Oceanteam offloads KCI
Proceeds of sale to Royal IHC will ‘improve liquidity and reduce debts’
Dutch outfit Royal IHC is to acquire consultancy KCI the Engineers from offshore service provider Oceanteam.
IHC will maintain KCI as an independent brand serving external clients as well as working on IHC projects.
Oceanteam will continue to have access to all intellectual property developed by KCI in relation to its vessels, carousels and other assets.
It will also have access to KCI’s engineering capabilities through a long-term service level agreement between IHC and Oceanteam.
The transaction is not subject to regulatory approval, but is subject to “certain conditions precedent through an agreed sale and purchase agreement”, the companies said. The price has not been disclosed.
Oceanteam said it will continue to comprise of the shipping and solutions business segments.
The company said it will use the proceeds of the sale to improve the company’s “liquidity and to reduce outstanding debts”.
IHC Group executive director Diederik van Rijn said: “The acquisition of KCI fits within the overall strategy of IHC to further develop into a provider of knowledge and technology based services and products.
“We believe that KCI, with IHC as a strong reliable parent, will be able to further develop and grow to the benefit of its clients.”
Oceanteam chief executive Haico Halbesma said: “IHC presented a strategy that fits with the next step KCI has to take in terms of further expanding its unique designs and credentials list to become an even stronger partner for its clients.”