Moreld Aquires Ocean Installer

  • Moreld has entered into an agreement with HitecVision to acquire Ocean Installer, a marine construction company that serves the offshore energy sector
  • This acquisition creates a diverse offshore engineering and project execution group, capable of providing top-side, subsea, and marine engineering, as well as maintenance and construction services.
  • Concurrently, Moreld has raised US$225 million through the issuance of senior secured notes. This funding will finance the acquisition, refinance existing debt, and enhance liquidity.
  • The combined business is well-positioned to benefit from increased activity on the Norwegian Continental Shelf and internationally, with over US$600 million in pro-forma revenue for 2023 and a contracted backlog exceeding US$1 billion.

Stavanger, June 7th, 2024

Moreld, a multi-disciplinary engineering group serving top-tier customers in offshore energy and marine industries, is pleased to announce to have entered into an agreement with HitecVision to acquire Ocean Installer, a leading provider of marine construction and offshore energy solutions.

Moreld has a long history and established presence on the Norwegian Continental Shelf (NCS) and provides maintenance, modification, and operations (MMO) services through its subsidiary, Moreld Apply, and marine engineering and assurance services through its subsidiary, Global Maritime. The companies serve a range of blue-chip customers such as Equinor, Total Energies, Shell, ExxonMobil, Aker BP, and Chevron. Moreld was acquired from HitecVision in January 2024 by the investment groups, McIntyre Partners, and Velocity Partners.

The acquisition of Ocean Installer will expand Moreld’s service range into subsea engineering and construction services, create an engineering and project execution powerhouse with over 2,300 employees, expand long-term customer relationships, and position the company to benefit from significant investment in the NCS and global offshore markets.

Ocean Installer was founded by private equity firm HitecVision in 2011 and quickly established itself as a major player in the subsea installation market for offshore energy and renewables. The company specializes in the construction, installation, maintenance, and repair of offshore subsea infrastructure including subsea umbilicals, risers, and flowlines (SURF), mooring and FPSO tow operations, renewables and inspection, maintenance, and repair (IRM). Ocean Installer has 280 employees across headquarters in Stavanger, Norway, and with offices in Oslo, Houston, Aberdeen, and Dubai.

Concurrent with the acquisition, Moreld closed a private offering of US$225 million aggregate principal amount of senior secured notes maturing in 2029, placed with institutional credit funds. Proceeds for the offering are used to finance the acquisition, refinance existing debt facilities, and materially enhance liquidity, with company holding a significant cash balance at closing. Given the high visibility provided through the contract backlog and the asset light business model, the company expects to quickly pay down debt in the coming years. The combined business generated over US$600 million in pro-forma revenue in 2023 and has over US$1 billion in contracted backlog.

“We are pleased to welcome Ocean Installer into the Moreld Group" says Geir Austigard, CEO of Moreld. "This acquisition marks a significant step forward in our strategic growth plan and underlines our commitment to delivering exceptional value to our customers. Together, we will leverage our combined expertise and resources to drive innovation, expand our market reach, and create new opportunities for success. Ocean Installer is an excellent addition to the Moreld family and will further strengthen our international presence” he continues.

"We are very proud to be the sellers of Ocean Installer. The company is led by a unique management team and has accomplished everything we set out to achieve when founding it. Now, teaming up with another recent former portfolio company will create a significant player in the offshore market, well positioned for future opportunities. We wish them all the best." says Tor Espedal, Senior Partner at HitecVision.

"We are grateful to HitecVision for their unwavering support and guidance during the last 13 years. Under HitecVision, we successfully created a company capable of executing major offshore projects globally on behalf of the world’s largest energy companies. We are proud to now join the Moreld Group alongside such well respected companies as Moreld Apply and Global Maritime. Together we will offer a wider range of services to our clients and take on larger and more complex projects" says Kevin Murphy, CEO of Ocean Installer.

As part of the acquisition, Ocean Installer will be integrated into the Moreld Group as a standalone sister company alongside Moreld Apply and Global Maritime, along with their respective subsidiaries. Ocean Installer will retain its recognized brand name and continue its operations seamlessly.

The transaction papers have been signed and sent to the Norwegian competition authorities for approval. The acquisition is expected to be finalized by end of June 2024.

Advisors to Moreld include Wikborg Rein, Carter Ledyard & Milburn, Marriott Harrison, SR1 Markets, Pareto, and PricewaterhouseCoopers.




Geir Austigard and Kevin Murphy
Geir Austigard and Kevin Murphy
Hywind Tampen
Hywind Tampen

About the companies

About Moreld

Moreld is an industrial group providing blue-chip customers with services across offshore energy, marine and onshore industries. The Group consists of Moreld Apply and Global Maritime with subsidiaries, and has a combined revenue of NOK 8 billion, and 2300 employees post-acquisition. Moreld is positioned to benefit from significant investment in offshore activities including field-life extension, decarbonization and renewables

About Ocean Installer

Ocean Installer is a leading marine construction company that specializes in providing installation services, as well as inspection, maintenance, and repair of offshore subsea infrastructure. With a workforce of approximately 300 employees, the company was founded by HitecVision in 2011 and has over 13 years of experience delivering large and complex subsea projects worldwide. Headquartered in Stavanger, Ocean Installer operates regional offices in key locations including Oslo, Houston, Aberdeen, and Dubai.

About HitecVision

HitecVision is a leading European entrepreneurial energy investor with EUR 8 billion of assets under management. The company is headquartered in Stavanger, Norway, with other offices in Oslo, London, and Milan. HitecVision has extensive experience in successfully developing energy companies and has since 1994 invested in, acquired, or established more than 200 companies. From its history within oil and gas, the company has been transitioning towards creating companies within the energy transition. In 2021, HitecVision announced that all new portfolio companies will be companies that contribute to the energy transition

About McIntyre Partners

McIntyre Partners is a private investment firm that focuses on acquiring non-core businesses from corporate and financial sellers in energy, industry, and infrastructure. By partnering with committed management teams, who become owners in the business, McIntyre Partners offer low-risk transaction execution and shared upside. McIntyre Partners is sector agnostic, able to transact at speed and has a global mandate. Recent transaction experience includes the acquisition of Moreld in January 2024 and the acquisition of Greenfire Resources in 2021 and IPO on the New York Stock Exchange in 2023.

About Velocity Partners

Founded in 2023, Velocity Partners is a specialist private equity firm focused on the energy and industrials sector. Founders Mark Dickinson and Neil Hartley bring decades of private equity experience in the energy sector and a track-record of working collaboratively with management teams and investors alike. Velocity Partners operates on a deal-by-deal basis and seeks to invest in well-managed businesses with the potential for strong long-term value creation. The firm is headquartered in London.

About Moreld Apply

Moreld Apply is a leading company in the Engineering, Procurement, Construction, and Installation (EPCI) segment covering modification and maintenance of offshore assets that reduce Exploration & production (E&P) operators’ CO2 footprint by improving production efficiency, implementing decarbonisation solutions, and extending the life span of critical offshore infrastructure with innovative solutions and technology

About Moreld Global Maritime

Moreld Global Maritime is a marine, offshore, and engineering consultancy working to de-risk, innovate and drive the energy transition in the offshore energy and marine industries that specialises in marine warranty, dynamic positioning, and engineering services. It is renowned for structural innovation, experience, operational excellence, and safety. 

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