Global Energy Group, created by Highland entrepreneur Roy MacGregor, has agreed the sale of three group companies, including the Port of Nigg, to long term Japanese investor, Mitsui.
The acquisition by Mitsui & Co. Europe, a subsidiary of Mitsui & Co Ltd with Mitsui O.S.K. Lines, includes the Port of Nigg, a multi-sector energy port and green freeport; Global Energy (Fabrication), a multi-site fabrication and manufacturing business; and Global Energy Services, which provide scaffold and access teams. Mitsui, which first invested in Roy MacGregor’s GEG (Holding) Limited in 2012 taking a 25.5% stake – has been a shareholder and strategic partner in the group’s growth. Post acquisition, Mitsui will own 51% and MOL 49% of the three companies.
The size of the deal has not been disclosed. The port has received about £120m of investment, including Scottish Government public funding, in the past 14 years to upgrade its facilities.
The new investment positions the Port of Nigg for its next phase of development as a critical infrastructure asset within the UK’s energy transition, building on its leading role in supporting the energy industry including oil and gas and offshore wind.
Mitsui has committed to further investing in the site, including expanding manufacturing capacity and quayside infrastructure to meet growing demand from a wide range of energy services sectors both for the oil and gas and offshore wind markets.
Roy MacGregor’s Inverness-based GEG (Holding) – operating as Global Energy Group – will continue to offer services at the Port of Nigg through its supply chain companies, Global Port Services, Global Crane Services, and Global Wind Projects – as well as the supply of labour.
The Aberdeen headquartered energy engineering company, Apollo, also remains part of the Global Energy Group portfolio.
GEG (Holding) will retain the rights to the Global Energy Group name and will continue to operate its businesses from locations including the Port of Nigg, Invergordon Port Facility, as well as retaining offices in Inverness, Aberdeen and Edinburgh.
Mitsui is a global trading and investment company operating in over 60 countries, with a workforce of 56,400 and a portfolio spanning 16 sectors, including energy and infrastructure.
GEG chairman Roy MacGregor, said: “We are hugely proud to be passing on the baton at the Port of Nigg having spent much of the last decade establishing it as a truly world class multi energy facility. Having worked closely with our trusted investor, Mitsui, since 2012 we believe the time is right to let them drive the next stage of development at Nigg – and we believe they are the correct custodian for a facility that provides so much employment and prosperity for the Highlands.
“Under their guidance the port will continue to grow and develop – providing long term, secure, skilled employment opportunities for generations to come, as well as driving Scotland’s energy transition. We look forward to continuing to work with them through our companies that service and deliver projects at the port, including Global Port Services, Global Crane Services, Global Wind Projects.”
Makoto Takasugi, chief operating officer of Mitsui & Co’s Iron & Steel Products Business Unit, said: “We are privileged to take on the stewardship of the Port of Nigg and the associated energy services businesses, building on the strong foundations developed by Roy MacGregor and the Global Energy Group team.”
“For over 13 years, as a shareholder and board member, we have witnessed the impressive growth of Global Energy Group and the strategic importance of Nigg in the UK’s energy industry. We look forward to carrying forward that legacy, working with the skilled local teams across the three companies for years to come – servicing the huge demand for offshore wind power – as we grow our role in energy transformation across Scotland, the UK and Europe.
