Mitsui & Co., Ltd. and Mitsui O.S.K. Lines, Ltd. have entered into a share purchase agreement to acquire the terminal/port operation at the Port of Nigg along with steel processing and machinery/equipment manufacturing businesses serving the offshore energy industry from GEG (Holdings) Limited, according to MOL’s release.
Mitsui & Co. will hold a 51 percent stake in the newly formed Global Energy Service Holding Limited, and MOL will hold the remaining 49 percent. The acquired businesses include port logistics and subsea fabrication, machinery processing and service operations supporting offshore wind power, oil and gas projects. GEG (Holdings) had accepted a 25.5 percent investment from Mitsui & Co. in April 2012 and has developed its operations in line with the UK’s energy transition strategy.
The Port of Nigg, situated on the North Sea coast of Scotland, is anticipated to play an increasingly important role as a hub for both bottom‑fixed and floating offshore wind power. MOL regards the port as its most important European base for offshore wind generation and marine development. The acquisition is aligned with MOL’s “BLUE ACTION 2035” plan and aims to strengthen port logistics, steel processing and supply‑chain services by combining MOL’s maritime and port expertise with Mitsui & Co.’s industrial network.
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Source: MOL
