Private Equity Investment Creates Group

Press Release
Wednesday, February 06, 2013

Group to Focus on Growing Global Underwater Inspection Repair and Maintenance Market. New Name in Subsea Unveiled at Subsea 2013.
 
 

A new subsea oil and gas group, Harkand, chaired by oil and gas industry veteran Tom Ehret, is launching  with an ambition to grow to a turnover of $1 billion in the next five years.
 

Following investment by Oaktree Capital Management in Iremis, Integrated Subsea Services (ISS) and their sister company Andrews Survey last year, the three names have merged to form one group focused on the fast-growing subsea inspection, repair and maintenance (IRM) market.

 
Harkand aims to become a leading global name in subsea IRM focused on attaining the highest standards in health, safety, quality and environmental performance and delivering excellent execution of projects.

 
The group will combine proven survey, inspection, repair and maintenance services with the Iremis fleet of multi-purpose diving support vessels, ROV and Air Diving support vessels and ISS’ fleet of 23 remotely operated vehicles (ROVs) and teams of ROV operators, surveyors and divers.

 
The vessel fleet includes the new state-of-the-art multi-purpose diving support vessels, Harkand Atlantis and Harkand Da Vinci.
 

Nicolas Mouté is the chief executive officer of the Harkand Group. Commenting on the new group, he said: "Today’s launch sends an exciting signal to the oil and gas market worldwide. Harkand has all the resources, including the support from our shareholder, to play a major role in the subsea market as a focused, niche group. We are already looking into opportunities to grow our fleet and extend our services to offer our clients a wide range of cost-effective and innovative subsea solutions."


International operations are headed by Harkand Iremis Managing Director Patrick Chapalain and European Operations are headed by Harkand ISS Managing Director David Kerr.


Mr Chapalain said:: “It is our intention for Harkand to become a world-leader in subsea IRM with new offshore tonnage, systems and equipment along with a motivated and competent workforce.

 
Mr Kerr added: “Our strong track-record, can-do culture and experienced personnel will ensure we meet existing demand for our services, exploit new opportunities and challenge the norm for subsea IRM delivery by continually developing fit for purpose, more cost-effective but still safe ways of tackling underwater inspection and repair.”

 
The group’s name, Harkand, comes from mediaeval Arabic literature where it is the name of one of the seven seas.

From its bases in Aberdeen in the UK, Dubai in the Middle-east, Singapore and Perth in Asia Pacific, the group is already carrying out work in the North Sea, Brazil, West Africa, India, Russia and the Caspian, Australia, Vietnam and the Gulf of Mexico.

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Ferguson Marine Chooses ShipConstructor

Ferguson Marine in Port Glasgow, Scotland has invested in a comprehensive package of SSI products.   Ferguson has chosen to implement almost every ShipConstructor product including: Hull,

Gethings Joins Seaspan Marine as Business Development VP

Jenny Gethings has been named vice president of business development at Seaspan Marine, the company announced.   Gethings will lead Seaspan’s business development

African, Chinese Shipbuilders Form Partnership

Southern African Shipyards (SAS) has entered into a Memorandum of Understanding (MOU) with China Shipbuilding Trading Company (CSTC), a subsidiary of China State Shipbuilding Corporation,

Offshore

USCG Rescues Disabled Fishing Vessel

A fishing crew is back on land today after a fouled anchor line stranded them about 115 miles east of Gloucester, Massachusetts, Saturday. Initially, the

MacGregor Inks Deal with Grupo CBO

MacGregor, part of Cargotec, has secured a contract with the Brazilian shipowner and shipbuilder Grupo CBO. The contract is to supply Triplex deck handling equipment

NOAA’s National Saltwater Recreational Fishing Policy Opposed

Recently, NOAA Fisheries released the implementation plan to support the latest National Saltwater Recreational Fishing Policy. The policy, announced at the

Finance

Royal Caribbean Cuts Profit Forecast

Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar.   Shares

Baltic Index Up Slightly on Higher Rates for Large Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose slightly on Monday due to firmer rates for the large vessel segments.

ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves

News

SAAM SMIT Towage Brazil Signs on with Helm

Helm Operations has signed on Brazilian harbor services company SAAM SMIT Towage to its Helm Marine Operations software to manage its billing and dispatch.    SAAM

Siemens Wins Vessel Electrical Installation Contract

Nautilus Minerals Inc. announces that the order for the supply of the entire electrical installation for the production support vessel has been awarded to Siemens International Trading (Shanghai) Ltd.

Delivery Begins for HMS Prince of Wales Bridge

The bridge section of the U.K.’s second Queen Elizabeth Class aircraft carrier has been loaded out of its dock hall in Glasgow ahead of its first sea voyage to Rosyth.

Surveyors

KR Releases Writable Version of KR-CON Software

Korean Register (KR) – an IACS member classification society – has released a writable version of its KR-CON software and associated App to allow greater flexibility and enhance user experience.

Suezmax Tankers Bullish

Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa.   Suezmax

'Amazingly Intact' WWII-era Aircraft Carrier Surveyed

NOAA, working with private industry partners and the U.S. Navy, has confirmed the location and condition of the USS Independence, the lead ship of its class of

Underwater Engineering

Taylor to Chair NOIA Board

The National Ocean Industries Association (NOIA) Board of Directors has elected Cindy B. Taylor as Chair and Kevin McEvoy as Vice Chairman for the upcoming 2015-2016 term.

China Constructing Sea Outposts, US Warns

The U.S. military commander for Asia warned that, China could eventually deploy radar and missile systems on outposts it is building in the South China Sea that

Murmansk Region Head for Zoning Arctic Territories

Murmansk Governor Marina Kovtun, at the first meeting of the State Commission for the development of the Arctic has proposed a change to the system of energy

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2307 sec (4 req/sec)