JEBSEN & JESSEN GROUP TAKES AIM AT THE GROWING OFFSHORE AND MARINE SECTOR WITH THE ACQUISITION OF HALCYON OFFSHOREMay 28, 2012 15:39 SGT
Singapore, May 28, 2012 - Manufacturing, engineering and distribution company Jebsen & Jessen Group of Companies South East Asia (JJSEA) today announced its strategic entry into the offshore and marine sector, having signed a purchase and sale agreement with Halcyon Investment Corporation Pte Ltd to acquire 100% of Halcyon Offshore Pte Ltd. The acquisition is the latest step in JJSEA’s ambitious expansion strategy in the region. Offshore and Marine Services will become JJSEA’s eighth business unit.
Group Chairman Mr. Heinrich Jessen said “as part of our growth strategy, we have sought to expand our existing business units as well as develop new business activities that align with our core competencies and corporate culture. We were attracted to the offshore and marine sector by its strong long term fundamentals, particularly in Asia Pacific, and by Singapore’s highly strategic position within the industry. Halcyon Offshore provided us with an ideal opportunity to establish ourselves with a scale business involving manufacturing, engineering and distribution in this attractive sector.”
With a turnover of S$128m in 2011, Halcyon Offshore is one of Asia-Pacific's leading multi-disciplinary engineering and construction firms, servicing a blue-chip customer base in the global offshore and marine sector. It provides an extensive range of services to owners and operators of offshore and marine vessels, as well as major shipyards. Halcyon Offshore’s 470 employees work across three business groups:
- Equipment, a leading manufacturer of offshore and marine lifting and pulling equipment and deck machinery in Southeast Asia,
- Distribution, Asia-Pacific's largest distributor of offshore electrical cables and accessories, and
- Installation, a well-established independent provider of offshore and marine accommodation outfitting and mobilization / demobilisation services in Singapore
Halcyon Offshore CEO Simon Wang, who will continue to head the company as a new and eighth business unit integrated as part of the JJSEA group, noted: “I cannot think of a better home for our business than Jebsen & Jessen. This group has just the right mix of corporate platform alignment on the one hand and entrepreneurial flexibility on the other. Its existing capabilities in industrial cables; cranes, hoists and technical service; as well as its established regional infrastructure and back-office excellence will bring added depth and proficiency to our operations.”
JJSEA will acquire 100% of Halcyon Offshore in the transaction, expected to complete by the end of June. There will be a full integration of all staff and the management team. Renamed to become part of the Jebsen & Jessen brand family, the current locations and facilities will remain unchanged.
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