Oceanteam ASA announced today that it has agreed with the Management of KCI Oil & Gas Engineers in the Netherlands a joint venture for the renewables market.
The management concluded at the same time a successful management buy-out from the Wood Group. Oceanteam ASA supported the management buy-out with a combination of equity and debt financing. In the process Oceanteam ASA established a commercial relation with KCI to provide extensive engineering support for its Offshore Renewables and Offshore Power Grids operations.
KCI, based in Schiedam, The Netherlands, is an independent Oil & Gas engineering company and employs more than 100 multi-disciplinary engineers. To support the commercial agreement and the renewables market in general, KCI will expand its number of employees further.
The commercial terms between the parties are confidential.
The establishment of a commercial relation with KCI Engineering is part of the continuous effort by Oceanteam ASA to increase its capability and to support and goal to be the prime provider of installation and trenching services to the offshore power cable industry.