June 17 - The Harren & Partner Group and Goldman Sachs Capital Partners (GSCP) have invested USD500 million in Singapore-based OIG Offshore Installation Group to provide the financing for the company's strategic growth and the acquisition of additional ve

OIG is a provider of offshore installation and construction services, combining strong engineering capabilities and efficient offshore vessel infrastructure. GSCP will be the majority shareholder of OIG.

When the transaction is completed, OIG will own two modern, high specification giant class offshore installation vessels. A third newbuild vessel will arrive in 2012. OIG will acquire Global Mooring Services (GMS), strengthening its position in the offshore installation and mooring space.

Geir Aune, OIG's chairman, says: "OIG is an excellent combination of quality offshore services and engineering capabilities, an experienced maritime partner and a new vessel design. The efficiency resulting from the game-changing vessel design will allow us to reduce the installation time and thereby add significant value to customers. I see strong growth opportunity from developing OIG into a leading offshore installation and construction group, benefitting from Harren & Partner's maritime expertise, GMS' proven track record and GSCP's financial commitment."

Topics