Lloyd's Register to fully acquire Scandpower |
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Risk management company Lloyd's Register EMEA will acquire 100 per cent of the share capital of Scandpower, an independent firm based in Norway with an office in Dubai.
The acquisition will be the largest undertaken by the Lloyd's Register Group. Scandpower was established 35 years ago and its 250 staff specialise in providing risk management services to the nuclear, oil and gas and transportation industries.
The company's services in the nuclear field are entirely centred on civil power generation, while in the oil and gas sector it focuses on exploration, production, refining and transport.
Activities in the transportation sector are focused on railway and aviation. Around 65 per cent of Scandpower's staff are based in Norway and 25 per cent in Sweden, with most of the others working in Houston and Beijing. "Lloyd's Register has a clear strategy to become the leading provider of compliance, integrity and specialised consultancy services to clients throughout all sectors of the transportation and energy sectors," said Oil and Gas Director Iain Light. "The acquisition of Scandpower will be a major step towards achieving that goal.
"Demand for energy is increasing worldwide. Combined with raised safety and environmental expectations and the need for operational efficiencies, the demand for nuclear, oil and gas and transportation related risk management services is at an all-time high and is expected to increase further.
Bjorn Inge Bakken, President and CEO of Scandpower, said: "We are experiencing an unprecedented level of demand for our services and are keen to expand geographically and increase our market share in the nuclear and oil and gas sectors.
"To achieve this we need to be capable of handling substantial and rapid growth, both operationally and administratively. The Lloyd's Register Group is an ideal partner with similar values and an infrastructure that can be leveraged to support our growth plans."
By Staff Writer
© Emirates Business 24/7 2008
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