Chinese interests have gobbled up all but a scrap of Swedish design and engineering specialist, Bassoe Technology of Gothenburg.
The snacker is CIMC Offshore, a subsidiary of the Shenzhen and Hong Kong listed shipping and logistics group, China International Marine Containers Group (CIMC).
CIMC has consumed 90% of this strategically value euro-snack leaving Sweden’s Bassoe Group with crumbs . . . a 10% share along with a board seat.
CIMC has a strong global market position, and has an ambitious and promising growth strategy to become one of the leading players in construction of mobile offshore drilling and service units.
And taking out vulnerable European companies such as Bassoe Technology is seen by the Chinese as an easy route to eventual market domination.
Bassoe will play a key role in executing this strategy, and will provide CIMC with recognised first-class design and engineering know-how.
The Chinese diner said: “CIMC’s strong reputation and financial and construction resources combined with Bassoe Technology’s expertise within basic rig design and engineering will position CIMC as the world’s sole full-scale player within rig development, from concept and design to a finished and operating floating unit.”
Bassoe has since 2007 been a leading design and engineering company, specialising in floating and mobile units for the offshore oil and gas industry.
It is stated that Bassoe Technology will continue to operate as an “independent” company.
The management team will for the time being apparently remain the same and will be headed by managing director Helge Larsen; also, Erland P. Bassoe continues to be committed to the company as shareholder and board member.
Among the units developed by the Swedish team are the UDW drillship BT-UDS Sigma Drilling, work-over rig Helix Q5000 (which is Chinese built) and tender drilling vessels BassDrill Alpha & Beta.
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