Saudi Arabia's ZOSCO expands into Nordics with Remøy Shipping acquisition

Norway-based Remøy Group is selling Remøy Shipping and its companies Remøy Shipping AS, Rem Stadt AS and RS Crewing AS, to Saudi Arabia’s Zamil Offshore (ZOSCO) for an undisclosed sum.

Remøy Shipping’s owners Helene Remøy, Line Remøy Strømsvik, Joakim Remøy, and Daniel Joakim Andersen Remøy said they felt the company, its employees, vessels and operations and the "family legacy are in safe hands with ZOSCO".

Noting that the transaction "ensures Remøy Shipping’s continued operations, access to new capital, and a stronger platform for long-term development," the family cited the ’size’ of ZOSCO’s industrial operations and investments.

"After a thorough evaluation of future needs and strategic opportunities, the current owners have concluded that a change of ownership is the best solution to ensure further growth and competitiveness," Remøy’s statement on the sale said. "Several buyers have shown interest, and ZOSCO was selected based on financial strength, industrial experience, and a long-term commitment to the sector."

ZOSCO is one of the largest providers of offshore services in the Kingdom of Saudi Arabia, and has been offering diversified offshore and maritime support to the oil and gas industry since 1977. Its core business includes offshore maritime and diving services, offshore construction and hook-up services, as well as port towing and pilotage services.

ZOSCO chief executive Sufyan Al Zamil said that the Remøy Shipping acquisition "marks a major step for ZOSCO as our company grows into the Norwegian market. We are very proud to add Remøy Shipping to our portfolio, a company with a long and successful history in the industry. We look forward to carrying this legacy with us, and growing further together with the team at Remøy Shipping."

A joint statement by the companies said that ZOSCO would "maintain" Remøy Shipping’s operations and bring "increased capacity" and "stability", while continuing the company’s operations "as they are today". The statement did not offer further detail.

"The combination of Remøy Shipping’s maritime heritage and ZOSCO’s resources and industrial expertise creates a stronger platform for future value creation. Remøy Shipping will continue its operations as they are today, with a continued focus on growth within the offshore energy market supported by new versatile owners based in the Norwegian maritime cluster," the companies said.