McIntyre Partners snaps up Moreld from Hitecvision

Moreld is a multi-disciplinary engineering group for blue-chip customers.

  • Moreld Group consists of Moreld Apply, Moreld Ross Offshore and Moreld Global Martine
  • McIntyre Partners consortium includes Velocity Partners, a newly formed specialist private equity firm focused on energy and industrials
  • Moreld’s customer base includes Equinor, Vår Energi, Aker BP, Total Energies, Shell, ExxonMobil and Chevron

McIntyre Partners has acquired Moreld, an offshore engineering services provider, from Hitecvision.

Moreld’s incumbent management will own a significant minority stake in the group. Velocity Partners, a newly formed specialist private equity firm focused on the energy and industrials sector, will similarly own a minority stake.

Stavanger, Norway-based Moreld is a multi-disciplinary engineering group providing blue-chip customers with services across offshore energy and marine industries. Moreld’s estimated combined revenue in 2023 was NKr5 billion (€443 million; $485 million).

Moreld’s customer base includes Equinor, Vår Energi, Aker BP, Total Energies, Shell, ExxonMobil and Chevron.

“McIntyre Partners was created to identify unique investment opportunities and acquire profitable companies in partnership with experienced management teams in sectors that are undergoing transformation,” said Julian McIntyre, founding partner at McIntyre. “We have searched extensively in the energy services sector, which is facing a wave of new investment due to energy transition and energy security, and believe we have found an industrial group with three strong and growing companies that perfectly meet our criteria.”

McIntyre Partners is a London-based investor focused on the natural resources and infrastructure sectors.

Hitecvision is a specialist investor in the European energy industry. The firm is based in Stavanger.