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Rapp Marine Group confirms its strong market position and delivers solid numbers

Rapp Marine Group confirms its strong market position and delivers solid numbers

November 2017: Bodø-based Rapp Marine Group, owned by the private equity company Nord Kapitalforvaltning, again confirms its strong market position. Rapp Marine Group has been selected by Gulf Island Shipyard, LLC, as the Overboard Handling System Single Source Vendor for Oregon State University’s multi-mission Regional Class Research Vessel, with the option of two additional vessels.

Rm _vessel2

Rapp Marine Group (RMG) has in recent years taken a leading position as a provider of advanced winches and related deck machinery to different types of research vessels. The market for these vessels is global, and the company has especially taken a leading position in China, winning 9 out of the last 11 contracts.

-By winning the complete overboard handling system, including winches, cranes and A-frames to the new research vessel built for the University of Oregon, this once again confirms the position RMG has managed to take. If the option for the additional two vessels is exercised, this will be the largest contract in the company’s history, says CEO Terje Arnesen.

This and several similar ongoing deliveries in the same segment, in combination with a number of new contracts for winch packages to new fishery vessels, means that the company has an order book of approximately NOK 400 mill. -This is an order situation that far exceeds any order book level the company has experienced historically, says Arnesen.

-For us as active owners it is satisfying to see several years of hard work paying off, says managing partner Bjørn Hesthamar in Nord Kapitalforvaltning. -We have invested both resources and efforts in developing the company in the direction it is now heading. A broad range of investment and growth initiatives, in combination with a more challenging market situation as an indirect effect of the oil price downturn, caused significant negative results in 2015 and 2016.  Despite this we have had a strong belief in both the company and in the strategy we developed together with the management. The more satisfying it is that we now have seen positive EBITDA in four consecutive quarters.

-We will deliver a decent result in 2017, and with the order back log and the positive response we experience in our markets we are optimistic about the future. -Highly skilled and hard working staff, both in the management and in the rest of the company, have been the most important enabler of this development, Hesthamar emphasizes.

-Our forecasts and budgets indicates further growth in 2018, and it is a very pleasant to again be in a position where we are recruiting more employees to further strengthen delivery capability, concludes Terje Arnesen.

-For us as active owners with a Northern Norwegian focus and investment mandate, it is nice to be able to contribute in developing a well established Bodø based company to become a scalable, global leader in its relevant markets, says Bjørn Hesthamar. -This is very much in line with the intention behind establishing a PE company, managing buy out funds in the region.

 

For further questions, please contact.

Bjørn Hesthamar
Partner, Nord Kapitalforvaltning
Mob +47 950 11 222

Terje Arnesen
CEO, Rapp Marine Group
Mob +47 906 89 130

 

Please visit the company's website:

http://rappmarine.com