Norwegian investor HitecVision launched Moreld with 3,600 employees, combined 2019 revenue of NOK 8.8 billion (鈧875 million), and, it claims, 鈥渃ore competencies and experiences鈥 transferrable to other sectors, including offshore wind.
Moreld鈥檚 20 constituent companies will be able to draw on larger resources and strength to execute their plans, share knowledge with each other, and become more attractive partners for customers, suppliers, and lenders, HitecVision explained.
In the past 18 months, the investor had tried and failed to sell 鈥渆ven well-run and profitable suppliers鈥 due to 鈥渦ncertainty around oil and gas鈥, so was now focusing on helping them pivot to new business areas, HitecVision explained.
鈥淓ach of the companies will continue to operate under its existing name, but the size and financial robustness of the new group will put them in a better position to establish new business areas, jointly or individually,鈥 HitecVision partner Andr茅 脴lberg added.
The investment firm conceded that 鈥渢he oil and gas sector is expected to remain the most important for the company for a long time鈥, but 鈥渋n the longer term鈥 less important鈥.
It added that offshore wind and offshore aquaculture 鈥 including fish farming 鈥 would be 鈥渁mong major global growth areas where these companies have unique core competencies and experience鈥.
HitecVision highlighted one member of Moreld, Vyrhof, which is already involved in mooring solutions and project management for floating offshore wind.
Newly appointed Moreld chief financial officer Endre Folge suggested strengths of working in a group include size, technological know-how, and health and safety practices offshore.
鈥淕rowth in the long-run will be about the transition to renewable energy resources, other sustainable use of the oceans, and making use of the companies鈥 broad core competencies towards other sectors,鈥 he added.
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