Pareto JGO Shipbrokers buys Derrick Offshore

Scottish sights: Pareto hoping to build offshore business in Aberdeen, above

Norway’s Pareto JGO Shipbrokers is acquiring UK contractor Derrick Offshore for an undisclosed sum.

Aberdeen- and Guildford-based Derrick Offshore is to continue trading under its own name to offshore oil and gas, renewable energy, and subsea cable industries.

Chief executive Sean Harvey will also stay on as will all of the current directors and shareholders.

Harvey said that the combination was “an excellent fit” that would “enable us to leverage our complimentary capabilities to the benefit of our clients and bring exciting opportunities for our employees to develop their careers in the enlarged business”.

Pareto JGO Shipbrokers managing director Karsten Christensen said the deal creates “the world’s leading shipbroker in the market for subsea and special services vessels”.

Kristiansand-headquartered Pareto JGO Shipbrokers has been involved in shipbroking since 1912 and has been part of the Pareto group of financial services companies since 2006.

The acquisition will see the two companies work together in offshore to combine complementary skills and client coverage to give customers a more comprehensive service.

The deal also provides Pareto with a significant foothold in the offshore centre of Aberdeen, where there are plans to expand its activities in combination with the newly established Pareto Securities office in the Scottish oil capital.

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