NPM Capital Snags Stake in Offshore Company Seafox Group

NPM Capital has acquired a 35% stake in Sea Accommodation Resorts Ltd. This company and its operating companies are known as the Seafox Group. The Seafox Group has been active in the worldwide offshore industry for approximately fifteen years. The group's core activities in this sector are the lease and operation multi-purpose service jack-up rigs. Its main client base is comprised of large companies in the oil and gas industry. Incomare Holdings, which is the parent company of the Cordia family, will remain the Group’s largest shareholder. NPM Capital's investment will enable the family company to accelerate the realisation of its growth plans.

Sea Accommodation Resorts Ltd. is located on the Isle of Man and its key operating companies are Seafox Contractors B.V. and Workfox B.V. The daily operation of the Seafox fleet has been outsourced to Workfox B.V. in Hoofdorp, the Netherlands. The company has long-term contracts with companies including Shell, TOTAL, BP, CNOOC and ConocoPhillips.

Seafox Group's fleet is used by oil and gas companies for offshore installation projects, maintenance, upgrade programmes for stimulating production and for decommissioning (dismantling) production platforms. This means the Seafox fleet can be utilised throughout the entire lifecycle of offshore installations and is consequently multifunctional and broadly deployable. The jackup rigs can be used outside the oil and gas business for other applications such as the installation and maintenance of offshore wind farms.

Keesjan Cordia, Managing Director of Seafox Contractors, says he is delighted that NPM Capital is joining the company as a shareholder.

"The offshore market is fundamentally still very strong and we are in a position to benefit from this because our fleet is used cross-border basis by Oil Majors. While the Seafox Group has already been able to double its activities in the past two years, the market still provides opportunities for growth. With NPM as a shareholder, it will be possible to develop the company at an accelerated pace."

Bas Westermann and Rutger Ruigrok, who realized the transaction on behalf of NPM Capital, say this investment fits in perfectly with the venture capital company's policy. "The energy sector is and remains eminently important for the development of the international economy. It is wonderful that we can support this professional Dutch family company to achieve its international growth ambitions."

NPM Capital operates from its branch offices in Amsterdam and Brussels and currently holds stakes in approximately 40 companies.


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