Fara Holdco Limited, owners of the Aberdeen based Bibby Offshore group of companies has announced a merger with Rever Offshore.
Rever’s subsidiaries include CECON Contracting, an international subsea and offshore contractor, as well as two vessel companies which own both the Cecon Excellence and Cecon Sovereign.
The combination of Bibby and CECON Contracting will create a larger offshore installation delivery business both in the North Sea and internationally.
The combined company will continue to evaluate growth opportunities in its core diving and subsea umbilicals, risers, and flowlines markets.
Executive Chairman of Fara, Riulf Rustad, said: “This transaction brings the excellent track records of both Bibby Offshore and CECON Contracting into a strong, focussed group.
“The complementary services and assets of each business produced a compelling industrial logic to join forces. The individual geographical strengths and subsea intervention skills of each business now allows the combined platform to offer a much wider range products and solutions to customers.”
Howard Woodcock, Chief Executive of Bibby Offshore, said: “Combining Bibby Offshore’s traditional diving and North Sea strengths with the international and engineering talents of CECON will create an operationally and financially strong business capable of delivering even greater value to clients.”
The transaction is agreed and expected to close soon. CECON’s most recent project was completed in January 2018, off the Tunisian coastline.