Lloyd’s Register EMEA has made its most significant move yet in becoming the leading authority in the provision of risk management services to the nuclear, oil and gas, and transportation sectors, having signed Heads of Terms to acquire 100% of the share capital of Scandpower AS.
The acquisition will be the largest the Lloyd’s Register Group has ever conducted. Scandpower has approximately 250 staff that specialise in the provision of risk management services to the nuclear, oil and gas, and transportation industries. In the nuclear field, the company’s services are entirely focused upon civil power generation. Within the oil and gas sector, Scandpower’s services are focused upon exploration, production, refining and transport. Activities in the transportation sector are focused on the railway and aviation industries. Approximately 65% of staff are headquartered in Norway and 25% in Sweden. The remaining staff are evenly split between Houston and Beijing.
Iain Light, Lloyd's Register's Oil & Gas Director said of the agreement, "Lloyd's Register has a clear strategy to become the leading provider of compliance, integrity and specialised consultancy services to clients throughout all sectors of the transportation and energy sectors. The acquisition of Scandpower AS will be a major step towards achieving that goal".
Demand for energy is increasing world-wide. Combined with raised safety and environmental expectations, and the need for operational efficiencies, the demand for nuclear and oil and gas energy and transportation related risk management services is at an all time high and is now expected to increase further.
Bjørn Inge Bakken, President and CEO of Scandpower AS said, "We are experiencing an unprecedented level of demand for our services and we are keen to expand geographically and increase our market share in the nuclear and oil and gas sectors. To achieve this, we need to be capable of handling substantial and rapid growth, both operationally and administratively. The Lloyd's Register Group is an ideal partner with similar values and an infrastructure that can be leveraged to support our growth plans."