NorSea Group AS enters into strategic partnership with Sub Sea Services AS

(Stavanger 15 August 2013) NorSea Group AS and Sub Sea Services AS have signed a business development agreement to expand and optimise their service, by offering base facilities with marine riser and drilling equipment services.

The agreement is of strategic importance to both parties. NorSea Group will benefit from the partnership by increasing the company’s portfolio of services, and Sub Sea Services will be able to deliver riser expertise on an improved geographical basis.

NorSea Group and Sub Sea Services will target the rig market and drilling contractors by offering extended services at the majority of NorSea Group bases in Norway (Tananger base, Dusavik base, Stordbase, Vestbase, Norbase and Polarbase). As both companies have customers with extensive international presence, the new partners are also looking at opportunities for providing Riser Management including tailor- made logistic solutions for the international market.

"Our top priority is creating value for all our customers. Now that Riser Management also includes integrated logistics transportation, handling and storage, we are convinced that the outcome of joined forces will be beneficial for new and existing customers. We will now be well placed to meet future demands from the rig industry with enhanced services," says John E. Stangeland, CEO in NorSea Group.

An overview of the market situation shows 48 rigs, ranging from semi-submersibles to drill ships, currently drilling in the North Sea and off the coast of Norway. Together they operate nearly 1600 riser joints. Norway comprises almost 60 % of this market, with Sub Sea Services already responsible for over two thirds of all inspection and repair of marine risers in Norway. The company predicts increased activity in the years to come.

"We can foresee the demand for services increasing by about 30% during the next five years, with new rigs arriving, together with the ageing of the current fleet, and therefore we are very pleased to be working strategically together with the NorSea Group," says Bernt Arne Breistein, CEO in Sub Sea Services. " We are strongly committed to expand and strengthen our service to our clients through this agreement."

Additional services from Vestbase and Polarbase

Additional technical services such as testing, inspection and maintenance of marine risers will also be offered by NorSea Group from Vestbase, as well as improved access to the Sub Sea Services hub in Kristiansund. Furthermore the companies will offer service capacity from Polarbase in Hammerfest, which will give Sub Sea Services a "foothold" in the far north.

SSS

From left: Bernt Arne Breistein, CEO, Sub Sea Services AS, John E. Stangeland, CEO, NorSea Group AS and Jostein Kvamme, COO, Sub Sea Services AS.
Photo: Michael Kakakios

For further information, contact:

John E. Stangeland, CEO, NorSea Group AS                tel: +47 51 85 30 24 (office), +47 915 59 446 (mobile)

Bernt Arne Breistein, CEO, Sub Sea Services AS          tel: +47 51 83 95 30 (office), +47 952 07 996 (mobile)


NorSea Group AS is a privately owned company founded in 1965. The group is a leading supplier of base services and integrated logistics systems to the Norwegian oil and gas industry. Annual turnover is approximately NOK 2.5 billion. NorSea Group AS has its headquarters in Tananger outside Stavanger, and has proprietary interests in nine supply bases along the Norwegian coast. In addition, the group is an active promoter of the progressive development of Risavika as the region’s most important logistics hub. Main shareholders are Wilh. Wilhelmsen Holding ASA,Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS. For more information, please visit www.norseagroup.com

Sub Sea Services AS was founded in 1989 and is a premium provider of products and services to the offshore drilling industry. Sub Sea Services’ provides products that stand out from the competition through their superior quality, usability and function. From its headquarters in Dusavik, near Stavanger, and facilities in Kristiansund and Mongstad the company serves its offshore clients worldwide. Since mid-2013 Sub Sea Services has been based in Brazil to provide aftermarket services to their clients. Drilling solutions are being provided from an incubated office in Rio de Janeiro, whereas the production still remains in Norway. The company also plans to open two international service centers in Brazil and the Canary Islands in 2014. Internationalisation plans forecasts engineering offices in Aberdeen (UK) and Houston (USA). For more information, please visit www.subseaservices.no

Visiting address: Risavika Havnering 14, 4056 Tananger Phone: +47 40 00 43 21

© NorSea Group AS 2017