Title XI Funding
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Marine Log

May 14, 2007

MacGregor adds to offshore services

MacGregor-- part of the Cargotec Corporation -- has just added another to its portfolio of companies working in the offshore support sector (Grampian Hydraulics, Hydramarine and Plimsoll). Its latest acquisition is Vestnorsk Hydraulikkservice AS (VNH). Based in Agotnes, west of Bergen, Norway, the company is a service and turnkey system supplier to the offshore and marine industries.

VNH carries outout installation, troubleshooting and repairs on and off shore. About 80 per cent of its revenue comes from service, the rest from various hydraulic turn-key projects.

MacGregor recently acquired Norway-based Hydramarine AS and Singapore-based Plimsoll Corporation Pte Ltd. Both companies specialize in hydraulic and electrical deck machinery in the offshore industry. Hydramarine's key products are large active heave compensated cargo handling solutions for the offshore industry. It offers a complete range of cranes, davits, winches and subsea load handling solutions. Plimsoll's key products are a comprehensive range of winches and cranes for offshore and marine applications.

"The acquisition of Hydramarine and Plimsoll have widened our offering in the growing offshore vessel segment, and adding VNH will support them from a service point of view, as well as strengthening our North Sea service strategy," said MacGregor's president, Olli Isotalo.

Last year MacGregor acquired Scottish company Grampian Hydraulics, which specializses in hydraulics and spare part service of offshore support vessels. The acquisition of VNH means that MacGregor now offers a service capability on both sides of the North Sea.