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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Maritime Safety

US Aircraft Carrier Crew Rescues Fishermen

Sailors and Marines aboard the U.S. Navy aircraft carrier USS Theodore Roosevelt (CVN 71) assisted two fishermen aboard a fishing vessel engulfed in flames off the east coast of Florida, Sept.

NAVTOR, AWT Agreement Marks Next Step in E-navigation

NAVTOR has signed an agreement with maritime weather routing specialist Applied Weather Technology (AWT) that will see the two companies integrating their services

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Mergers & Acquisitions

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

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.

'Flag Zannis' Delivered

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd ("COSCO Dalian"), a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction
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: 0.1987 sec (5 req/sec)