Bibby Offshore Group to Merge with Rever Offshore
Fara Holdco Limited, the owners of the Bibby Offshore group of companies, has announced a merger with Rever Offshore AS.
The transaction has been agreed and is expected to close ‘soon’, according to a statement from Bibby Offshore, although no specific date has been given.
Rever’s subsidiaries include CECON Contracting AS, an international subsea and offshore contractor, as well as two vessel companies which own the Cecon Excellence and Cecon Sovereign.
“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,” executive chairman of Fara, Riulf Rustad, said in a company statement.
“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,” Rustad added.
Howard Woodcock, chief executive of Bibby Offshore, said the merger posed a very exciting opportunity.
“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,” Woodcock said in a company statement.
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