Photo: Illustration; Source: Delmar

Delmar Systems new owner of Vryhof

Mooring and subsea specialist Delmar Systems has announced the acquisition of Vryhof, consisting of Deep Sea Mooring and Vryhof Anchors.

Delmar said that the combined company with its global footprint and enhanced asset portfolio would continue as both Delmar Systems and Vryhof.

Nick Patterson, Delmar’s CEO, said: “We are excited to welcome Vryhof to the Delmar family. Vryhof’s Team has built a world-class organization and we look forward to continuing that tradition.

With over a century of combined company experience, Delmar and Vryhof will offer unrivalled personnel, equipment, engineering, mooring solutions and comprehensive project management to the global offshore energy industry”.

Wolfgang Wandl, Vryhof’s CEO, added: “Delmar is a great home for our companies. The combination of the individual strengths and complementary offerings of the companies will be a key benefit to our mutual and new customers.

Our dedicated professionals look forward to continuing the tradition of providing the very best service and quality that has led to our global success. Together we will pursue the same objectives and ambitions to foster a collective sense of pride in a successful Delmar Systems and Vryhof”.

This transaction is also in line with a strategy created by former Vryhof owner Moreld to divest capital-intensive businesses to allow Moreld to focus on transition and growth plans.

This is the second such sale Moreld has made recently. The previous divestment was the sale of DeepWell to offshore services provider Archer for $21.3 million on a debt and cash-free basis.

Archer first signed an offer letter with Moreld laying out principle terms to purchase 100 per cent of the shares in DeepWell in late April 2021 and the sale was closed in early May.

DeepWell employed approximately 200 people and had a revenue of NOK 360 million in 2020. DeepWell commands a wireline unit fleet on the NCS and holds a strategic long-term contract in the light well intervention market.