Derrick Offshore acquired by Pareto JGOCompany News // August 26, 2014
Pareto JGO Shipbrokers has acquired UK shipbroker Derrick Offshore.
Derrick Offshore will continue to trade under its current name and trademark, with all of the current directors and shareholders remaining with the company, and with Sean Harvey continuing as CEO.
Derrick Offshore, founded in 1976, specialises in the offshore oil and gas, renewable energy, and subsea cable industries. It has 16 employees with offices in Guildford, near London, and Aberdeen in the UK.
Pareto JGO Shipbrokers, whose history dates back to 1912, provides shipbroking services in both the offshore and tanker markets, serving a wide range of ship owners, charterers and operators, both in Norway and worldwide. It is based in Kristiansand, Norway and has 21 employees. The business has been part of the Pareto group since 2006.
The future will see Derrick Offshore and Pareto JGO Shipbrokers working closely together in the offshore market. The two businesses have complementary skills and client coverage, which, combined with the financing and capital markets skills of the Pareto group, should bring opportunity to offer a more comprehensive service to the clients of both businesses. The deal also provides Pareto with a significant foothold in the UK market, particularly in the offshore centre of Aberdeen, where there are plans to expand its activities in combination with the newly established Pareto Securities office in Aberdeen.
Sean Harvey, CEO of Derrick Offshore, commented: “We are delighted to be teaming up with Pareto JGO, who we have worked with for many years. There is an excellent fit between the two businesses and a very strong cultural affinity, which will enable us to leverage our complimentary capabilities to the benefit of our clients and bring exciting opportunities for our employees to develop their careers."