Balmoral Acquires Seaproof Solutions
Balmoral Offshore Engineering has acquired Norwegian manufacturer, Seaproof Solutions, to accelerate its expansion into the offshore renewables market.
Established in 1989 Bergen-based Seaproof designs and manufactures advanced cable protection systems, bend stiffeners and flexible J-tubes and is forecast to generate sales of 140m NOK in the current financial year.
Balmoral Offshore Engineering, part of Aberdeen-based Balmoral Group, made the acquisition for an undisclosed sum and will retain the current management team and workforce totaling some 37 people at the Seaproof plant. The company will continue trading and manufacturing under that name as a division of Balmoral.
Bill Main, financial director at Balmoral, said: “This timely acquisition will help our drive into the developing renewables sector. The combination of Balmoral’s innovation and processing expertise with Seaproof’s considerable market presence presents a compelling offering.”
Henrik Bang-Andreasen, founder and CEO of Seaproof, said: “We look forward to harnessing Balmoral’s undoubted engineering expertise and experience. The company’s track record is second to none and that will bring immediate benefits to Seaproof’s existing client base.
“The move opens up significant potential in the UK market for Seaproof, something we are very keen to develop. Both organisations see substantial opportunities for growth in the future.”