MacGREGOR Adds to Offshore Portfolio

May 14, 2007

Recent acquisitions by MacGREGOR – part of the Cargotec Corporation – include several companies working in the offshore support sector (Grampian Hydraulics, Hydramarine and Plimsoll), and the company has just added another to the portfolio: Vestnorsk Hydraulikkservice AS MacGREGOR’s expansion into the offshore support sector continues with its latest acquisition, Vestnorsk Hydraulikkservice AS (VNH). The company is a service and turn-key system supplier to the offshore and marine industries, its main focus being offshore hydraulics service and products. VNH has a 1,100m² workshop suitable for service of hydraulic equipment in Ågotnes, west of Bergen, Norway. The company has net sales of €4.5 million and employs 21 people. Vestnorsk Hydraulikkservice AS is today owned by Vestnorsk Holding AS. VNH works fully in the offshore industry and carries out installation, troubleshooting and repairs on and off shore. About 80 per cent of its revenue comes from service, the rest from various hydraulic turn-key projects. MacGREGOR recently acquired Norway-based Hydramarine AS and Singapore-based Plimsoll Corporation Pte Ltd. Both companies specialise in hydraulic and electrical deck machinery for ship owners, yards and operators in the offshore industry. Hydramarine’s key products are large Active Heave Compensated cargo handling solutions for the offshore industry. It offers a complete range of cranes, davits, winches and subsea load handling solutions. Plimsoll’s key products are a comprehensive range of winches and cranes for offshore and marine applications. “The acquisition of Hydramarine and Plimsoll have widened our offering in the growing offshore vessel segment, and adding VNH will support them from a service point of view, as well as strengthening our North Sea service strategy,” said MacGREGOR’s president, Olli Isotalo. Last year MacGREGOR acquired Scottish company Grampian Hydraulics, which specialises in hydraulics and spare part service of offshore support vessels. The acquisition of VNH means that MacGREGOR now offers a service capability on both sides of the North Sea.

MacGREGOR Adds to Offshore Portfolio

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