Bibby Offshore announces merger with Rever Offshore
Fara Holdco Limited (“Fara”), owners of the Bibby Offshore group of companies (“Bibby”), announced a merger with Rever Offshore AS (“Rever”). Rever’s subsidiaries include CECON Contracting AS, a lean and efficient international subsea and offshore contractor with emphasis on smaller and medium size projects, as well as two vessel companies which own the Cecon Excellence and Cecon Sovereign, the company said in its press release.
The combination of Bibby and CECON Contracting will create a larger and more robust offshore installation delivery business both in the North Sea and internationally, currently focused on the Atlantic and Mediterranean regions. Supported by strong ownership, the Bibby-Rever platform is well positioned to deliver even greater service quality and efficiency for clients. The combined company will continue to evaluate growth opportunities in its core diving and subsea umbilicals, risers, and flowlines (“SURF”) markets.
The transaction is agreed and expected to close soon, and the larger and expanded offshore group will now be ideally positioned to bid for, win and deliver much larger and more complex scopes of work in many more areas of the world than before.