The merger will be executed through the formation of a new holding company majority owned by Nordic Capital and with Paragon Outcomes Management LLC being a significant minority holder. The current holding companies of Master Marine and Crossway Holdings will be owned 100% by the new joint company. The Group will build upon its successful track record of 100% uptime performance and solid contract backlog to create a top-tier accommodation services business.“We are delighted by the continued strong support from Nordic Capital and welcome Crossway Holdings and Paragon to the Group,” said Bjorn Henriksen, CEO of Master Marine AS. ”We look forward to continue to build on the solid platform this combination provides us for the future”.Following completion of the merger, the Group will hold two high end accommodation jack-up rigs, Haven and Crossway Eagle, currently contracted to Equinor and Total respectively. In addition, the Group will control a further high-end accommodation jack-up rig currently under construction at DSIC Offshore in Dalian, China which will be available for contracting in 2019.The current management team of Master Marine will be appointed management of the Group.“We are extremely pleased that Nordic Capital and the management team of Master Marine AS embody our own vision to thoughtfully build a premier accommodation business over the next several years,” said Frank Tripoli, Managing Partner and Chief Investment Officer of Paragon Outcomes. Henrik Bakken, Director at the Advisor to the Nordic Capital Funds, further commented “Master Marine has over the last decade set the benchmark for offshore accommodation on the Norwegian Continental Shelf. Together with Paragon Outcomes and Crossway Holdings we now enthusiastically commence the journey toward becoming the preferred and leading high-end accommodation provider”.
The merger is subject to customary approvals. Closing of the merger transaction is expected during Q2 2019.
About Master Marine AS
Master Marine AS is a Norwegian accommodation provider, with a strong track record in providing safe, efficient, reliable and comfortable accommodation services. The company has since commencement of services provided clients with 100 % uptime and strong HSE results.
About Crossway Holdings
A leader in offshore jack-up accommodation. Crossway Holdings owns two accommodation jack-up rigs, the Crossway Eagle and Crossway Dolphin, offering dual-use features in accommodation and construction support. For more information, visit