North Sea energy service company Esvagt and its 43-strong fleet of offshore support ships are changing hands in a near-£400million deal.
The £90million-a-year turnover business, including its new Aberdeen-based UK operation, is currently owned by Danish conglomerate Maersk Group.
It is being sold to two international infrastructure investors, with Jersey-based 3i Infrastructure and Australia’s AMP Capital expecting the transaction to complete by the end of September.
The change of ownership must first be cleared by the European Commission.
Employing more than 900 people, Esbjerg-based Esvagt operates primarily in and around the North Sea and Barents Sea.
Its fleet comprises modern offshore support vessels designed for operations in harsh weather conditions.
They provide services including rescue, oil recovery, fire-fighting, towing, supply, anchor handling and multi-field work for clients operating in the oil & gas and offshore wind industries.
The new owners will each have a 50% stake in the business, which was founded in 1981 to offset unemployment in Denmark’s fishing industry.
3i Infrastructure chairman Peter Sedgwick said: “We are pleased to partner with AMP Capital to jointly acquire Esvagt, which has a strong track record of providing critical safety services to the offshore oil and gas industry.
“This investment fits well with our strategy of investing in mid-market economic infrastructure businesses which have a strategic position and are asset-backed, and which can deliver long-term stable yield to our shareholders, underpinned by revenues contracted over the medium term.”
AMP Capital global head of infrastructure equity Boe Pahari added: “We believe Esvagt represents an excellent opportunity for our investors.
“It holds leading positions in its core Scandinavian markets, where there are high barriers to entry. Its contracted revenue streams, unique operating model and market-leading margins mean it is expected to continue to deliver stable and predictable revenue.
“The company is also well-positioned to replicate its success in overseas markets as well as the offshore wind sector, which we believe offers exciting opportunities for the business.”
Maersk said Esvagt had more than doubled its turnover since 2009 and was in a strong position to “continuously develop its wide range of specialised offshore services and grow further”.
Trond Westlie, the group’s chairman and chief financial officer, added: “The sale to 3i Infrastructure and AMP Capital has proven to be the best way of ensuring that Esvagt can continue its development based on a strong culture and heritage, while at the same time creating value for the shareholders.”
Recommended for you
