Monday, August 16, 2010

Scottish Offshore Logistics Specialist Acquires Norwegian Freight Forwarder

ASCO Take Over Stavanger Oil Industry Supply Specialist
Shipping News Feature

UK – NORWAY – Aberdeen based oil and gas offshore logistics specialists ASCO Freight Management, who already maintain three offices in the country, have taken over Stavanger outfit Sped Partner to strengthen the group’s presence in the region. Richard Singer, AFM’s managing director, said:

“This is a key acquisition within the important EMEA (Europe, Middle East and Africa) region. A presence in Norway means we are strategically located to provide general and project freight forwarding services to oil, gas and energy sectors.

“ASCO already has a strong business in Norway with supply bases that service the whole of the Norwegian continental shelf; AFM can add value to that business as well as service our own client base. Our strategy is to open an office in key world-wide strategic locations over the next 18 to 24 months either by organic growth or acquisition.”

ASCO income dropped sharply to the end of December last year after what they described as “very tough” trading conditions revenue falling £60 million to £392 million. Chief executive Billy Allan said at the time he viewed development in Norway and the Netherlands key to the group’s future prosperity and preliminary figures seem to indicate a recovery this year.

Sped Partner is a multimodal forwarder with specialist services to the same offshore oil related sectors which form the crux of ASCO’s business. ASCO themselves were acquired by Phoenix Equity Partners in 2006.