Shipping industry consultant Wavespec plans to expand its services from LNG shipping into renewables and other areas focused on decarbonisation.
The company, which Braemar Shipping Services announced it had sold off on 1 April, said it is now under new ownership as a private entity following a management buyout.
In a statement, the consultant said the new Wavespec Holding is now owned by investment fund Cosmos SICAV which is managed by Abalone Asset Management.
Wavespec said its new owner is “committed to invest aggressively in the energy transition”.
The company will be led by managing partner Sheila McClain. She will work with partner for LNG and renewables Constantyn Gieskes and partner for marine shipping projects Andy Bright.
McClain said the change in ownership is in line with Wavespec’s strategy of “growing a more diverse technical consulting business”.
“Going private with more access to the funds we need to expand the business will allow us to sustain current operations and grow with the demands of our clients’ changing needs. It represents the next chapter for our brand,” she added.
Independently minded
Speaking to TradeWinds, Wavespec McClain said that before Wavespec was put into Braemar Technical Services Group, the company had always operated independently.
When the company was founded in 1993 its Seascope founders, who formerly worked with energy major Shell, got the company involved in the LNG carriers needed for Qatargas’ first liquefaction project.
The company moved on to become involved in the design and construction of Qatar’s huge fleet of Q-Flex and Q-Max LNG carriers and has worked on over 100 LNG carriers over the years.
But McClain is quick to point out that Wavespec is also involved in other vessel types and now plans to move into renewables, including offshore wind, and some other areas.
She revealed that the fund that bought Wavespec also owns other companies in the energy industry which will allow the consultancy to collaborate and grow.
“We are going to do bigger and broader things,” she said. “We are going into a cleaner environment where there is going to be services needed and we have all the capabilities in the world to support those businesses and product lines.”
