HitecVision Consolidates 20 Portfolio Companies Into Newly-Formed Moreld

Updated 1 year 5 months ago

HitecVision will consolidate 20 of its portfolio companies including Vyrhof and Global Maritime into newly established company Moreld. Moreld will have approximately 3,600 employees with 2019 revenues of NOK 8.8 billion and EBITDA of NOK 483 million. In a press release, HitecVision highlighted a shift into offshore wind and aquaculture from primarily oil and gas markets today. HitecVision senior partner Atle Eide will serve as interim CEO, but a permanent CEO is expected by the end of March. Endre Folge will serve as CFO, and Jan Erik Rugland will serve as COO. The new company will be heaquartered in Stavanger, Norway. Moreld is 100% owned by HitecVision funds, and the deal is expected to close in 2Q 2020.