists of established (international) players active in offshore, maritime and civil markets. TMS is involved by its customers from the concept phase in the engineering of the special and deviating solutions that are required for the ever-changing applications and increasing safety requirements. The TMS workforce consists mainly of engineers. Production of the specific parts is outsourced to partners, the final assembly takes place in-house. The company is located in the harbor of Werkendam, where it has a modern office, recently built assembly halls and quay facilities.

Anders Invest acquired its interest from the current owners of TMS, Mr Cees van Wendel de Joode and Mr Marco van Driel. They founded TMS in 1994 and since then the company has grown strongly. In mid-2020, the management was supplemented with the arrival of Mr Jan Albert Westerbeek. Jan Albert, former CEO at IHC IQIP, has a large network in the industry in which TMS is active. His experience with processes and adjacent markets are of great value for the further professionalization and expansion of TMS. The management jointly holds a 30% interest and remains associated with the company for an indefinite period of time.

Categories: News

Tags:

Creating a high-end offshore accommodation player – Merger of Master Marine and Crossway Holdings

Nordic Capital

Master Marine AS and Crossway Holdings, both leaders in offshore accommodation services, have agreed to merge operations. The merger will be executed through the formation of a new holding company majority owned by Nordic Capital and with Paragon Outcomes Management LLC being a significant minority holder. The current holding companies of Master Marine and Crossway Holdings will be owned 100% by the new joint company. The Group will build upon its successful track record of 100% uptime performance and solid contract backlog to create a top-tier accommodation services business.

“We are delighted by the continued strong support from Nordic Capital and welcome Crossway Holdings and Paragon to the Group,” said Bjorn Henriksen, CEO of Master Marine AS. ”We look forward to continue to build on the solid platform this combination provides us for the future”.

Following completion of the merger, the Group will hold two high end accommodation jack-up rigs, Haven and Crossway Eagle, currently contracted to Equinor and Total respectively. In addition, the Group will control a further high-end accommodation jack-up rig currently under construction at DSIC Offshore in Dalian, China which will be available for contracting in 2019.

The current management team of Master Marine will be appointed management of the Group.

“We are extremely pleased that Nordic Capital and the management team of Master Marine AS embody our own vision to thoughtfully build a premier accommodation business over the next several years,” said Frank Tripoli, Managing Partner and Chief Investment Officer of Paragon Outcomes. Henrik Bakken, Director at the Advisor to the Nordic Capital Funds, further commented “Master Marine has over the last decade set the benchmark for offshore accommodation on the Norwegian Continental Shelf. Together with Paragon Outcomes and Crossway Holdings we now enthusiastically commence the journey toward becoming the preferred and leading high-end accommodation provider”.

The merger is subject to customary approvals. Closing of the merger transaction is expected during Q2 2019.

About Master Marine AS
Master Marine AS is a Norwegian accommodation provider, with a strong track record in providing safe, efficient, reliable and comfortable accommodation services. The company has since commencement of services provided clients with 100 % uptime and strong HSE results.

About Crossway Holdings
A leader in offshore jack-up accommodation. Crossway Holdings owns two accommodation jack-up rigs, the Crossway Eagle and Crossway Dolphin, offering dual-use features in accommodation and construction support. For more information, visit https://www.crosswayholdings.com.

About Nordic Capital
Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 13 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds and vehicles are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com

About Paragon Outcomes Management LLC
Founded in 2009 and based in New York City, Paragon Outcomes Management LLC is a SEC-registered private investment firm focused on real assets and credit-oriented investments. For more information, visit https://www.paragonoutcomes.com.

 

Media contacts:
Master Marine AS
Bjørn Eie Henriksen, Chief Executive Officer
Tel: +47 941 30 432

Nordic Capital
Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Categories: News

Tags:

PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

Hercules
PSW Group has been awarded a frame agreement for Capping & Containment with Spirit Energy Norway. The agreement has a firm duration of 1 year with 2 annual optional periods.
Spirit Energy, the E&P joint venture which combines Centrica plc’s E&P business with Bayerngas Norge AS, began trading as an independent oil & gas operator earlier this December. By combining forces the company is now one of the largest independent E&P companies in North-West Europe with more than 70 exploration licenses across the continent.

PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

Under the new agreement, PSW Group will be responsible for the provision of a capping stack and related well control equipment, well incident team and emergency response services. The agreement may be applied to any license where Spirit Energy Norway is the operator. “We are very pleased to be awarded this contract as we have have strategically developed our capping stack services in response to industry demands, enabling us to provide a safe and efficient response to a well control incident”, says Oddbjørn Haukøy, CEO of PSW Group.

The PSW Arctic Capping Stack is 24/7-365 maintained and operationally prepared at the PSW Subsea & Drilling base at Mongstad. With this strategic storage facility close to one of Europe’s largest offshore supply bases, PSW Group will have the Arctic Capping Stack at quayside within 24 hours of notification and reach most offshore fields on the NCS within 1-5 sailing days

For futher information, please contact:

Oddbjørn Haukøy, CEO of PSW Group

Telephone: + 47 91 17 19 14

Categories: News

Tags:

FIELDS Group acquires majority stake in FMTC

Fields Group

November 2017 – FIELDS Group, a renowned industrial holding with offices in Amsterdam and Munich, acquires a majority stake in FMTC. FIELDS Group will support the management of the fast growing safety training provider in its further expansion. FMTC is one of the leading safety training providers in the Netherlands for offshore, maritime, wind and industry. With locations in Schiphol, IJmuiden and Dordrecht, the company can serve its client base optimally. Approximately 70 skilled trainers provide the highest quality of safety training according to the highest international standards. Together with founder Rob Bruinsma and the management team of FMTC, FIELDS Group will further build on the strong foundation that has been built in recent years.

Rob Bruinsma, managing director of FMTC, explains: “With FIELDS Group we have found a partner with relevant experience in further professionalizing our organization and prepare for further growth in the Netherlands as well as abroad. Our current setup with three locations in the Netherlands enable us to service our European client base. Coming years we will look for opportunities to expand our highly flexible, customer focused model into other countries.”

René van der Velden, CEO of FIELDS Group: “FMTC has managed to disrupt the Dutch market for safety training for offshore, marine, wind and industry by offering a highly flexible model, the highest possible quality on an exciting location, that offers a unique experience for trainees. FMTC has proven to be very successful and we are very excited to be able to partner with Rob and his team to further role out this concept internationally. We have identified various opportunities and FIELDS will support FMTC with follow-on investments if needed.”

About FMTC

FMTC, with training locations in Schiphol, Dordrecht and IJmuiden, is a provider of safety training for offshore, maritime, wind and industry. FMTC is fully certified by all relevant parties such as OPITO, NOGEPA, GWO and STCW.

www.fmtc.nl

 

About FIELDS Group

FIELDS Group is a renowned industrial holding with offices in Amsterdam and Munich. With its in-house operational taskforce FIELDS Group is directly involved with the development of the group companies. FIELDS Group invests in industrial companies with its headquarters in the Netherlands or Germany.

www.fields.nl

 

Contact for press:

Rob Bruinsma, FMTC: +316 5029 6819, rob@fmtc.nl

René van der Velden, FIELDS Group: +316 5343 5712, r.vandervelden@fields.nl

 

Categories: News

Tags:

GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy file for bankruptcy

Ratos

Ratos’s Finnish subsidiary GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy have filed for bankruptcy today at the District Court of Kanta-Häme following consultation with Ratos and GS-Hydro’s lenders.

The Board of Directors of Ratos’s Finnish subsidiary GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy have resolved yesterday evening to initiate bankruptcy proceedings and have filed for bankruptcy at the District Court of Kanta-Häme today. The GS-Hydro Group has experienced liquidity and profitability problems for some time, and these became acute when one of the company’s largest customers could not meet its payment commitments to a Group company within the GS-Hydro Group.

In recent years, Ratos has, together with the company’s Board of Directors and management, implemented an extensive action programme. In combination with this Ratos has made substantial capital contributions since 2015. This has had effect but has taken long time and the company has also been under pressure in several geographical markets. The company’s situation is primarily the result of a weak development and substantial price pressure in the offshore markets in combination with the company’s insufficiently competitive market position.

“First and foremost, we naturally regret the worry and the consequences this situation has had on the company’s employees, customers and suppliers. This is a decision we have tried to avoid for as long as possible,” says Magnus Agervald, CEO of Ratos.

“Ratos has supported the company for a long time and worked intensively in recent years to turn earnings around. As recently as last summer Ratos made a previously agreed capital contribution. We have invested a lot of work in the company, but the conclusion in the current situation is unfortunately that conditions do not exist to reverse the trend,” Magnus Agervald continues.

“Ratos has a responsibility also towards its shareholders, and after careful appraisal of the situation we have come to the conclusion that it would not be responsible to continue contributing capital in this position. It is a difficult decision that we have carefully considered,” says Jonas Wiström, Chairman of the Board of Ratos.

On 31 December 2016, Ratos wrote down the consolidated book value in GS-Hydro by SEK 160m to SEK 0. The consolidated book value of GS-Hydro amounts to SEK -64m as per 30 June 2017.

The bankruptcy estate’s administrator, who will be appointed in connection with the commencement of bankruptcy proceedings for GS-Hydro Holding Oy and GS-Hydro Oy, will provide more information about the proceedings within the scope of his authority.

GS-Hydro was acquired in 2001 in conjunction with the acquisition of Atle. Today, GS-Hydro has approximately 600 employees in 17 countries. In 2016, sales amounted to EUR 93,7m and operating loss (EBITA) to EUR -15,8m.

For questions, please contact:
Magnus Agervald, CEO, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

Categories: News

Tags:

Hydrawell appoints CEO

No Comments

Hydrawell appoints CEO

28 July 2017 – Rapidly growing plug & abandonment (P&A) and well repair specialists HydraWell has appointed Mark Sørheim as its new chief executive officer.

Mark Sørheim joins HydraWell from Schlumberger in Aberdeen where he held the position as integrated drilling & completion project director. Sørheim has spent almost 20 years in Schlumberger, including management roles in UK, Norway and France as well as operational roles in UK, Colombia and India.

“I have cooperated with HydraWell while at Schlumberger and have been highly impressed. When someone tells you that they can plug a well in 2-3 days instead of the 10-14 days it takes with conventional methods, most people will probably be a bit cautious at first. However, HydraWell’s perf, wash & cement technology does just that. It is by far the oil and gas market’s most cost-efficient P&A solution and I cannot wait to start working with the technology full time,” says Mark Sørheim, newly appointed CEO of HydraWell.

Mark Sørheim succeeds HydraWell’s co-founder Odd Engelsgjerd, who will continue to support the company as business advisor, board member and major shareholder.

“This transition has been planned for some time, by the board of directors and I, as part of our strategy to grow the business further,” says Odd Engelsgjerd.

HydraWell has developed the proprietary PWC®-technology (perforate, wash and cement) that plugs offshore wells in 2-3 days, compared to the traditional method of section milling which takes considerably longer time to complete. So far more than 200+ Hydrasystem plugs have been installed worldwide on behalf of 16 operators including supermajors, majors, NOCs and independent oil companies.

HydraWell is jointly owned by the company’s management and private equity fund Norvestor VII, L.P., which is advised by Norvestor Equity AS – a leading private equity firm focusing on lower mid-market control investments in the Nordic region.

Categories: People

Tags: