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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

HII Appoints Brenton as Corporate Director

Huntington Ingalls Industries (HII) announced today that Capt. Kevin Brenton (U.S. Navy, Ret.) has joined the company as corporate director of customer affairs for submarine programs.

New Simulation Tool for Collision Reconstruction

BMT ARGOSS and BMT Surveys, subsidiaries of BMT Group Ltd, the international design, engineering and risk management consultancy, announced an innovative new service

Offshore

MOL Merges Group Companies; Upgrades Bridge Simulator

MOL adds DPS and enhances safe operation by integrating expertise through merger Mitsui O.S.K. Lines, Ltd. (MOL) announced the merger of MOL Marine Consulting, Ltd.

Swire Pacific Acquires 3rd L Class PSV

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming and delivery of its third L Class PSV vessel, Pacific Legend in Kyoto,

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Energy

Leak May Sideline New Mexico Nuclear Waste Site

It may be five years before a nuclear waste dump in New Mexico closed by a radiation leak is fully operational again, and the facility will need at least $240

Imperial Oil Completes Maintenance at Kearl Oil Mine

Imperial Oil Ltd said on Tuesday it has completed a two-week major maintenance turnaround at its 110,000 barrel per day Kearl oil sands mine in northern Alberta.

Swissco Doubles Rig Fleet

SGX Mainboard-listed Swissco Holdings Limited an integrated, international marine services provider, today announced having completed the acquisition of four additional mobile offshore drilling units,

News

DP World Mulls Senegal Free Zone

DP World  is looking to develop a free zone in Senegal, Chairman Sultan Ahmed bin Sulayem said on Wednesday. Sulayem was speaking at an African investment event in Dubai.

MAN Propulsion Packages for New Trawler Series

Orders for five fresh-fish trawlers feature two different ship designs and MAN 6L27/38 engines and aft-ship equipment Icelandic owners, HB Grandi, Vinnslustodin hf.

MOL Merges Group Companies; Upgrades Bridge Simulator

MOL adds DPS and enhances safe operation by integrating expertise through merger Mitsui O.S.K. Lines, Ltd. (MOL) announced the merger of MOL Marine Consulting, Ltd.

Surveyors

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

Ocean Installer Awarded New Contract

Ocean Installer has been awarded a contract for SURF support work in Brazil for Saipem. The contract which will see the Normand Clipper in Brazil for 8 months is valued at circa USD 50 million,

ABS Awarded DoD Classification Contract Modification

The US Department of Defense informs that the American Bureau of Shipping, Houston, Texas, is being issued an $8,500,000 modification under a previously awarded

Underwater Engineering

General Dynamics Bags $ 50 mi Submarine Contracts

General Dynamics Advanced Information Systems, a business unit of General Dynamics was awarded two contract modifications totaling $50 million to continue supporting

Swissco Doubles Rig Fleet

SGX Mainboard-listed Swissco Holdings Limited an integrated, international marine services provider, today announced having completed the acquisition of four additional mobile offshore drilling units,

General Dynamics takes Rudy deLeon on Board

The board of directors of General Dynamics has elected Rudy deLeon to be a director of the corporation, effective September 30, 2014. DeLeon is a senior

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1618 sec (6 req/sec)