Norwegian private equity group HitecVision has sold offshore energy and marine services business Moreld Group to UK’s McIntyre Partners for an undisclosed sum.
Moreld, which provides services to a range of blue-chip clients such as Equinor, Vår Energi, Aker BP, Total Energies, Shell, ExxonMobil and Chevron, had an estimated combined revenue of $484m in 2023.
The transaction covers the core business of Moreld Group, consisting of Moreld Apply, Moreld Ross Offshore, and Moreld Global Martine.
McIntyre has partnered with Moreld’s incumbent management, which will own a significant minority stake in the group. Velocity Partners, a newly formed specialist private equity firm focused on the energy and industrials sector, will similarly own a minority stake.
Moreld has an established presence on the Norwegian Continental Shelf, which supplies approximately 30% of Europe’s gas. Currently, the region is undergoing a period of significant capital investment due to tax incentives, field life extension and decarbonisation.
Julian McIntyre, founding partner at McIntyre, said: “We have searched extensively in the energy services sector, which is facing a wave of new investment due to energy transition and energy security, and believe we have found an industrial group with three strong and growing companies that perfectly meet our criteria.”
HitecVision, which has owned most of Moreld for more than 15 years, said the divestment was part of the company’s strategy to shift investments from the oil and gas industry to the energy transition and renewable energy.
