Norwegian investment firm HitecVision has decided to put together 20 of its oilfield service companies into a new industrial group.HitecVision said on Wednesday that the companies were put in a conglomerate called Moreld, due to the fact that no investors were interested in the companies when they went up for sale.One of the 20 companies were Vryhof, a Norway-based mooring specialist, and Global Maritime a marine, offshore, and engineering consultancy.The new company will have approximately 3,600 employees, and in 2019 had a combined revenue of 8.8 NOK ($951M), with an EBITDA of NOK 483 million.According to the company, most of the oil service and oilfield technology companies in its portfolio are now showing good performance after a demanding turnaround period following the industry downturn, and indications are that activity levels in the oil industry will remain solid for years to come.“Many of the companies that will combine to form Moreld are already well underway in developing new offerings in renewable energy and other industries, this is, however, a major transition that will be particularly challenging for smaller companies. The purpose of Moreld is to provide strength and momentum in this transition process towards new business areas,” the company stated.Endre Folge, the newly appointed CFO of Moreld said: “In today’s competitive environment, size is becoming ever more important, and in Moreld, we are creating this size.“In addition to the technological know-how existing in these companies, they are also characterized by an active focus on sustainability, including operative experience in HSEQ and ESG practices that have been built up over years.”It is worth noting that each of the 20 companies has its own long-term sustainable growth strategy. As part of a larger group, the companies will be able to draw on larger resources and strength to execute their plans, become more attractive partners for customers, suppliers, and lenders.The management team of Moreld includes CFO and investment officer Endre Folge, chief operating officer Jan Erik Rugland, and director business development Andreas Marø will transfer from HitecVision.Chairman of the board will be Ola Sætre, a founding partner at HitecVision. Atle Eide, senior partner at HitecVision, is the overall project manager and will fill the CEO role until a permanent CEO has been appointed. The company believes that the recruitment process will be completed by the end of March.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.
The Nigerian squash scene will come alive with exciting masterstrokes as top ranking players warm up for the year-ending O’Trafford PSA National Closed Satellite Squash Tournament scheduled to stroke off from December 19 – 22 at the 81 Division Army Officers Mess, Outer in Marina, Lagos.Already, on-line registration of players by the Nigeria Squash Federation (NSF), has commenced on its website – rankedin.com. The registration will close on December 12, barely a week to the start of the tournament.The President of the NSF, Boye Oyerinde is optimistic that tournament will boost the morale of players in the local circuit, who have been craving for quality competition in the domestic squash calendar. Boye Oyerinde “This tournament will surely be a befitting end to a very vibrant season for squash in 2018,” an elated Oyerinde said.On the part of the host, Chairman of O’Trafford Club, Remi Adeseun, said the only squash club in the country is fully ready for the tournament with well refurbished squash courts that will bring out the best of squash action from enterprising players.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram