The purchase, via the Offshore Merchant Partners’ fund set up with $206m of capital late last year by HitecVision, marks the group’s entry into the offshore shipping business.
Offshore Merchant Partners is buying a 49% stake in Scantank which has management agreements for 12 offshore and shipping projects and owns a fleet of 26 offshore support, bulk and chemical vessels.
The new Oslo-based offshore shipping investment company is also purchasing Bjorgvin’s equity stake in four offshore projects comprising 12 modern Anchor Handling Tug and Anchor Handling Tug Supply vessels on long term bareboat charters.
Personnel will transfer from Bjorgvin to Offshore Merchant Partners as part of the deal.
Offshore Merchant Partners chief executive Bengt Neteland says the acquisition brings a set of attractive assets plus the experience of a reputed commercial manager.
“We see a number of opportunities in this space, and will proactively review the market in search for business opportunities,” said the former member of Aker’s investment team who has also worked in financing, mergers and acquisitions and spin-offs of major oil & gas service companies within John Fredriksen’s business group, including Seadrill.
Chairman of Offshore Merchant Partners, Alf Thorkildsen adds that the funding firm will be in a unique position to benefit from HitecVision’s investor base and intends to cooperate with Norwegian and international financial institutions, pension funds, fund-of-funds, endowments and family offices.
HitecVision is a major investor in the international oil and gas industry with offices in Stavanger, Oslo and Houston. It focuses on middle market investments in oilfield services and technology plus exploration and production companies.
