Offshore Groups Bibby, Rever Merge
The U.K.’s Bibby Offshore will merge with Norwegian firm Rever Offshore AS in a move targeting opportunities in the diving and subsea umbilicals, risers, and flowlines (SURF) markets.
The transaction has been agreed and is expected to close soon, announced Bibby owner Fara Holdco Limited.
The merger will combine Bibby and Rever subsidiary CECON Contracting to create a larger offshore installation delivery business both in the North Sea and internationally, currently focused on the Atlantic and Mediterranean regions.
Howard Woodcock, chief executive of Bibby Offshore, said, “Combining Bibby Offshore’s traditional diving and North Sea strengths with the international and engineering talents of CECON will create an operationally and financially strong business capable of delivering even greater value to clients.”
Jo Braadlie, managing director of CECON Contracting, said the merger will provide added value to current and potential clients and will allow both parties to take on more and larger work scopes in a broader market.
“The complementary services and assets of each business produced a compelling industrial logic to join forces,” said Riulf Rustad, executive chairman of Fara. “The individual geographical strengths and subsea intervention skills of each business now allows the combined platform to offer a much wider range products and solutions to customers.”