New growth strategy for Lauritzen’s offshore activities
50/50 joint venture with private equity investor HitecVision to focus on high-end Accommodation and Support Vessels (ASVs).
The initial platform for the joint venture is a vessel familiar to every reader of Lauritzen News: the Dan Swift, a dynamically positioned ASV delivered in 2009 and the first monohull accommodation and support vessel to service the high-end of the offshore market.
Since delivery, the Dan Swift has performed exceptionally well, chiefly in deep water employment offshore Brazil. First, under contract to Statoil, one of the industry’s most demanding customers, for just over a year. Then, after a short contract working for Shell on the coast of West Africa, Dan Swift entered a five-year contract with Petrobras, the Brazilian energy major, for maintenance and refurbishment work on oil platforms in the Campos basin.
With the Petrobras contract, JL fulfilled the first part of its strategy to become a player in the offshore services market in Brazil. In addition to Dan Swift, JL owns three dynamically positioned shuttle tankers on long-term contracts with Petrobras.
“It has been a longterm strategy for JL to further develop our offshore activities, in particular in the ASV segment,” says Torben Janholt, president & CEO of JL. “We realised from the outset that we would need a partner to grow further in this market. We spent nearly two years looking for a company with offshore experience that shared our view of the market’s potential – one who could join us in building on our considerable experience with ASVs. HitecVision is a leading oil- and gas-focused private equity firm with industry knowledge and high performance standards. We could not have found a better partner. For me, it’s a great pleasure to see that we succeeded with our hard work to develop the offshore business, and now we’re in a position to take our strategy to the next level.”