Private Equity Investment Creates Group
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.