Cavotec has announced it has merged with Mooring Systems (MSL) to create Cavotec MSL, in a deal worth AED 600 million.
Cavotec MSL will provide power supply equipment to companies in the oil and gas sector. The new company will be based in Christchurch, New Zealand and is listed on the New Zealand Stock Exchange. Cavotec will retain 80% of the merger, with MSL claiming the remaining 20%.
“Our core competence for the oil and gas sector is mooring by vacuum,” said Thomas Widegren, regional manager and executive chairman of Cavotec.
“Tanker terminals in particular would benefit from the services this merger will provide. When transferring oil between ships, for example, Cavotec MSL can provide one ship that doubles as a mooring system.
“This is a quicker method of transferring oil, requiring fewer tugboats and less manoeuvring time. Compared to conventional container ports, this method will save around one hour per mooring. A further hour would also be saved when releasing the ship.”
Cavotec MSL has recently set up a new branch in Abu Dhabi, UAE and is in discussions regarding a proposed facility in Saudi Arabia. The company is in ongoing talks with national oil company Saudi Aramco and hopes to set up in Jubail Port in the country’s eastern coast, where it could facilitate the loading of tankers and gas terminals.
“We recently brought together our staff from the USA and China, as well as technical staff from New Zealand and discussed how to develop new strategies and determine the requirements for each market,” added Widegren.
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