New offshore cable logistics and rental firm coming to market
UK’s Swan Hunter and the Norwegian PASSER Group have agreed to merge their cable rental and logistics operations into a new company that will service the offshore energy sector.
PASSER LARS (Logistics And Rental Solutions) will provide existing and new clients within the offshore energy markets with a comprehensive service offering of specialist offshore equipment rental, in-house design engineering, project management capabilities, cable logistics and transportation services, and project-specific solutions, the parties stated.
The new company will be headquartered in Rotterdam, the Netherlands, with the main engineering office in Newcastle, UK, in addition to PASSER Group’s existing presence in Norway, Lithuania and China.
According to the companies, the ongoing electrification megatrend will drive significant growth in connectivity infrastructure and offshore cables in particular, and as projects grow in size, scope and complexity, there will be a need for larger entities with multidisciplinary competencies and financial capabilities to meet the growing demand from clients.
Through the formation of PASSER LARS, the plan is to create a company that will be a driving force in the cable handling and logistics rental market going forward and a strong platform for growth, both organically and through further consolidation, the partners stated in their announcement.
“PASSER LARS’s strategy will be to solidify its position as the global go-to provider of cable handling and logistics rental solutions – with a particular focus on high-growth renewable end-markets – through growing its asset base and further enhancing its value proposition towards clients,” said Gerard Kroese, managing director of Swan Hunter and PASSER LARS.
“With the enlargement of our equipment pool, and uniting of our dedicated international engineering teams, will offer our clients very attractive and flexible options for their key project activities in Europe, USA, Asia, and beyond.”
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