UK energy sector construction, maintenance & enhancement solutions player Global Energy Group (GEG) has concluded an agreement with Japanese company Mitsui & Co. for the sale of its group companies, including The Port of Nigg, a multi-sector energy port and green freeport.
In addition to the Port of Nigg, GEG reached an agreement with Mitsui & Co. Europe, a subsidiary of Mitsui & Co., together with Mitsui O.S.K. Lines (MOL), to sell its multi-site fabrication and manufacturing business, Global Energy (Fabrication), Global Energy Services, a provider of scaffold and access teams.
Following the acquisition, Mitsui, which has been GEG’s investor and strategic partner since 2012, will own 51% of the three companies, and MOL will hold the remaining 49%.
GEG said this strategic investment will take The Port of Nigg to the next phase of development as “a critical infrastructure asset within the UK’s energy transition” , building on its role in supporting the energy industry, including oil and gas and offshore wind.
As the new majority owner, Mitsui vowed to further invest in the site, including expansion of manufacturing capacity and quayside infrastructure to meet growing demand from a wide range of energy services sectors, both for the oil and gas and offshore wind markets.
According to the companies, the acquisition marks Mitsui’s first major investment in a Scottish port facility while MOL aims to strengthen the partnership through its expertise in offshore and renewable energy.
Following the divestment of the three business units, Roy MacGregor’s Inverness-based GEG (Holding) Limited – operating as Global Energy Group – will continue to offer services at The Port of Nigg through its supply chain companies, Global Port Services, Global Crane Services, and Global Wind Projects – as well as the supply of labour on a project-by-project basis. The Aberdeen-headquartered energy engineering company, Apollo, also remains part of the Global Energy Group portfolio.
Chairman of Global Energy Group, Roy MacGregor , commented on the deal: “We are hugely proud to be passing on the baton at The Port of Nigg having spent much of the last decade establishing it as a truly world class multi energy facility. 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 – and we believe they are the correct custodian for a facility that provides so much employment and prosperity for the Highlands.”
Speaking on behalf of Mitsui & Co., Makoto Takasugi , Chief Operating Officer of Iron & Steel Products Business Unit, said: “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.”
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