Moreld Aquires Ocean Installer

Moreld has entered into an agreement with HitecVision to acquire Ocean Installer, a marine construction company that serves the offshore energy sector

This acquisition creates a diverse offshore engineering and project execution group, capable of providing top-side, subsea, and marine engineering, as well as maintenance and construction services.

Concurrently, Moreld has raised US$225 million through the issuance of senior secured notes. This funding will finance the acquisition, refinance existing debt, and enhance liquidity.

The combined business is well-positioned to benefit from increased activity on the Norwegian Continental Shelf and internationally, with over US$600 million in pro-forma revenue for 2023 and a contracted backlog exceeding US$1 billion.

Read the full press release here