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Strategic Changes for Offshore
Friday, April 28, 2017
 
 Jebsen & Jessen (SEA) Executive Vice Chairman Per Magnusson (right) with Walter Billiot, Group Director, Business Development, Oil States Industries Inc.
 
Ever since the drastic drop in oil prices, the global oil and gas industry has been facing a difficult and complicated future. This has inevitably impacted the Jebsen & Jessen (SEA)’s Offshore business as well.
 
Amid unfavourable market conditions, the Group has made every effort to explore alternative business opportunities and new markets, but it has become clear that the size of its Offshore operations is no longer sustainable. This has forced the Group’s Offshore business to restructure.
 
It has entered into an agreement with US-based company Oil States Industries, Inc. for Oil States to take over part of the Jebsen & Jessen Offshore business.
 
The Offshore business consists of the Equipment, Response and Offshore Cables (operating under the brand name of Cables International) operations. Going forward, the Offshore Cables business will remain the sole part of Jebsen & Jessen Offshore while the Equipment and Response businesses will be transferred to Oil States. The transfer process started in January and will be completed by April this year.
 
“The Jebsen & Jessen Offshore strategy going forward will focus entirely on the cables segment of the market. Occupying a meaningful market position and having been successful in securing several key orders in 2016, the Offshore Cables business is well positioned for the future. This new business setup is a necessary consequence of the market situation we are in. We are aware that it brings about significant change to many of our colleagues and the Group is doing its utmost to ensure the best possible situation for every member of the team,” said Per Magnusson, Executive Vice Chairman, Jebsen & Jessen (SEA).
 

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