OFFSHORE MERCHANT PARTNERS COMPLETES FUNDRAISING FOR THE OFFSHORE MERCHANT PARTNERS ASSET YIELD FUND
Offshore Merchant Partners ("OMP"), established and owned by HitecVision, is pleased to announce the completion of the fundraising for its Asset Yield Fund with USD 381 million in commitments, exceeding the target of USD 300 million.
OMP has received commitments of USD 381 million for its Asset Yield Fund (the "Fund") from a diversified and global investor base comprising pension funds, financial institutions, and family offices.
The completion of the fundraising for the first Fund is an important milestone for OMP’s strategy to become a leading financing provider to the offshore oil & gas industry.
The Fund is targeting privately negotiated long-term credit financing solutions for modern, high quality, standardised assets in the offshore oil & gas industry. Target investments will typically be between senior debt and core equity in the capital structure. The objective of the Fund is to build a diversified portfolio of cash-yielding investments, with long-dated, stable total return.
The Fund has to date invested about 20% of the Fund in multiple modern offshore assets through leveraged leases, preference equity and junior debt structures, most recently a sale & leaseback transaction with Petroleum Geo-Services ASA.
Commenting on the closing of the Fund, the Chairman of OMP and Senior Partner at HitecVision, Alf C. Thorkildsen said "Despite the challenging offshore markets, the successful completion of the fundraising illustrates that the investors, including HitecVision with its commitment to OMP and the Fund, have strong conviction in the OMP team’s ability to create long term value."
Adding to Mr. Thorkildsen, CEO Carl Petter Finne said "Many of the offshore oil & gas companies are faced with limited access to capital as a result of more restrictive banks and capital markets practically being closed. OMP provides the industry with long-term capital solutions. We have seen a solid increase in interest for privately negotiated transactions during this year, and expect activity level to remain high going forward. We focus on being a provider of sustainable financial solutions to the benefit of all stakeholders in the companies we do business with."
About Offshore Merchant Partners
Offshore Merchant Partners is an independent specialty finance company providing financing solutions to the global oil & gas related offshore asset markets. The company offers bespoke long-term credit financing solutions primarily through sale-leaseback structures and junior debt instruments, drawing on more than 130 years of combined relevant industrial and financial expertise in the team.
Offshore Merchant Partners is headquartered in Oslo and presently employs ten professionals with significant sector-specific expertise and relationships with leading companies and institutions globally. Offshore Merchant Partners is structured as a portfolio company of HitecVision VI L.P.
HitecVision is Europe’s leading private equity investor focused on the upstream offshore oil and gas industry. HitecVision is headquartered in Stavanger, the center of the Norwegian oil and gas industry, and has offices in Oslo and Houston. Since 1994, HitecVison have invested in, acquired or established more than 150 companies (including add-on acquisitions). HitecVision manages five private equity funds with a total committed equity base of USD 5 billion.
Alf C. Thorkildsen – Senior Partner in HitecVision and Chairman of Offshore Merchant Partners
Tlf: +47 977 50 833
Carl Petter Finne – CEO of Offshore Merchant Partners
Tlf: +47 97 04 69 27
Oslo, 9th December 2015
OFFSHORE MERCHANT PARTNERS IS STRENGTHENING THE TEAM BY RECRUITMENT OF PÅL RENLI
October 30, 2015: Oslo, Norway, Offshore Merchant Partners (“OMP”) has recruited Paal Renli to strengthen the existing investment team.
Mr. Renli will join Offshore Merchant Partners as Managing Director in December 2015 from his position as Senior Portfolio Manager at Arctic Asset Management, where he was responsible for managing two Nordic credit portfolios of NOK 3 billion and the co-management of a Nordic High Yield Fund of NOK 1.8 billion. Mr. Renli has 20 years of experience in Nordic and global fixed income markets. Prior to Arctic Asset Management he worked as a senior portfolio manager at Alfred Berg Asset Management in Stockholm (2013-2014), and was responsible for a Nordic high-yield bond fund for NRP Asset Management and the Blystad Group (2008-2013). Before that he was portfolio managerfor global credit and responsible for credit hedge funds in Storebrand Asset Management (2001-2007). Mr. Renli was employed as senior portfolio manager at Nordea Markets’global strategic trading group (1998-2001), and a as power broker at SKM AS (1997-1998)and as. He started his career as market maker at Alfred Berg (1994-1997).
Mr. Renli holds a MSc in Industrial Economics and Technology Management from NTNU,an MBA from the Norwegian School of Economics (NHH), and a BSc in Computer Science from Trondheim Engineering College (TIH). He holds the titles of AFA (Autorisert Finansanalytiker) and Certified European Financial Analyst (CEFA).
Carl Petter Finne, +47970 46 927
OFFSHORE MERCHANT PARTNERS ANNOUNCES RECRUITMENT OF NEW CHIEF EXECUTIVE OFFICER
September,18, 2015: Oslo, Norway, Offshore Merchant Partners (“OMP”) has recruited Carl Petter Finne as its new Chief Executive Officer. Mr. Finne will take over the position from Mr. Berg who has acted as the interim Chief Executive Officer since April 2015. Mr. Finne joins Offshore Merchant Partners from his position as CEO of Klaveness Marine Holding, where he managed an investment team of ten and oversaw a diversified portfolio of assets across real estate, maritime, energy and finance (since 2011). Prior to this, he was President of Klaveness Invest (since 2008) and was responsible for a large sale-and-leaseback portfolio, as well being a part of the Executive Group Management of the Torvald Klaveness Group. Furthermore, Mr. Finne has been a part of the corporate finance team at DNB Markets (2006-2008) and at Nordea Markets (1999-2006) focusing on maritime industries. Mr Finne has a BA in International Relations from Wheaton College (MA), USA and an MSc in Shipping Trade & Finance from the Cass Business School, U
Carl Petter Finne, +47 970 46 927
OFFSHORE MERCHANT PARTNERS ANNOUNCES SALE AND LEASEBACK TRANSACTION WITH PETROLEUM GEO - SERVICES
June, 2, 2015: Oslo, Norway, Offshore Merchant Partners ("OMP") has agreed to acquire the PGS Apollo, a modern 3D seismic vessel, in a sale and leaseback transaction with Petroleum Geo - Services ASA (“PGS”). The purchase price is $80 million.
The acquisition is carried out in combination with aleaseback agreement toPGS on a 10-year bareboat charter.PGS has the option to acquire the vessel after end of year 5 and 8, and has an option for a 5-year extension.
PGS is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. PGS is listed on the Oslo Stock Exchange.
The transaction forms part of OMP’s strategy to become a leading financing provider to the offshore oil and gas industry. OMP provides asset financing solutions, including structured credit and sale and leaseback
Thomas Pedersen, Managing Director, +47 46 92 06 11
HITECVISION COMMITS USD 206 MILLION TO OFFSHORE MERCHANT PARTNERS
HitecVision is pleased to announce Offshore Merchant Partners’ market entry and inaugurate investment. In its first transaction, Offshore Merchant Partners has acquired a portfolio of offshore projects and 49% of Scantank AS from Eivind Astrup’s Bjørgvin AS
The transaction with Bjørgvin represents Offshore Merchant Partners’ first investment and entry to the offshore asset market. Scantank AS is a reputed commercial manager for offshore and shipping projects,with management agreements for 12 offshore and shipping projects owning a total fleet of 26 offshore support, bulk and chemical vessels. Furthermore, Offshore Merchant Partners has purchased Bjørgvin AS’equity stake in four offshore asset projects comprising 12 modern Anchor Handling Tug and Anchor Handling Tug Supply vessels on long term bareboat charters to solid counterparties. The transaction also includes transfer of experienced personnel from Bjørgvin to Offshore Merchant Partners. The acquisition is subject to customary closing requirements.
Offshore Merchant Partners was established at the end of 2013 by HitecVision as an investment in Fund VI with a total committed equity capital of USD 206 million. The Company’s vision is to become the preferred investor, commercial- and alternative asset manager in the intersection between the offshore oil and gas industry and financial markets.By virtue of being asector specialist with a balance sheet, Offshore Merchant Partners complements existing service providers, primarily specialized investment entities, brokerage and advisory firms. The Company has an ambition to grow considerably in scale over the coming years, targeting equity and debt investments in multiple types of offshore asset projects. Capital will be originated from both equity and credit oriented investors. Offshore Merchant Partners will also provide adjacent services to offshore asset projects, such as commercial managementand advisory services.
Offshore Merchant Partners is based in Oslo and primarily targets oil & gas related offshore asset markets on a global basis. Norway is a major hub for industrial investments in the oil and gas sector, and the Company will benefit from the strong industrial and financial cluster located in Oslo. The Company is led by CEO Bengt Neteland. Prior to joining Offshore Merchant Partners, Mr. Neteland was member of Aker ASA's investment team following up the company’s investments in the oil and gas sector. In addition, Mr. Neteland has extensive transactional and maritime experience from his career in the John Fredriksen sphere where he was involved in financing, M&A and spin-offs of major oil & gas service companies, including Seadrill Limited.
HitecVision will be an active majority owner of Offshore Merchant Partners and nominate key employees to the Company’s Board of Directors and Investment Committee. The HitecVision team dedicated to Offshore Merchant Partners consistsof Ole Ertvaag (Founding Partner and CEO),Pål M. Reed (Senior Partner and Deputy CEO)and Alf C. Thorkildsen (Senior Partner).
Commenting on the launch of Offshore Merchant Partners and the Bjørgvin transaction, Chairman of Offshore Merchant Partners, Alf C. Thorkildsen said “We decided to enter into this market to capitalize on HitecVision’s unique offshore sector experience, direct access to equity and debt capital and network in the industry in order to take advantage of the market opportunity. Offshore Merchant Partners is in a unique position to benefit from HitecVision’s LP investor base and initiate cooperation with leading Norwegian and international financial institutions, pension funds, fund-of-funds, endowments and family offices.”
Adding to Mr. Thorkildsen, CEO Bengt Neteland said “This transaction induces Offshore Merchant Partners’ operations by adding a portfolio of attractive asset projects, a significant stake in a reputed commercial manager and transfer of experienced human resources. We see a number of opportunities in this space, and will proactively review the market in search for business opportunities. We are thrilled by the attractive growth prospects for Offshore Merchant Partners.”
About Offshore Merchant Partners
Offshore Merchant Partners is an investor,commercial manager and alternative asset manager headquartered in Oslo which primarily targets global oil & gas related offshore asset markets. By virtue of being a sector specialist with a balance sheet, Offshore Merchant Partners complements the existing service providers, primarily specialized investment entities, brokerage and advisory boutiques. The Company is structured as a portfolio company of HitecVision L.P. VI, established at the end of 2013 with an equity commitment of USD 206 million from the Fund.
HitecVision is a leading investor in the international oil and gas industry with offices in Stavanger, Oslo and Houston. The investment focus is on middle market investments in oilfield services and technology companies, and exploration and production (“E&P”) companies across the oil and gas value chain. HitecVision manages four funds with more than $ 3 billion in assets under management.
Alf C. Thorkildsen – Senior Partner in HitecVision and Chairman of Offshore Merchant Partners
Tlf: +47 977 50833
Bengt Neteland – CEO of Offshore Merchant Partners
Tlf: +47924 99386