Scotland’s Global Energy Group has sold the Port of Nigg along with Global Energy (Fabrication) and its scaffold and access operation Global Energy Services to Japan’s Mitsui.
The Global group businesses will be acquired jointly by Mitsui & Co Europe and its shipping and logistics operation Mitsui OSK Lines. The former will hold a 51 percent stake in the three companies, while Mitsui O.S.K. Lines takes the minority share. The two have stated that they plan to make a significant investment in expanding quayside infrastructure and manufacturing capacity at Nigg to meet growing demand from the offshore wind and oil and gas sectors. No details of the transaction have been released.
Yoshihiro Hayakawa of Mitsui (L) with Global Energy’s Roy MacGregor
Global Energy Services provides a wide range of work at height solutions to the Oil & Gas and wind power markets, including scaffolding, tension netting, engineered decking, micro ROV, rope access, specialist cradle/basket systems and powered access equipment. It also provides the inspection and engineering services that go with them.
Global/CEG will continue to provide services at the port through its Global Port Services crane operation as well as its other locations in Invergordon, Aberdeen and Edinburgh.
Global Energy Group formerly traded as Isleburn and before that Isleburn Mackay and MacLeod, but can trace its origins back to 1987. It was transformed by Roy MacGregor after the business acquired the Nigg site in 2011 and invested more than £120 million in the business, changing the name to Global in 2016. Mitsui has held a 25.5 percent stake in Global’s ultimate parent - GEG (Holdings) since 2012.
One of the Nigg quays
Global chairman Roy MacGregor said: “Having worked closely with our trusted investor, Mitsui, since 2012 we believe the time is right to let them drive the next stage of development at Nigg. We believe they are the correct custodian for a facility that provides so much employment and prosperity for the Highlands. Under their guidance the port will continue to grow and develop – providing long-term, secure, skilled employment opportunities for generations to come, as well as driving Scotland’s energy transition.”
Makoto Takasugi, chief operating officer of Mitsui Iron and Steel added: “We are privileged to take on the stewardship of The Port of Nigg and the associated energy services businesses building on the strong foundations developed by Roy MacGregor and the Global Energy Group team. For over 13 years, as a shareholder and board member, we have witnessed the impressive growth of Global Energy Group and the strategic importance of Nigg in the UK’s energy industry. We look forward to carrying forward that legacy, working with the skilled local teams across the three companies for years to come. Servicing the huge demand for offshore wind power – as we grow our role in energy transformation across Scotland, the UK and Europe.”
Comments