Tim Hartnoll’s family private investment business, HICO, has acquired a significant stake in Singapore-based Britoil Offshore Services.
Founded by David Hill over 30 years ago, Britoil owns a fleet of 20 Singapore-flagged anchor handling tugs and two platform supply vessels. Hill will continue as a shareholder and chairman of the company.
HICO said it will work with Britoil’s management team to update systems and reporting lines, streamline operations, improve efficiency and develop a long term strategy for the future growth of the company, including the diversification of its revenue streams.
Spanish logistics and agency group Pérez y Cía is joining HICO as a co-investor in Britoil. “With its interests in various tug and logistics operations in the western hemisphere, the experience of Perez will contribute to the growth and diversification of Britoil,” HICO said.
Hartnoll, who is the executive chairman of X-Press Feeders, part of the Sea Consortium group, has a range of investments through HICO, including shipping, hospitality, technology, and early start-ups.