Reef Subsea re-organises into three independent businessesCompany News // April 24, 2014
Mel Fitzgerald, Chairman of Reef Subsea, has announced a re-organisation to create three independent companies: Reef Subsea, X-Subsea and Technocean Subsea, all with separate management and independent strategies.
Reef Subsea was created in 2010 in a joint venture between the oil and gas private equity investor HitecVision and Rieber Shipping. Following three years of growth in operations in the three current business lines, a strategic review by the board of directors and owner HitecVision has led to the re-organisation of the group.
The business will now be organized in three separate entities to be known as Reef Subsea, X-Subsea and Technocean Subsea. The existing senior management will continue to lead the three new entities, delivering consistent expertise in the niche markets.
Reef Subsea, to be headquartered in Thornaby, north-east England, will continue to specialise in the laying and burial services of subsea cables to all energyindustries under the leadership of CEO Duncan MacPherson
X-Subsea, which will replace Reef Subsea Dredging and Excavation brand, is headquartered in Houston, US. With operations in UK, Norway, Singapore and the Middle East, X-Subsea will continue to focus on precisiondredging and excavation led by Managing Director Jason Miller.
Technocean Subsea, headquartered in Bergen, managed by Managing Director Arne Riple, will replace the Reef Subsea Integrated Projects brand to focus on subsea IMR and construction and build on its success and growth in North Sea and West Africa.
Mel Fitzgerald, Chairman of the companies, said: “After careful analysis, research and evaluation, we have taken the decision to create three independent business units with their own management, vision and strategy.
“Our established businesses have an excellent track record in the industry and refocusing into three independent businesses will only prove beneficial to both existing and new customers. We value our highly skilled workforces, who are equipped with the knowledge, skills and expertise to deliver a first class service to our clients.”
“Our entire team is a valuable asset to us, and we will continue to recruit people around the world which will enable us to build on our strongglobal reputation.”
Reef Subsea is majority-owned by HitecVision following the buy-out of Rieber Shipping’s shares in early 2014. HitecVision is a leading oil and gas focused private equity investor with US$5 billion in equity.