NPM Capital sells interest in Workfox (Seafox Group), a leader in the offshore service industry
Private equity firm NPM Capital is to sell its interest of 35% in Seafox Group to a consortium of foreign investors. Seafox Group is the parent company of Seafox Contractors and Workfox, subsidiaries that are active globally in the market for leasing and operating self-elevating jack-up units and support vessels for the offshore industry. The sale follows on from the recently announced merger between Seafox Group and Millennium Offshore Services. The new combination, which offers 12 ‘jack-up rigs’ (platforms) and 45 temporary accommodation units for offshore, is set to be the largest player in the world in this field.
NPM Capital, along with the Cordia and Van der Lely families, will transfer its shares to the new group of investors.
In recent years, the offshore support market has shown a trend towards increasing upsizing and concentration in the number of suppliers. According to Kees Arends, NPM’s CEO, Workfox will be much better placed to take advantage of that trend after the merger has taken place: “We have been actively involved with the Seafox Group since 2009. We have done an excellent job of providing new capital and contributing our know-how and support to help the company grow, within the framework of a highly productive collaboration with the other shareholders. However, the time has now come for Workfox to adopt a different structure and enter a new phase of growth as a leading player in the market.”
Workfox was founded in 1991 and has concentrated its activities during the past 22 years on the deeper waters of the southern and central North Sea where the company has gained a leading position. The company operates its own fleet of five jack-up rigs (platforms), which are used during start-ups, modification, maintenance and decommissioning of offshore oil and gas platforms. Workfox employs highly qualified professionals, who are able to provide a constant level of service excellence in the areas of platform construction, repair and inspection, logistics and purchasing. Since the completion of Seafox 5 at the end of 2012, Workfox has also been able to extend its activities into new markets such as installing wind turbines at sea and competing for decommissioning work in the oil and gas market.