Business Transfer
Heerema Fabrication Group (HFG) and Iv-Group announced an agreement for the transfer of business activities of HFG’s subsidiary HFG Engineering US (HFGE) by Iv-Group as per 1 May 2010. HFG Engineering US is an international operating company for engineering services to the oil and gas industry and has offices in Houston and New Orleans. The acquisition of HFG Engineering US will enable Iv-Group to strengthen its position in the USA. HFG Engineering US provides worldwide engineering services to clients in the onshore and offshore oil & gas industry, offshore wind energy, biofuels and tar sands. This transfer will also offer opportunities for Iv-Group to enhance the current activities in the USA for i.e. the infrastructural market.
The transaction will not affect ongoing projects or contracts, which will be transferred to the new company Iv-AGA. Furthermore, all 100 employees will be employed by Iv-AGA as per the same date.
“HFG has since many years a very close relationship with Iv-Group and we are convinced that further development of the existing activities of HFG Engineering US is hereby ensured,” according to Arend Drenthe, CFO of HFG.
“This business transfer will enable HFG to focus on our core activities in Northwest Europe. The relationship with Iv-Group will provide us access to the knowledge and experience in the area of engineering and developments of oil & gas projects in West Africa, which will create opportunities for our production locations in the Netherlands and United Kingdom,” continues Wim Matthijssen, COO of HFG.
“For Iv-Group, especially for the division Iv-Oil & Gas, this acquisition offers enormous possibilities,” says Rob van de Waal, general director of the Iv-Groep. “Iv-Oil & Gas is mostly active in the West-European market. This acquisition enables us to spread our wings to the US and achieve growth.”
Wim Bal, director of the Iv-Groep and managing director of Iv-Oil & Gas, underlines the words of Mr. van de Waal and adds: “The worldwide oil and gas market is for the main part being directed from Houston and this take-over offers potentials for our engineering services as well as for our daughter company Escher Process Modules, which is specialised in Gas Processing installations.”