HitecVision is bringing together 20 companies in which it has an interest to focus on emerging opportunities, including offshore wind
The companies in the new group, to be called Moreld, currently focus their activities on the offshore oil and gas industry, but Moreld will provide them with the resources needed to accelerate development into other segments of the energy sector, including the rapidly growing renewables market.
The company will have approximately 3,600 employees and in 2019 had combined revenues of Nkr8.8Bn (US$950M) with an EBITDA of Nkr483M (US$52M). Based on the companies’ strong order backlog, further growth and strengthened profitability are expected in 2020.
“Most of the oil service and oilfield technology companies in HitecVision’s portfolio are now showing good performance after a demanding turnaround period following the industry downturn,” HitecVision said. “Indications are that activity levels in the oil and gas industry will remain solid for years to come.
“At the same time, in the longer term the world will enter a new era where oil and gas will be less important. Many of the companies that will be combined in Moreld are already well under way developing new offerings for the renewable energy sector and other industries.
“However, this is a major transition that will be particularly challenging for smaller companies. The purpose of Moreld is to provide strength and momentum in this transition process towards new business areas.”
The company highlighted renewable energy segments such as offshore wind and offshore aquaculture as major growth areas.
“Each of the 20 companies has its own long-term sustainable growth strategy. As part of a larger group, they will be able to draw on greater resources in order to execute their plans and become more attractive partners for customers, suppliers and lenders, and become more exciting places to work,” said HitecVision.
“Examples of this include floating offshore wind, where Vryhof is already involved in mooring solutions and project management, and offshore fish farming, where Global Maritime had responsibility for designing the world’s first offshore fish farm.”
HitecVision said further acquisitions are possible.