New subsea company, Harkand, formed

News - February 11, 2013

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A new subsea oil and gas group, Harkand, chaired by oil and gas industry veteran Tom Ehret, was launched on 6 February, with an ambition to grow to US$1 billion turnover in the next five years.

Following investment by Oaktree Capital Management in Iremis, Integrated Subsea Services (ISS) and their sister company Andrews Survey last year, the three names have merged to form one group focused on the fast-growing subsea integrity management market.

Harkand said it aims to become a leading global name in subsea inspection, maintenance and repair.

The group will combine survey, inspection, maintenance & repair (IMR) services with the Iremis fleet of multipurpose diving support vessels, ROV and air diving support vessels and ISS’ fleet of 23 remotely operated vehicles (ROVs) and teams of ROV operators, surveyors and divers.

The vessel fleet includes the multipurpose diving support vessels, Harkand Atlantis and Harkand Da Vinci.

Nicolas Mouté is the chief executive officer of the Harkand Group. Commenting on the new group, he said: "Today’s launch sends an exciting signal to the oil and gas market worldwide.

"Harkand has all the resources, including the support from our shareholder, to play a major role in the subsea market as a focused, niche group. We are already looking into opportunities to grow our fleet and extend our services to offer our clients a wide range of cost-effective and innovative subsea solutions."

International operations are headed by Managing Director Patrick Chapalain and European Operations are headed by Managing Director David Kerr.

Mr Chapalain said: “It is our intention for Harkand to become a world-leader in subsea IMR with new offshore tonnage, systems and equipment along with a motivated and competent workforce.”

The group’s name, Harkand, comes from Arabic literature where it is the name of one of the seven seas. The group is already carrying out work in the North Sea, Brazil, West Africa, India, Russia and the Caspian, Australia, Vietnam and the Gulf of Mexico.

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