ESVAGT

Maersk Group and Ese-Holding have agreed to sell 100% interest in Danish offshore oil services company Esvagt to 3i Infrastructure and AMP Capital for kr4.1bn ($610m).

Esvagt is 75% owned by Maersk Group and 25% owned by ESE, provides offshore safety and support at sea primarily in and around the North Sea as well as the Barents Sea.

The company aims to grow further by continuously developing its range of specialised offshore services.

3i Investments Infrastructure managing partners and co-heads Ben Loomes and Phil White said: "We are pleased to be investing in Esvagt, a leading provider of emergency rescue and response vessel services to a diverse customer base in the offshore oil and gas industry."

AMP Capital Infrastructure Equity global head Boe Pahari said: "We believe Esvagt represents an excellent opportunity for our investors. It holds leading positions in its core Scandinavian markets where there are high barriers to entry.

"Its contracted revenue streams, unique operating model and market-leading margins mean it is expected to continue to deliver stable and predictable revenue."

"Its contracted revenue streams, unique operating model and market-leading margins mean it is expected to continue to deliver stable and predictable revenue."

The new shareholder group is expected to benefit from Esvagt’s long-term growth strategy, which is expected to support continued profitable growth.

Completion of the transaction expected to take place by the end of September 2015 and needs to secure clearance from the European Commission.

In 1991, Maersk Group bought 50% of Esvagt that was founded by ESE.

Esvagt has a fleet of 43 vessels in addition to over 800 employees on and offshore.


Image: Maersk Group has 75% interest in Esvagt and the remaining 25% is owned by ESE. Photo: courtesy of The Maersk Group.