Global Energy Group (GEG) has reached an agreement on the sale of three of its group companies - including The Port of Nigg - to long term investor, Mitsui & Co. Europe, a subsidiary of Mitsui & Co., together with, Mitsui O.S.K. Lines Ltd (MOL).
The acquisition includes:
- The Port of Nigg, a world-class multi-sector energy port and green freeport.
- Global Energy (Fabrication), a leading multi-site fabrication and manufacturing business.
- Global Energy Services, which provide scaffold and access teams.
Mitsui, which first invested in Roy MacGregor’s GEG (Holding) Limited in 2012 - taking a 25.5% stake - has been a valued shareholder and strategic partner in the group’s growth. Post acquisition, Mitsui will own 51% and MOL 49% of the three companies.
This strategic investment positions The Port of Nigg for its next phase of development as a critical infrastructure asset within the UK’s energy transition, building on its leading role in supporting the energy industry including oil and gas and offshore wind. Mitsui has committed to further investing in the site, including expanding manufacturing capacity and quayside infrastructure to meet growing demand from a wide range of energy services sectors both for the oil and gas and offshore wind markets.
Following the divestment of the three business units, Roy MacGregor’s Inverness-based GEG (Holding) Limited - operating as Global Energy Group - will continue to offer services at The Port of Nigg through its supply chain companies, Global Port Services, Global Crane Services, and Global Wind Projects - as well as the supply of labour on a project-by-project basis. The Aberdeen headquartered energy engineering company, Apollo, also remains part of the Global Energy Group portfolio.
GEG (Holding) Limited will retain the rights to the Global Energy Group name with which the group is synonymous, and which has become a byword for trust and quality in the energy services sector. It will continue to operate its businesses from locations including The Port of Nigg, Invergordon Port Facility, as well as retaining offices in Inverness, Aberdeen and Edinburgh.
Mitsui is a global trading and investment company operating in over 60 countries, with a workforce of 56,400 and a portfolio spanning 16 sectors, including energy and infrastructure. This marks Mitsui’s first major investment in a Scottish port facility. MOL, a leading global shipping and logistics provider, strengthens the partnership through its expertise in offshore and renewable energy.
Speaking about the landmark deal, Chairman of Global Energy Group, Roy MacGregor, comments:
'We are hugely proud to be passing on the baton at The Port of Nigg having spent much of the last decade establishing it as a truly world class multi energy facility. Having worked closely with our trusted investor, Mitsui, since 2012 we believe the time is right to let them drive the next stage of development at Nigg - and we believe they are the correct custodian for a facility that provides so much employment and prosperity for the Highlands.
'Under their guidance the port will continue to grow and develop - providing long term, secure, skilled employment opportunities for generations to come, as well as driving Scotland’s energy transition. We look forward to continuing to work with them through our companies that service and deliver projects at the port, including Global Port Services, Global Crane Services, Global Wind Projects.'
Speaking on behalf of Mitsui & Co., Makoto Takasugi, Chief Operating Officer of Iron & Steel Products Business Unit, said:
'We are privileged to take on the stewardship of The Port of Nigg and the associated energy services businesses, building on the strong foundations developed by Roy MacGregor and the Global Energy Group team. For over?13?years, as a shareholder and board member, we have witnessed the impressive growth of Global Energy Group and the strategic importance of Nigg in the UK’s energy industry.
'We look forward to carrying forward that legacy, working with the skilled local teams across the three companies for years to come - servicing the huge demand for offshore wind power - as we grow our role in energy transformation across Scotland, the UK and Europe.'
Speaking on behalf of Mitsui O.S.K. Lines, Ltd., Masayuki Sugiyama, Managing Executive Officer said:
'We are delighted to announce our participation in The Port of Nigg and its associated energy services businesses, forged through years of dedication by Roy MacGregor and the team. We extend our deepest respect for their unwavering commitment.
'The Port of Nigg plays an indispensable role in the UK’s energy transition, particularly in offshore wind, and holds substantial potential for future growth. In partnership with Mitsui, which has supported Global Energy Group for the past 13 years, we are fully committed to leveraging our expertise and experience in maritime operations to contribute to the long-term development of the Highlands and to accelerate a more sustainable future.'
Source: Global Energy Group
