Today, PASSER Group and Swan Hunter has agreed to merge their cable rental and logistics operations into a new company; PASSER LARS (Logistics And Rental Solutions), to create a leading player in the global cable handling and logistics rental market. PASSER LARS will have offices in the Netherlands and UK, in addition to PASSER Group’s existing presence in Norway, Lithuania and China.
“The ongoing electrification megatrend will drive significant growth in connectivity infrastructure and offshore cables in particular. As projects grow in size, scope and complexity, there will be a need for larger entities with multidisciplinary competencies and financial capabilities to meet the growing demand from clients. Through the formation of PASSER LARS, we are creating a company that will be a driving force in the cable handling and logistics rental market going forward and a strong platform for growth, both organically and through further consolidation”,
both companies stated.
PASSER LARS will provide existing and new clients within the offshore energy markets with a comprehensive service offering of specialist offshore equipment rental, in-house design engineering, project management capabilities, cable logistics and transportation services, and project specific solutions.
The fusion of both companies allows the consolidation of equipment assets, strong engineering and management competencies. Most importantly the alignment of both organisations objective to become the leading international player in cable handling equipment and logistics solutions to the Offshore energy industry.
Gerard Kroese, Managing Director of Swan Hunter and the newly formed PASSER LARS stated
“This merger is a very positive and logical next step for Swan Hunter and for the industry we serve. PASSER LARS’s strategy will be to solidify its position as the global go-to provider of cable handling and logistics rental solutions – with a particular focus on high-growth renewable end-markets – through growing its asset base and further enhancing its value proposition towards clients. With the enlargement of our equipment pool, and uniting of our dedicated international engineering teams, will offer our clients very attractive and flexible options for their key project activities in Europe, USA, Asia, and beyond.”
Petter Mangelrød, CEO of PASSER Group stated
“This is an exciting and promising opportunity for the PASSER Group. We see a high level of synergies in both companies, and this merger allows us to double our efforts in providing a full suite of solutions worldwide to our clients. Our now strengthened in-house capabilities should place PASSER LARS where we wish to be, as a trusted and competent supplier to our international clients in the offshore energy industry”.
PASSER LARS will be headquartered in Rotterdam, The Netherlands, with the main engineering office in Newcastle, UK. For further information please visit: www.passer-lars.com
SWAN HUNTER offer Specialist Equipment, Design, Engineering & Project Management Services to the Offshore Renewables and Subsea Oil & Gas energy markets. Swan Hunter offers solutions for power and telecoms cable, flexible pipelines, umbilicals and other subsea installation projects throughout the world.
PASSER GROUP is a leading and vertically integrated provider of cable handling solutions used in the production, transportation, laying and storage of large offshore cables with a strategic focus on high-growth renewable end-markets. Through its subsidiaries PASSER Group also offers fabrication and installation of steel constructions to a wide range of end-markets as well as cryogenic insulation solutions for sustainable shipping. For further information please visit passergroup.com
Contact persons:
Gerard Kroese
Managing Director PASSER LARS
E-mail: gk@passer-lars.com
Petter Mangelrød
CEO PASSER Group
E-mail: pm@passer.no
