Norway: Troms Offshore Implements New Growth Strategy Based on Acquiring and Ordering PSV’s

Backed by new owners, Troms Offshore has embarked on a growth strategy acquiring and ordering Platform Supply Vessels (PSVs). Troms Offshore is located in Northern Norway and currently operates a fleet of 14 offshore service vessels, of which 4 are fully owned. The company has operated on a global basis through a period of 30 years with special knowledge of operations in the North Sea and Arctic waters.

The management team has been strengthened with the arrival of Mårten Lunde (CEO) and Lars Erling Krogh (CFO) as responsible for the implementation of the growth strategy. Mr. Lunde previously worked as CEO for the stock listed company Fred.Olsen Production ASA, while Mr. Krogh’s last position was with the investment company Kistefos as responsible for its shipping and offshore activities. Østen Mortvedt has been appointed as Managing Director of Troms Offshore Management AS.

Since 2000 Mr. Mortvedt has worked as deputy managing director of this company. Geir Lie is Chairman of the Board of Directors. Mr. Lie was previously a partner in First Securities. The company’s fleet strategy is to perform efficient and safe operations both technically and commercially of its fleet consisting of large Platform Supply Ships with the highest specifications as regards technical and environmental capabilities and performance. These ships will be well prepared for work in the North Sea and in the challenging waters in the Barents Sea and in Greenland based on the expertise and experience Troms Offshore brings from years of operating experience from arctic waters and demanding ice conditions.

The company’s own fleet at present consists of “state of the art” ships with a deck space of more than 1.000 square metres. Two ships are built in 2009, one in 2011 while the fourth ship is under construction at the STX yard in Søviknes with delivery in 2012. One of the ships, Troms Pollux, will shortly embark on a 4 year program for ENI at the Goliat-field in the Barents Sea. Svein Hoel, the Managing Director of Troms Offshore Management since 1986 will continue to work with the company responsible for chartering and business development. HitecVison is the new owner of Troms Offshore. HitecVision is a Norwegian investment company managing NOK 8 billion and specializing on the offshore industries.

Mr. Lunde, the new CEO of Troms Offshore states as follows: ”We are very positive to the global market for PSVs based partly on increasing offshore activities in Brazil and in Asia. Our experiences from Norway and from operations in northern and arctic waters will be important in improving efficiency and safety in other regions. Troms Offshore will become a key company in this development.”

[mappress]

Source: tromsoffshore, August 24, 2011;