Norwegian maritime equipment and service supplier Scana is merging with fellow Norwegian electrification and shore power player PSW Group to create a “leading global service provider for maritime’s green shift”.
“The entire maritime industry is in transition to more sustainable operations. Our goal is to create a partner for this green shift, both in shipping, the offshore industry, the energy industry, and the aquaculture industry,” said Scana chief executive Styrk Bekkenes and PSW Group chief executive Oddbjorn Haukoy.
Both companies have made significant contributions to the green shift through deliveries of finished products and the development of new technology.
PSW, for example, has in the past year won several contracts for delivery of shore power, including the new Northern Lights carbon capture plant at Kollsnes, Norway.
The company also has a strong position in maritime and was a significant supplier to more than 25 different hybridisation projects on offshore vessels.
The company is currently working on the development of the first shore power system powered by hydrogen. It currently offers hydrogen-powered shore power systems to ports with low capacities in existing power supply, according to PSW.
“The global electrification of industry and society in general is going fast, and in recent years we have developed and designed innovative solutions to meet this market. Our position as an established technology supplier and integrator in the green shift is now very strong.
“With the consolidation of PSW and Scana, we have even better opportunities to grow in step with the market and to strengthen our international presence,” said Eirik Sorensen, general manager of PSW Power & Automation.
Scana’s areas of expertise include mooring technology used in floating offshore wind and the aquaculture industry. Its portfolio company Seasystems, for example, delivered 33 mooring brackets that are installed on the concrete foundations for the 11 wind turbines in Equinor's Hywind Tampen development.
“The basis for the merger is that PSW has products and services that we consider extremely exciting for the transition to a more sustainable society, and which have significant market potential both in Norway and internationally.
"To include this business in Scana gives us the opportunity to further develop PSW's portfolio, it provides a basis for new acquisitions, and it gives Scana a unique position in the market,” Bekkenes said.
Herkules Capital investment fund, the largest owner of PSW, becomes a significant owner in Scana. Herkules will also be represented on the board, ensuring valuable continuity through the consolidation.
“Since Herkules bought PSW in 2014, the company has grown significantly. It has developed from being a pure oil service company to now also being a leading player in the green shift. A merger with Scana is a good industrial solution, and with stock exchange listing you get a good basis for continuing the sturdy growth,” said Morten Blix, senior partner in Herkules Capital and future board member of Scana.
Sustainable technologies will be the focus of Scana. However, traditional products and services to the oil and gas industry will still be an important part of the business, the company said.
“There will be oil and gas activity on the Norwegian and international continental shelf for many years to come and the company is uniquely positioned to take a leading green shift role also in the oil and gas industry,” Bekkenes said.
Scana’s merger with PSW will take place in January 2022, with the two companies coming together under one roof in Bergen and employ more than 450 people.