Bergen Group buys compatriot MMO provider
Norwegian supplier of products, services and solutions to the oil & gas and maritime industry Bergen Group has entered into an agreement to purchase its compatriot AAK Energy Services.
AAK Energy Services, which is a provider of access technology related to maintenance and modification (MMO) work, currently has around 60 employees, with a turnover of NOK 62 million ($7.4M) in 2016.
Bergen Group said on Tuesday that the formal date of acquisition is expected within end of May 2017. Current owners of AAK Energy Services are AAK Group and AAK Investor.
Bergen Group CEO, Hans Petter Eikeland, said: “We have signaled a targeted growth strategy that is basically based on the company’s existing business areas. The acquisition of AAK Energy Services AS will provide us with complementary capacity and expertise as well as new market capabilities.”
Eikeland also pointed out that AAK Energy Services with its more than 60 employees will provide Bergen Group with expertise in planning and execution of work at the height and with complex access.
In February of this year, Bergen Group established a strategic cooperation with AAK Energy Services. Based on this, the headquarter and supporting facilities of AAK Energy Services has recently been relocated from Kokstad/Bergen to vacant premises at Bergen Group Services locations at Straume just outside Bergen.
“The collaboration these last months confirms that AAK Energy Services AS represents an important contribution to our existing business. We already see exciting synergies that will open up new markets for both parties. By purchasing the company now we aim to maximize the synergy effects and make the most of this potential, thus significantly contributing to a further strengthening of Bergen Group,” Eikeland concludes.
Managing Director in AAK Energy Services, Torgeir Nærø, said: “AAK Energy Services AS experiences a hectic spring season in which we have implemented both organizational and structural measures to strengthen profitability in the business. At the same time, we have experienced increased market interest for our services – also within new market areas. This is something we trust we will further strengthen when we become part of the Bergen Group.”
He also added: “We are confident that we will provide Bergen Group with additional skills and capacity to compete for demanding projects and assignments both in offshore, maritime and ship maintenance.”