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Global trading company SHV said it has decided to explore a potential divestment of its subsidiary heavy lift and transport company, Mammoet.
SHV said that this is due to a strategy review that concluded supporting all current groups of the business simultaneously was not, “the best way forward.”
Mammoet has proven to be a strong and successful company, SHV said, with strong sales growth and increased profitability. It said Mammoet is positioned to fully benefit from the energy transition.
In the next few years, Mammoet intends to invest in high-capacity equipment that will be put to work in support of the global energy transition, in particular offshore wind. SHV believes new owners could benefit from these new developments, as well as from the continuing stream of work in traditional markets.
To allow Mammoet to continue its growth strategy, SHV intends to find a new owner that is committed to make the required investments, and continue to employ Mammoet’s workforce.
Jeroen Drost, CEO of SHV said, “It has become clear that offering support in the best possible way to eight groups cannot be done in the way we would like to. That does not mean the decision to potentially divest Mammoet has been taken lightly.
“They have been a valued member of the SHV Family for many years and it is with regret that we have to let them go.”
Paul van Gelder, CEO of Mammoet said, “As the global market leader we have demonstrated to be flexible. We’ve made a shift from an oil and gas dominated order book to a diversified revenue coming from multiple sectors like nuclear, infrastructure and renewable energy.”