Dutch supplier of vessels, equipment and services for the offshore, dredging and wet mining markets Royal IHC said it has acquire all of the outstanding share capital of Dutch based engineering and consultancy company KCI the Engineers B.V. from Dutch-Norwegian offshore service provider Oceanteam ASA.
IHC said it plans to maintain KCI as an independent brand and operating company which will continue to serve external clients while also working on IHC projects.
Diederik van Rijn, IHC Group Executive Director, said, “The acquisition KCI fits within the overall strategy of IHC to further develop into a provider of knowledge and technology based services and products. KCI has built up an impressive track record in providing engineering solutions for the oil and gas, offshore wind and giant ferris wheels market segments and complements the other engineering centers of expertise within the group. We believe that KCI, with IHC as a strong reliable parent, will be able to further develop and grow to the benefit of its clients. We are also delighted to continue to provide engineering services to Oceanteam in the future.”
Oceanteam will continue to have access to all intellectual property built up over the years in relation to Oceanteam’s vessels, carousels and other assets. Furthermore, Oceanteam continues to have access to KCI’s engineering capabilities through a long term Service Level Agreement (SLA) between IHC and Oceanteam. This will provide Oceanteam with all necessary engineering support to pursue further growth of its Solutions and Shipping divisions.
Haico Halbesma, CEO of Oceanteam, said, “IHC presented a strategy that fits with the next step KCI has to take in terms of further expanding its unique designs and credentials list to become an even stronger partner for its clients. It also emphasizes the confidence in the engineering capabilities and idea realization skills of the KCI team. Their outstanding engineering projects have caught the attention of many clients over the past years, including amongst others the group that realizes the biggest ferris wheel that is now being built on Bluewater’s Island in front of the Dubai coastline.”
Oceanteam will continue to comprise of two operating segments, Shipping and Solutions.
Oceanteam said it will use the proceeds of the sale to improve the company’s liquidity and to reduce outstanding debts. “By securing continued access to KCI’s services for our own Solutions business this is definitely a win-win transaction,” Halbesma said.
The deal remains subject to certain conditions precedent through an agreed sale and purchase agreement. The transaction is not subject to regulatory approval. Further financial details are not being disclosed.