Norway-based risk management services company Scandpower has signed a deal to sell 100% of share capital to Lloyd's Register.
Scandpower and its subsidiaries in Sweden, China and the US have 235 staff who specialise in providing risk management services. Approximately 60% of staff are based in Norway and 30% in Sweden. Other employees are based in offices in Houston and Beijing.
Scandpower has developed a number of proprietary tools including the industry ‘standard’ safety tool – RiskSpectrum. Used by more than 400 clients, RiskSpectrum is licensed to almost half the world’s nuclear power generating companies.
Bjørn Inge Bakken, President and CEO of Scandpower said: "We are experiencing an unprecedented level of demand for our services and we are keen to expand geographically and increase our market share in the oil and gas, nuclear and transportation markets. To achieve this, we need to be capable of handling substantial and rapid growth, both operationally and administratively. The Lloyd’s Register Group is an ideal partner with historical links in Norway going back to 1871 when it first opened an office in Bergen for survey work. The strategic fit, combined capability and service offering will make us the clear market leader."
The acquisition will also improve Lloyd's position in the Norwegian continental shelf, a region of increasing growth as energy exploration moves north.
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