MacGREGOR expands into offshore by acquiring HydramarineNews // March 16, 2007
Hydramarine specialises in cranes and subsea load handling gear.
MacGREGOR has signed an agreement to acquire Hydramarine AS.
Hydramarine is based in Norway and is a leading company in high-end offshore and subsea load handling systems for the offshore vessel industry.
MacGREGOR will acquire 90 per cent of the company with the remaining shares being owned by employees. The acquisition is subject to competition authority approval.
Hydramarine focuses on the development of hydraulic and electrical deck machinery equipment for shipowners, yards and operators. Its key products are large active heave compensated cranes to the offshore industry. It offers a complete range of high-end handling systems such as cranes, davits, winches and subsea load handling solutions. Its products are installed on various kinds of offshore supply vessels and rigs.
Hydramarine has an assembly plant in Kristiansand, Norway but has outsourced the manufacturing of components.
“Hydramarine is an attractive extension to MacGREGOR’s current offering and the business fits well with MacGREGOR’s strategy to develop cargo handling solutions towards the offshore and marine industry. The acquisition widens our offering in the growing offshore vessel segment. The move towards deepwater in offshore is creating new opportunities for Hydramarine’s technology. Furthermore, with MacGREGOR’s knowhow and existing services network the service business of Hydramarine can be developed to the benefit of Hydramarine’s customers,” said MacGREGOR President Olli Isotalo.
Hydramarine was established in 1977 as a supplier of hydraulic components and systems. The company has since developed to become one of the world’s leading suppliers of advanced load handling systems for marine, offshore and subsea operations, and its operations are growing strongly.
The company had net sales of Euros 63 million in 2006 and employs 150 people. Hydramarine AS is today owned by Vidar Robstad and Svein Erik Halvorsen through Hydramarine Holding AS.