Norwegian private equity company HitecVision has finalised the sale of Moreld Group to UK-based McIntyre Partners for an undisclosed sum.
Moreld is engaged in offering engineering services to the energy and marine industries.
The company is said to have a significant footprint on the NCS, a key source of Europe’s gas supply.
Its suite of services includes maintenance, modification and operations aimed at boosting production efficiency of offshore assets.
The company is also involved in implementing decarbonisation solutions and extending the lifespan of essential infrastructure.
Additionally, Moreld provides total well management and marine management services, which encompass drilling, well and reservoir operations.
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With the acquisition, McIntyre Partners has formed a partnership with Moreld’s existing management, which will retain a minority stake in the business.
Velocity Partners, a private equity firm specialising in the energy and industrials sector, will also hold a minority stake in Moreld post-acquisition.
McIntyre founding partner Julian McIntyre said: “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.”
Moreld CEO Geir Austigard said: “We are excited to work with McIntyre and Velocity Partners as long-term owners to support us in meeting the growing demand for our offshore services and positioning our group for long-term success in a changing industry.
“Most importantly, we are continually striving to improve the service levels that we offer our customers and the prospects and fulfilment of our employees.”