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Mitsui & Co., Ltd. ("Mitsui", head office: Chiyoda-ku, Tokyo; President and CEO: Masami Iijima) is participating in the fabrication & assembly of large welded-structures, inspection & repair, and provision of technical services for energy & resource industries, mainly the oil & gas industry, together with Global Energy Holdings Limited ("Global") through Mitsui & Co Europe Plc., which is a 100% subsidiary of Mitsui. Mitsui and the MacGregor family, the founder and major shareholder of Global, agreed to establish a new joint venture, "GEG", which is owned 75% by the MacGregor family and 25% by Mitsui, for which they signed a contract on 30th March. GEG is a holding company of energy-related companies, while other companies owned by the MacGregor family are held separately.
Global was established in 2005 and has been rapidly growing their business in fabrication & assembly of large welded-structures, inspection & repair, and provision of technical services for leading oil companies and engineering companies.
In November of last year, Global purchased the Nigg Yard, which has one of the largest dry-docks (facilities to build and repair ships and offshore structures) in Europe and also has a huge yard in Inverness, Scotland. This gives Global a huge new capability to fabricate, assemble and repair larger steel structures and also to participate in the renewable energy industry. Reflecting high oil prices, oil and gas exploration and production activities in the North Sea have been very active, and demand for inspection & repair in conjunction with such activities is expected to increase rapidly.
Complementing Global's expertise in fabrication & assembly of large welded-structures, inspection & repair, and provision of technical services, Mitsui aims to provide high-value added services through its steel products business for the energy industry, and also aims to participate in fabrication & assembly of large welded-structures, and provision of technical services for renewable energy industry.
|Official name||GEG (Holdings) Limited|
|Headquarters||Scotland, United Kingdom|
|Representative||Mr. Roderick MacGregor|
|Shareholders||Mitsui 25%, MacGregor family 75%|
|Turnover||£170 MM (consolidated basis)|
|Business description||fabrication & assembly of large welded-structures, inspection & repair, provision of technical services|
|Employees||Approx. 600 (consolidated basis)|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently available to it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.