Harkand Confirms Acquisition of Veolia Marine Services

Harkand, the international subsea inspection, repair, maintenance and light construction group, has confirmed the acquisition of the main assets and business of Veolia Marine Services (“VMS”).

The transaction is in line with the announcement of 21 May 2013. The acquisition adds 150 onshore and offshore staff, three dynamically-positioned multi-purpose vessels (MSV) and six work-class remotely operated vehicles (ROVs) to Harkand’s growing workforce and fleet.

With Harkand already active in the North Sea, Asia Pacific and Africa, this acquisition expands the group’s international reach by adding a Houston operation with an established track-record in deepwater inspection, repair and maintenance in the Gulf of Mexico.

Chief executive officer Nicolas Mouté said: “We are delighted to confirm the closing of the transaction. With its complementary deepwater experience and established presence in the USA, this move cements our position and reinforces our ambition of becoming a global market leader.”

The business, to be renamed Harkand North America, will be headed by managing director Ashit ‘AJ’ Jain, who joined Harkand on the 26th of August, working together with Jim Parker, VMS’ long standing general manager, who will remain in his post and report to AJ.

A former executive vice president and chief operating officer of Dynamic Energy Services International in New Orleans and senior vice president and chief operating officer with Global Industries Ltd, AJ has held a number of senior management and engineering positions with a diverse range of companies in a career spanning more than 20 years.

With extensive experience working in a number of key energy hubs around the world including the Middle East, Asia-Pacific and West Africa, as well as North and South America, the expertise he brings to the table will support our existing operations in North America and help build our presence going forward.

An alumni of the Stanford Executive Program, AJ holds an MBA in Finance from the University of Houston and a B.Sc. in Civil Engineering from the University of Delhi; and is a member of both the Society of Petroleum Engineers and the Marine Technology Society.

Harkand was launched in February 2013 through the merger of Iremis, Integrated Subsea Services (ISS) and Andrews Survey following investment by Oaktree Capital Management. After the acquisition of Veolia Marine Services in August 2013, and through its organic growth initiatives, the group now employs close to 1,000 people at bases in Aberdeen in the UK, Houston in the USA, Dubai in the Middle East, Singapore and Perth in Asia Pacific, and Paris in France. The group aims to grow turnover to $1 billion in the next five years.

The assets included in the transaction are the DP2 multi-purpose support vessel Swordfish with a nine-man saturation diving system and two Triton XLS ROVs onboard; the DP3 multi-purpose support vessel Viking Poseidon, with two Triton XLS ROVs onboard; and the DP3 multi-purpose support vessel Normand Pacific with two Triton XLS/XLX ROVs onboard.

Veolia Marine Services was a division of Veolia Environmental Services, engaged in inspection, repair, maintenance and light construction of  underwater installations, in the Gulf of Mexico, headquartered in Houston, United States.

VMS brings 150 employees both onshore and offshore.

The assets included in the transaction are:

• The Swordfish, a DP2 Multipurpose Support Vessel (“MSV”), owned by VMS. Built in 2007 at Kleven yards (Norway), the Swordfish is a 104x20m vessel with 1,100m2 deck, two main cranes (150T and 70T, both AHC), capacity for 100 people on board, a 9 man SAT diving system and 2 Triton XLS ROVs.

• The Viking Poseidon, a DP3 MSV on long term charter from Eidesvik. Built in 2008 at Ulstein Verth yards (Norway), the Poseidon is a 130x25m vessel with 1,620m2 deck, a 250T AHC main crane, capacity for 90 people on board and 2 Triton XLS ROVs.

• The Normand Pacific, a DP3 MSV on long term charter from Solstad. Built in 2010 at Bergen Fosen yards (Norway), the Pacific is a 120x23m vessel with 1,300m2 deck, a 200T AHC main crane, capacity for 120 people on board and 2 Triton XLS/XLX ROVs.

Harkand aims to become the leading global name in subsea inspection, repair, maintenance and light construction focused on attaining the highest standards in health, safety, quality and environmental performance while delivering first-class project execution.

Press Release, August 30, 2013