3i Infrastructure and AMP Capital will jointly acquire 100% of Danish company ESVAGT from Maersk Group. 3i Infrastructure will be investing approximately £109m for a 50% interest in ESVAGT and will have an equal shareholding with AMP Capital.
Headquartered in Esbjerg, Denmark, ESVAGT is a leading provider of emergency rescue and response vessels and related services to the offshore oil and gas industry, in and around the North Sea and the Barents Sea.
ESVAGT has been operating since 1981, employs over 800 people and owns a fleet of 43 vessels (modern offshore support vessels with high quality specifications designed for operations in harsh weather conditions) and more than 800 employees. ESVAGT has an established position as a leading provider of emergency response and rescue services in offshore Denmark and Norway, as well as a growing presence in the UK and offshore wind services segments.
3i infrastructure believe ESVAGT’s leading market positions in its core markets, with contracted revenue streams and best-in-class operating model, should allow it to continue to deliver an attractive and stable long-term yield.
They’ll need clearance from the European Commission under the EU Merger Regulation. Completion is anticipated by the end of September 2015.
3IN : 3i Infrastructure in deal to buy North Sea rescue and response business