Global Energy Group (GEG) has reached an agreement on the sale of three of its group companies, including The Port of Nigg, to long term investor, Mitsui & Co. Europe (Mitsui) a subsidiary of Mitsui & Co, together with Mitsui O.S.K. Lines (MOL).
The acquisition includes The Port of Nigg, a multi-sector energy port and green freeport, Global Energy (Fabrication), a multi-site fabrication and manufacturing business, and Global Energy Services, which provide scaffold and access teams.
Post acquisition, Mitsui will own 51% and MOL 49% of the three companies.
The strategic investment positions The Port of Nigg for its next phase of development as a critical infrastructure asset within the UK’s energy transition, building on its leading role in supporting the energy industry including oil and gas and offshore wind.
Mitsui has committed to further investing in the site, including expanding 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.
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 labor on a project-by-project basis.
The Aberdeen headquartered energy engineering company, Apollo, also remains part of the Global Energy Group portfolio.
GEG (Holding) Limited will retain the rights to the Global Energy Group name with which the group is synonymous, and which has become a byword for trust and quality in the energy services sector.
It will continue to operate its businesses from locations including The Port of Nigg, Invergordon Port Facility, as well as retaining offices in Inverness, Aberdeen and Edinburgh.
“We are hugely proud to be passing on the baton at The Port of Nigg having spent much of the last decade establishing it as a truly world class multi energy facility.
“Having worked closely with our trusted investor, Mitsui, since 2012 we believe the time is right to let them drive the next stage of development at Nigg - and we believe they are the correct custodian for a facility that provides so much employment and prosperity for the Highlands,” said Roy MacGregor, Chairman of Global Energy Group.
“We are privileged to take on the stewardship of The Port of Nigg and the associated energy services businesses, building on the strong foundations developed by Roy MacGregor and the Global Energy Group team. For over 13 years, as a shareholder and board member, we have witnessed the impressive growth of Global Energy Group and the strategic importance of Nigg in the UK’s energy industry,” added Makoto Takasugi, Chief Operating Officer of Iron & Steel Products Business Unit.
