Established in 1989 Bergen-based Seaproof designs and manufactures advanced cable protection systems for offshore wind farms and is forecast to generate sales of 140 million NOK (approximately $18 million) in the current financial year.
Balmoral Offshore Engineering, part of Aberdeen-based Balmoral Group, made the acquisition for an undisclosed sum and will retain the current management team and workforce totalling some 37 people at the Seaproof plant. The company will continue trading and manufacturing under that name as a division of Balmoral.
Bill Main, financial director at Balmoral, said,“The combination of Balmoral’s innovation and processing expertise with Seaproof’s considerable market presence presents a compelling offering.”
Henrik Bang-Andreasen, founder and CEO of Seaproof, added, “The move opens up significant potential in the UK market for Seaproof, something we are very keen to develop.”
Balmoral recently opened its subsea test center in Aberdeen, Scotland, said to be the most comprehensive of its kind.
