Hydramarine sold to Cargotec

15 April 2008

Marine crane manufacturer MacGregor will acquire Hydramarine AS, an offshore and sub-sea load handling company. Norway-based Hydramarine will be 90% owned by Cargotes's Gregor while the remaining 10% in shares will be owned by employees Hydramarine had net sales of US$ 84 million in 2006 and employs 150 people. It is owned by Vidar Robstad and Svein Erik Halvorsen through Hydramarine Holding AS. The acquisition, for an undisclosed sum, is subject to approval from the relevant authorities Hydramarine'sprimary products are large active heave compensated cranes for the offshore industry. It offers a range of high-end handling systems such as cranes, davits, winches and subsea load handling solutions. The e q ui p ment is installed on offshore supply vessels and rigs PM “H ydramarine is an attractive extension to MacGre offering and the business fits well with MacGregor'sgy to develop cargo handling solutions towards the offshore and marine industry. The acquisition widens our offering in the growing offshore vessel segment. The move towards deepwater in offshore is creating new opportunities for technology,”said Olli Isotalo, MacGregor president.

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