NCA Acquires More IOS Offshore Shares

Friday, June 26, 2009

Norse Cutting & Abandonment AS (NCA) has acquired an additional 21% of mooring specialist IOS Offshore, bringing its total engagement up to 91%.

IOS Offshore (IOS) offers rental, sales and service of specialized mooring and lifting equipment. The company has several bases along the Norwegian coast and delivers chains, buoys, mooring lines, anchors and lifting equipment to oil companies and rig operators. Their main office is located in Dusavik outside Stavanger.
 
”Since IOS became part of the NCA Group two years ago, the company has had a very positive development, both in terms of organizational development as well as delivering results. The idea of leveraging upon the combination of NCA’s international network and knowledge about marine operations and platform decommissioning with IOS’s competences within mooring and installation provides a good basis for further growth”, said CEO of the NCA Group, Carl Lieungh.

As part of the transaction, NCA has also used the opportunity to combine its current credit facilities with Sparebank 1 SR-Bank into one new overall corporate facility.

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