Moreld AS agreed to acquire Ocean Installer Equipment As from HitecVision AS (OTCNO:HITV) on June 7, 2024. The transaction will be financed through senior debt of $225 million. Proceeds for the offering are used to finance the acquisition, refinance existing debt facilities, and materially enhance liquidity, with company holding a significant cash balance at closing. As part of the acquisition, Ocean Installer will be integrated into the Moreld Group as a standalone sister company alongside Moreld Apply and Global Maritime, along with their respective subsidiaries. Ocean Installer will retain its recognized brand name and continue its operations seamlessly. The acquisition of Ocean Installer will expand Moreld?s service range into subsea engineering and construction services, create an engineering and project execution powerhouse with over 2,300 employees, expand long-term customer relationships, and position the company to benefit from significant investment in the NCS and global offshore markets. The transaction papers have been signed and sent to the Norwegian competition authorities for approval. The acquisition is expected to be finalized by end of June 2024.

Wikborg Rein & Co. acted as legal advisor for Moreld AS. Carter Ledyard & Milburn, LLP acted as legal advisor for Moreld AS. Marriott Harrison LLP acted as legal advisor for Moreld AS. Pareto Securities AS acted as financial advisor for Moreld AS. Advokatfirmaet PricewaterhouseCoopers AS acted as legal advisor for Moreld AS. Advisors to Moreld also includes SR1 Markets. Brian Rosenzweig, Matt Hart, Nate Yang, Andrew Scattergood, Clare Gaskell, Jon Cantor, Yash Rupal, Sefia Jivraj, Laura Harris, Jon Cantor, Yash Rupal and Sefia Jivraj of Simpson Thacher is representing private capital financing sources in a $225 million secured debt financing supporting the acquisition by Moreld.