New Owners Set Noble Denton on Course for Growth
The shareholders of Noble Denton Holding Ltd have agreed to sell the company to a consortium of Norwegian investors consisting of HitecVision and Ferncliff. Key employees of Noble Denton will retain a significant 40% share of the business going forward.
The strategy for the "new Noble Denton" is aimed at creating opportunities for significant dynamic growth. This will be achieved through continued organic growth as well as through the acquisition of similar and complementary companies in the marine and offshore engineering industry.
Noble Denton Group Managing Director, David Sutton, said "We are very excited by this development that permits Noble Denton to grow faster and further, whilst maintaining our independence. The new Noble Denton Group will be able to offer greater and more varied career opportunities for our staff that we could not provide without a major injection of capital to support our continued expansion".
Pal M. Reed, Partner of HitecVision, commented: "The current high growth in the exploration, development and production spending of the oil and gas companies is only expected to continue. This applies to all areas of the upstream sector, but especially to the offshore sector, with a surge in newbuilding and conversion of drilling units and FPSOs as well as subsea field developments and LNG carriers and terminals.
As the complexity of these projects increases, they require ever more know-how and resources, which are currently in short supply and are expected to become even scarcer. We have therefore been seeking investment opportunities in this segment for some time, and believe Noble Denton fits the bill perfectly."
Glen Rodland of Ferncliff added: "We initiated the negotiations with Noble Denton's management to acquire a majority of the company and support an enhanced growth plan for the company.
In Noble Denton we recognized a company with a global coverage and key competences that, in combination with a superb brand and strong customer base, make it exceptionally well positioned to address the fast-growing market in the oil and gas industry. We believe Noble Denton will be able to build on these strengths to take further advantage of this growing market. We also saw that the company would benefit from an investor with specialized knowledge of this industry, and invited HitecVision to join us in the investment."
Laying a solid foundation for Noble Denton's growth plans are a 100 year history, a well-recognized name and a reputation for reliable performance. This is shown by the Company's impressive client list, as well as its strong staff retention among senior personnel. The group of associated companies plans to continue growing and adding to its core businesses and will build on its reputation for excellence and integrity in the coming years.
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