Lloyd's Register EMEA signs heads of terms to acquire Scandpower AS

Lloyd's Register EMEA has made its most significant move yet in becoming the leading authority in the provision of risk management services to the nuclear, oil and gas, and transportation sectors, having signed Heads of Terms to acquire 100% of the share capital of Scandpower AS.

The acquisition will be the largest the Lloyd's Register Group has ever conducted. Scandpower has approximately 250 staff that specialise in the provision of risk management services to the nuclear, oil and gas, and transportation industries. In the nuclear field, the company's services are entirely focused upon civil power generation. Within the oil and gas sector, Scandpower's services are focused upon exploration, production, refining and transport. Activities in the transportation sector are focused on the railway and aviation industries. Approximately 65% of staff are headquartered in Norway and 25% in Sweden. The remaining staff are evenly split between Houston and Beijing.

Iain Light, Lloyd's Register's Oil & Gas Director said of the agreement, "Lloyd's Register has a clear strategy to become the leading provider of compliance, integrity and specialised consultancy services to clients throughout all sectors of the transportation and energy sectors. The acquisition of Scandpower AS will be a major step towards achieving that goal".

Demand for energy is increasing world-wide. Combined with raised safety and environmental expectations, and the need for operational efficiencies, the demand for nuclear and oil and gas energy and transportation related risk management services is at an all time high and is now expected to increase further.

Bjørn Inge Bakken, President and CEO of Scandpower AS said, "We are experiencing an unprecedented level of demand for our services and we are keen to expand geographically and increase our market share in the nuclear and oil and gas sectors. To achieve this, we need to be capable of handling substantial and rapid growth, both operationally and administratively. The Lloyd's Register Group is an ideal partner with similar values and an infrastructure that can be leveraged to support our growth plans."

Notes to editors

1. The Lloyd's Register Group is an independent risk management organization that works to help to improve its clients' quality, safety, environmental and business performance throughout the world, because life matters. Its expertise and activities cover shipping, railways, oil and gas, and other asset-based industries. The Group comprises charities and non-charitable companies, with the latter supporting the charities in their public benefit goals.

2. To download an image of Lloyd's Register Oil & Gas Director, Iain Light click here (blue tie)
To download an image of Scandpower President and CEO, Bjørn Inge Bakken click here (red tie)

For more information, contact
Nicholas Brown
Lloyd's Register
T +44 207 423 1706
F +44 207 488 4796
M + 44 (0) 6987 8501
E nicholasak.brown@lr.org

Bjørn Inge Bakken
President & CEO
Scandpower AS
PO Box 3, N-2027 Kjeller, Norway
T +47 64 84 44 00
F +47 64 84 44 11
M +47 92 80 44 52
E bib@scandpower.com

www.scandpower.com
www.riskspectrum.com

Lloyd's Register
71 Fenchurch Street
London EC3M 4BS, UK
T +44 (0)20 7709 9166
F +44 (0)20 7488 4796
E news@lr.org

www.lr.org

Services are provided by members of the Lloyd's Register Group.
Lloyd's Register, Lloyd's Register EMEA and Lloyd's Register Asia are exempt charities under the UK Charities Act 1993.