TechnOcean targets subsea operation supplier Scan Mudring
Technocean a driver for subsea strategy
The subsidiary Technocean, in which GC Rieber Shipping holds a 52 % stake, focuses on difficult seabed challenges in connection with development of new subsea fields, maintenance of existing fields, removal of platforms or other types of subsea constructions. The company's core competence is operations of so-called ROVs (Remote Operated Vehicles) under challenging conditions.
Broader competence through acquisition of Scan Mudring
Scan Mudring's core competence is technically complex soil removal on the seabed and the business is complementary to Technocean's activities. Typical tasks can be moving of rocks and various types of seabed soil in connection with installation or removal of equipment on the seabed. The projects are carried out with remotely operated equipment of own make. The company is located in Mandal, has 18 employees and had revenues of approximately NOK 46 million in 2007. The acquisition price, which is agreed by the parties not to be disclosed, is partly dependent on future profit development in Scan Mudring. Furthermore, it has been agreed that the current owner shall continue to contribute to the company's development through participation in strategic development of markets and business areas.
The acquisition of the company provides Technocean with important complementary skills and experience. Technocean will explore further opportunities for expanding the knowledge base going forward. - Subsea development is an industry in an early phase and with more operations the complexity will increase, emphasizes CEO Bjarte Fagerås in Technocean, who claims that access to competence is a key factor within this area going forward.
Strategic opportunity
The CEO in GC Rieber Shipping emphasizes that the combination of the parent company's history and experience with operation of offshore quality vessels and Technocean's special skills and know-how within ROV-operations provides a unique platform for the efforts in building up a position in challenging subsea operations. - We see an opportunity in a growing market, where we have expectations for success, and we will continue the necessary build-up of resources to become a leading player, Sven Rong concludes.
