Investment company McIntyre Partners has purchased the core business of Norwegian offshore energy and marine services provider Moreld Group, consisting of Moreld Apply, Moreld Ross Offshore and Moreld Global Maritime.
McIntyre Partners has entered into an agreement with HitecVision, the owner of Moreld, to acquire the multi-disciplinary engineering group that specializes in offshore engineering services for the energy and marine industries with estimated combined revenue of $484 million (NOK 5 billion) in 2023.
McIntyre has partnered with Moreld’s incumbent management, which will own a significant minority stake in the group and share in the value creation.
Velocity Partners, a newly formed specialist private equity firm focused on the energy and industrials sector will similarly own a minority stake.
Moreld has a long history and an established presence on the Norwegian Continental Shelf, a prolific region of oil and gas fields that supplies approximately 30% of Europe’s gas. It serves a range of blue-chip customers such as Equinor, Vår Energi, Aker BP, Total Energies, Shell, ExxonMobil and Chevron.
MacIntyre Partners said Moreld’s longstanding banking relationship with SR-Bank will be continued.
“We have searched extensively in the energy services sector, which is facing a wave of new investment due to energy transition and energy security, and believe we have found an industrial group with three strong and growing companies that perfectly meet our criteria.
“We look forward to working alongside Geir Austigard and his team to ensure Moreld remains among the safest, most professional and innovative services providers in Norway,” Julian McIntyre, Founding Partner at McIntyre, said.
“Moreld is a great group of enterprises and a significant player in the oil services market, and in the Stavanger region in particular. We have owned most of Moreld for more than 15 years, and supported its development during ups and downs in the industry. We are very pleased that McIntyre and Velocity Partners together with Moreld’s management team will continue to develop and grow Moreld into the future.
“HitecVision’s future investment strategy is focused on the energy transition and renewable energy, and we will continue to exit our investments within the oil & gas industry,” added Jone Skaara, Senior Partner with HitecVision.