SH Group Buys Davit Company. Secures Order from Statoil

SH Group takes over ownership of the davit division called Boat-In-A-Box from Nadiro, owned by A.P. Moller – Maersk and SH Group and announces a large order for Statoil’s CAT-J-rigs.

SH Group, developer and manufacturer of innovative hydraulic and mechanical solutions for the offshore and marine industry, has as of today taken over Nadiro’s davit division, Boat-In-A-Box. SH Group has been co-owner of Nadiro since the beginning of 2009, but has now taken over 100% ownership of the davit division from Nadiro. The company simultaneously changes name to Xervo.
The company has gone through a positive development throughout the past four years and has improved safety on A.P. Moller – Maersk’s drilling rigs significantly. The davit system is a result of A.P. Moller – Maersk’s proactive efforts to optimise and improve safety for employees at sea. As a consequence, Boat-In-A-Box is to this date the only davit system of its kind, complying with the high Norwegian standards under NORSOK R-002.

”Boat-In-A-Box has improved the safety on our rigs. We are pleased to collaborate with SH Group and Nadiro, and look forward to continuing our partnership about our Drop-In-Ball division that we are turning into a significant player on the global market for lifeboat hook systems,” says Chairman of the Board of Nadiro A/S and Chief Commercial Officer of Maersk Drilling, Martin Fruergaard.

Boat-In-A-Box on Statoil’s CAT-J-rigs

SH Group aims to propagate Boat-In-A-Box and the visions for improved safety at sea to a larger market than today.

”We are intensifying our sales efforts radically. For instance, we are opening a branch in Sandnes in Norway, a very important market to us, where we are currently represented by our subsidiary company Sepro Technology. We are also pleased to announce a large order for Samsung Heavy Industries regarding Statoil’s upcoming CAT-J-rigs, which brings the order book to more than USD 40M. Statoil has undoubtedly chosen Boat-In-A-Box because of the high level of safety and the fact that our systems are compliant with the high Norwegian standards under NORSOK R-002,” says Morten Nielsen, CEO of SH Group.

The davit division will be handled as a subsidiary company under SH Group and be given the name Xervo, the Latin word for ‘protecting’ or ‘saving’. The remaining division of Nadiro A/S, the so-called Drop-In-Ball with lifeboat hook systems, will continue to be marketed under the name Nadiro. Nadiro will further intensify sales efforts and provide resources in order to utilise the full potential within this division. Nadiro is owned jointly by A.P. Moller – Maersk and SH Group.

[mappress]
Press Release, January 13, 2014