ASCO Norge Acquired by ASCO Group

ASCO has acquired ASCO Norge, the Norwegian part of the business that was not included in the transaction when Phoenix Equity Partners bought ASCO Group one year ago.

ASCO Norge based in Tananger, Norway has been owned for the last year by Aspire Oil Services and Norwegian shipbrokers, Seabrokers. Ragnvald Albertsen of Seabrokers will be staying with the business as a non-executive director.

Billy Allan, chief executive of ASCO commented: "When we acquired ASCO a year ago, we were unable to secure the Norwegian operation at the same time. However it was always our intention to do so and after a year of hard work, we have been able to complete the transaction. ASCO Norge is now owned 100% by ASCO and we are delighted to welcome many of our former colleagues back in to the ASCO family.

The Norwegian market is very important to ASCO. It has a long and stable future and this acquisition means that we are now in a much stronger position to support any of our clients who seek an integrated logistics solution for the North Sea".

ASCO Norge, which employs 150 personnel, will continue to be run by managing director Runar Hatletvedt.