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March 18, 2014

Scana Sells Off Majority of its Offshore Businesses

Norway's Scana Industrier ASA (Scana) group informs it has signed an agreement to sell Scana Offshore Services Inc, Scana Offshore Technology AS and the service part of Scana Offshore Vestby AS to HitecVision fond VI.

Scana explains that Scana Offshore Services was bought in 2008 from local founders in Houston, USA. It had a very positive growth during the last year, and after moving into new production facilities and introduction of own products increased its market share in the Gulf of Mexico.

Scana Offshore Technology was established in 2006 at Jørpeland outside Stavanger. The company provide services and maintenance and repair of equipment to the oil and gas industry.

Scana Offshore Vestby was established after the acquisition of Brødrene Johnsen AS and AMT AS in 2006. The Service part of Scana Offshore Vestby delivers maintenance services of risers as a part of their services.

The revenue for the companies in 2013 was NOK 214 million. About 130 employees are included in the transaction. The sales price is NOK 135 million which will have a positive effect on the first half 2014 accounts and strengthen the Scana Group balance sheet and liquidity. Final takeover will be in second quarter 2014.
"The sale of these companies release values in the Group and has been needed to improve Scana's liquidity and development of other part of the business. At the same time HitecVision represent a professional ownership that can develop the companies, and we are glad to sell to an owner who has this knowledge to the companies markets, says CEO at Scana Industrier ASA, Jan Henry Melhus."




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