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Odfjell Drilling Sells Deep Sea Mooring to HitecVision

Source: 4/18/2013, Location: Europe

Odfjell Drilling has agreed to sell Deep Sea Mooring to HitecVision. – We believe HitecVision are the right owner to develop Deep Sea Mooring in the international mooring industry. We are proud of having developed the company to a stand-alone business and our culture for creating values to our owners, says Simen Lieugh, CEO of Odfjell Drilling.

Deep Sea Mooring (DSM) was established by Odfjell Drilling in 2008. DSM has been developed from an in-house mooring service provider to one of three providers of mooring services to E&P companies and rig owners in Norway. The company offers rental equipment, pre-lay mooring solutions and ancillary services and serves the market through its locations in Mongstad and Kristiansund.

Simen Lieungh, CEO of Odfjell Drilling states: “ For 40 years Odfjell Drilling has been a pioneer in the offshore drilling industry with a proven track record of establishing and developing new businesses. We are proud of having developed Deep Sea mooring to a stage where it has a strong potential on a stand-alone basis. We believe in the future of the company, product and service portfolio and its competent and dedicated team of people. Under HitecVision’s ownership, Deep Sea Mooring can certainly become a potent player in the international mooring industry.

Gunnar Halvorsen, Senior Partner of HitecVision, comments: “We are impressed by the development of Deep Sea Mooring under Odfjell’s ownership, and are pleased to have been entrusted by Odfjell to become the new owners of the company.”

Deep Sea Mooring, being a niche supplier of critical services to the oil and gas companies, is typical of the sort of company HitecVision invests in. We have followed and invested in this segment before, and believe Deep Sea Mooring has great future potential. We look forward to working with the company’s management to develop it further. The transaction is subject to approval from relevant competition authorities.

Odfjell Drilling Group celebrates in 2013 its 40 years anniversary as an international drilling contractor providing mobile offshore drilling units for harsh environment and ultra-deepwater drilling operations, platform drilling, engineering and well services. The company currently operates six modern harsh environment and ultra-deepwater drilling units in Norway, Tanzania, Angola and Brazil. The company provides platform drilling services at 20 production installations to clients in Norway and the UK.

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Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

Related Articles: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

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