HitecVision’s portfolio company Leirvik Module Technology has acquired certain key assets of its former competitor Emtunga Offshore, which filed for bankruptcy in December. Leirvik has re-established operations under the new name Leirvik Emtunga AB.
Leirvik Module Technology, a leading supplier of prefabricated living quarters for offshore oil platforms, has announced the foundation of a 100% owned subsidiary, Leirvik Emtunga AB. The company is based on the former Emtunga Offshore AB, one of Leirvik MT’s main competitors, which filed for bankruptcy in December.
LEIRVIK aims to be the leading provider of oil platform living quarters. We have acquired Emtunga’s intellectual property rights, archives, data-bases etc. from the bankrupt estate and founded Leirvik Emtunga AB. And by having onboard the main core of Emtunga’s highly motivated staff members, we have taken a major step in our long-term strategy, says Harald Karlsson, President of Leirvik MT.
Emtunga’s concept of modular steel living quarters has proven to be a successful and competitive solution in the international market, where the former Emtunga Offshore AB used to be the market leader. Leirvik MT focuses on lightweight and low maintenance aluminium living quarters, and is the leader in the North Sea market.
By founding Leirvik Emtunga AB and re-establishing the business in Vara (Sweden), we will have both have the product and the market knowledge and contacts needed for LEIRVIK to become the leading provider of Living Quarters worldwide, continues Karlsson.
LEIRVIK has not acquired the fabrication facilities of Emtunga, relying instead on sub-contractors for its fabrication requirements.