New subsea oil & gas group Harkand launches

11 February 2013

A new subsea oil & gas group, Harkand, chaired by oil & gas industry veteran Mr. Tom Ehret, is launched with an expected turnover of USD 1B in the next five years.

Last year, following investment by Oaktree Capital Management in Iremis, Integrated Subsea Services (ISS) and their sister company Andrews have merged to form one group focused on the fast-growing subsea inspection, repair and maintenance (IRM) market.

Harkand aims to become a leading global name in subsea IRM focused on attaining the highest standards in health, safety, quality and environmental performance and delivering excellent execution of projects.

The group will combine proven survey, inspection, repair and maintenance services with the Iremis fleet of multi-purpose diving support vessels, ROV and Air Diving support vessels and ISS’ fleet of 23 remotely operated vehicles (ROVs) and teams of ROV operators, surveyors and divers.

The vessel fleet includes the new state-of-the-art multi-purpose diving support vessels, Harkand Atlantis and Harkand Da Vinci. CEO of the Harkand Group, Mr. Nicolas Mouté, said "Today’s launch sends an exciting signal to the oil and gas market worldwide. Harkand has all the resources, including the support from our shareholder, to play a major role in the subsea market as a focused, niche group. We are already looking into opportunities to grow our fleet and extend our services to offer our clients a wide range of cost-effective and innovative subsea solutions."