Herkules Acquires Umoe Schat-Harding and Noreq

MarineLink.com
Tuesday, June 11, 2013
Photo: Noreq

On Monday, June 10, Herkules signed an agreement to acquire Umoe Schat-Harding AS. The acquisition is being carried out in cooperation with the owners of Noreq AS, who, in parallel, are selling Noreq to Herkules and reinvesting a substantial amount in a new, joint holding company. The transactions are expected to be finalized the first half of July.

The intention with the acquisition is to build on Schat-Harding's and Noreq's strong market positions in the new combined company. For 2013 the companies expect total revenues of approximately NOK 1.2 billion.

Herkules Private Equity Fund III will be the principal owner of the new company, and it has experience owning and developing companies.

A process is currently ongoing to introduce new regulations for offshore lifeboats on the Norwegian Continental Shelf. They are expected to enter into force from 2015. “The new regulations for lifeboats on the Norwegian Continental Shelf will be an important growth driver for Schat-Harding as market leader. At the same time, Schat-Harding and Noreq combined will be able to lead the market internationally in relation to the offshore, cruise and merchant fleet segments,” said Morten Blix, Senior Partner of Herkules.

Schat-Harding said it has the world's largest service network for life-saving equipment, which it points out is also a competitive advantage for the company's equipment deliveries. As a result of the combination with Noreq, Schat-Harding will be the chosen service partner for Noreq's 4,200 units installed worldwide.

Schat-Harding's lifeboat type FF 1200 is the first in the world to have completed a full-scale test pursuant to the new requirements for free-fall lifeboats on the Norwegian Continental Shelf. The FF 1200 also holds the record for the world's highest free fall – 65.1 meters.

According to Noreq, the company has enjoyed international success in recent years with its new series of “enclosed” lifeboat davits in which all the critical components of the davits are protected inside the davit structure – protected from demanding weather conditions and wear and tear. The new davits result in cost reductions in connection with installation and maintenance.

“I have been the owner of Umoe Schat-Harding for 26 years, and while the company has experienced some demanding years, the employees and management have successfully turned the company, so that it is now positioned for profitable growth. The year 2012 was the best in the company's history. Now is the right time to bring in new owners with competence and capital. I am convinced that the combination with Noreq will strengthen both companies and that Herkules will be an excellent owner that contributes to continued rapid growth and development from a Norwegian base,” said Jens Ulltveit-Moe, President and CEO, and majority owner of the Umoe Group.

www.noreq.no

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ABS' Tikka Elected Foreign Member of NAE

ABS, a provider of classification services to the global marine and offshore industries, announced the election of ABS Europe and Africa Division President Dr.

Ellicott Takes On Rohr-Idreco Line in Latin America

Ellicott Dredges LLC & Rohr-Idreco Dredge Systems, which are owned by Ellicott Dredge Enterprises, LLC, has  announced that Ellicott's Latin American Sales Manager,

Beacon Finland Appoints Rio Marine for US Support

Beacon Finland, a maritime-related firm engaged in naval architecture, marine engineering and equipment, has appointed Rio Marine to service its JAK-ATB coupling systems in the U.

Maritime Safety

Containers to Be Weighed Before Departure

In a new measure aiming to minimize the number of shipping accidents, packed containers intended to be carried on international sea voyages must be weighed before being loaded, starting July 1, 2016.

Noncompliant Cargo Ship Banned from Australia

The 86-meter general cargo ship Noah Satu has been prohibited from entering or using any Australian ports for the second time in less than 12 months, following another round of safety,

JFD Wins Lifeboat Design Contract for Flash Tekk

JFD, part of James Fisher and Sons plc, announced that it has won a contract with Singaporean company Flash Tekk Engineering for the design and manufacture of up

Mergers & Acquisitions

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

R&M Group Merges with Sea Level Marine

R&M Ship Technologies USA, Inc. has merged Sea Level Marine, LLC. in efforts to increase the range of services offered to the company’s global client base. By aligning resources,

Shipping Line Consolidation: What Did the Airlines Do?

The container shipping industry is faced with the challenge of ever-decreasing freight rates that can only be served viably with larger, more efficient vessels.

 
 
Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1069 sec (9 req/sec)