Reef Subsea Buys Vako (Norway)

Reef Subsea Buys Vako (Norway)

Reef Subsea AS announced today that one of its Norwegian subsidiaries, Scanmudring AS, has fully acquired Norwegian company Vako AS. Scanmudring had previously owned 38% of Vako and today bought the remaining 62% for full ownership.

Vako will be integrated into Scanmudring Rotech Subsea, a group of companies that have merged since Reef Subsea acquired Rotech Subsea in November 2011. Vako specialises in the conception, production and installation of ejectors that are mounted on seabed dredging and excavation systems. These ejectors, when connected to water pumps and installed, are the ultimate part of the suction process.

Chief Operating Officer of Reef Subsea, Tim Sheehan, said: ”We are very pleased to secure the Vako ejector technology within our portfolio. Vako has been familiar with our teams and participated in the improvement of our seabed dredging systems over the recent years.”

Niels Henrik Brodtkorb, Managing Director of Scanmudring Rotech Subsea added: ”While Vako is a small company, they have been a strong partner to us the last 10 years. They have developed several kinds of ejectors for all our dredging and excavation needs ranging from the Scanmachines to the ScanROVdredges. We look forward to further developing this technology internally with one of the shareholders joining us to ultimately save time and money to our clients projects.”

Reef Subsea AS is an international group providing cost effective integrated subsea services to the oil and gas and renewables industries. Its specialised subsidiaries Technocean, Reef Subsea Power & Umbilical, Specialist Subsea Services and Scanmudring Rotech Subsea provide operators and contractors with highly experienced personnel, key subsea technologies and construction support vessels. Reef Subsea serves its clients in the deepwater or demanding environments of the North Sea, Americas, Middle East and South East Asia areas. Reef Subsea is a 50/50 owned company of GC Rieber Shipping and Hitecvision.

Source: Reef Subsea, June 7, 2012