TTS Marine ASA has entered into an agreement to purchase all shares of the company ICD Projects AS, Ålesund. The company develops and delivers software- and control systems for offshore handling equipment including active heave compensation systems.
The acquisition of ICD Projects AS makes TTS a major supplier of advanced offshore handling equipment, offshore cranes included. By utilizing ICD Projects’ advanced software- and control systems, TTS can provide integrated equipment which solves most requirements of special handling systems for the subsea market, even for depth exceeding 3000 metres.
ICD Projects AS was established in 2004 and has six employees. The company achieved a turnover in 2006 of NOK 8.2m and pre-tax profit was NOK 1.9m. Managing Director of the company is Stig Espeseth (age 38). He will continue as Managing Director with TTS as a new owner of the company: The other five employees will also continue in their positions, and the operation will still be located in Ålesund. The takeover will be effective as of medio February after a due diligence investigation is conducted.
Number of employees will increase by 10 – 15 engineers during 2007, of which some will be located in Ålesund and some in Bergen. Lifting equipment for offshore vessels will be a new and important market to target for TTS.
Bergen 22 January 2007
Contact persons:
Managing Director Marine Cranes Division Ivar K. Hanson
Tel.: +47 55 94 74 46 Mobile: +47 995 32 509
E-post: ivar.hanson@tts-marine.no
President & CEO Johannes D. Neteland
Tel: +47 55 94 74 02 Mobile: +47 918 46 906
E-post: johannes.neteland@tts-marine.no
TTS Marine ASA
Tel.: +47 55 94 74 00 / Fax: +47 55 94 74 01
