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UK energy sector construction, maintenance & enhancement solutions player Global Energy Group (GEG) has concluded an agreement with Japanese company Mitsui & Co. for the sale of its group companies, including the Port of Nigg, a multi-sector energy port and green freeport.
In addition to the Port of Nigg, GEG reached an agreement with Mitsui & Co. Europe, a subsidiary of Mitsui & Co., together with Mitsui O.S.K. Lines (MOL), to sell its multi-site fabrication and manufacturing business, Global Energy (Fabrication), Global Energy Services, a provider of scaffold and access teams.
Following the acquisition, Mitsui, which has been GEG’s investor and strategic partner since 2012, will own 51 per cent of the three companies, and MOL will hold the remaining 49 per cent.
GEG said this strategic investment will take the Port of Nigg to the next phase of development as “a critical infrastructure asset within the UK’s energy transition” , building on its role in supporting the energy industry, including oil and gas and offshore wind.
As the new majority owner, Mitsui vowed to further invest in the site, including expansion of 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.
According to the companies, the acquisition marks Mitsui’s first major investment in a Scottish port facility, while MOL aims to strengthen the partnership through its expertise in offshore and renewable energy.
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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.