Newly founded IRM group Harkand has announced plans to buy Gulf of Mexico business Veolia Marine Services (VMS).
The deal would add 150 onshore and offshore staff, based out of Houston, three dynamically-positioned multi-purpose vessels (MSVs), and six work-class remotely operated vehicles (ROVs) to Harkand’s workforce and fleet.
The move also expand's Harkand's theatre of operation to the Gulf of Mexico, addeding to activities in the North Sea, Asia Pacific and Africa.
Harkand was founded on February 6 through the merger of Iremis, Integrated Subsea Services (ISS) and Andrews Survey following investment by Oaktree Capital Management. It has an ambition to reach $1billion of turnover in five years.
Tom Ehret, Harkand's chairman, said: “Our long-term strategy is to establish Harkand as the leading global player wholly focused on inspection, repair, maintenance and light construction. This market is showing positive long-term growth prospects but lacks the presence of a true global specialist player, able to deliver consistent high quality services in every region.
"The addition of VMS, with its complementary deepwater experience and established presence in the USA, will cement our position and reinforce our ambition of becoming a global market leader.”
Harkand employs more than 750 people at bases in Aberdeen in the UK, Dubai in the Middle East and Singapore and Perth in Asia Pacific.
VMS’s assets included in the transaction are the DP2 multi-purpose support vessel Swordfish with a nine-man saturation diving system and two Triton XLS ROVs onboard; the DP3 multi-purpose support vessel Viking Poseidon, with two Triton XLS ROVs onboard; and the DP3 multi-purpose support vessel Normand Pacific with two Triton XLS/XLX ROVs onboard.
The management teams of Harkand and VMS, supported by Harkand shareholder Oaktree Capital Management, will work closely together on the business integration.
Chief executive officer of Harkand, Nicolas Mouté, said: “VMS brings significant benefits to Harkand including three formidable vessels, and six ROVs which will take our total ROV fleet to 35, following our recent $30million investment in six new vehicles."
The transaction is subject to certain standard regulatory conditions including authorisation of the transaction by the US anti-trust authorities. The deal is expected to complete in June 2013.
VMS is a division of Veolia Environmental Services, engaged in inspection, repair, maintenance and light construction of underwater installations, in the Gulf of Mexico, headquartered in Houston, United States.
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