Fara Holdco, owners of UK offshore service company Bibby Offshore, has announced a merger with Norway’s Rever Offshore.
Rever Offshore runs subsea and offshore contractor CECON Contracting and owns two offshore vessels Cecon Excellence and Cecon Sovereign.
Fara Holdco believes the combination of Bibby and CECON Contracting will create a larger and more robust offshore installation delivery business both in the North Sea and internationally, focused on the Atlantic and Mediterranean regions. The combined company will continue to evaluate growth opportunities in its core diving and subsea umbilicals, risers, and flowlines markets.
“This transaction builds upon the excellent track records of both Bibby Offshore and CECON Contracting and brings them neatly together into a strong and focused group. The complementary services and assets of each business produced a compelling industrial logic to join forces. The individual geographical strengths and subsea intervention skills of each business now allows the combined platform to offer a much wider range products and solutions to their customers,” said Riulf Rustad, executive chairman of Fara.
“Combining Bibby Offshore’s traditional diving and North Sea strengths with the SURF, international and engineering talents of CECON creates an operationally and financially strong business capable of delivering even greater value to clients. This merger is a very exciting opportunity for us and represents a genuine win-win situation from which we can continue to build and grow a highly competitive and high quality business,” commented Howard Woodcock, chief executive of Bibby Offshore.
