Port of Nigg's owner passes the baton to Japanese investor

UK energy sector construction, maintenance & enhancement solutions player Global Energy Group (GEG) has concluded an agreement with Japanese company Mitsui & Co. for the sale of its group companies, including The Port of Nigg, a multi-sector energy port and green freeport.

In addition to the Port of Nigg, GEG reached an agreement with Mitsui & Co. Europe, a subsidiary of Mitsui & Co., together with Mitsui O.S.K. Lines (MOL), to sell its multi-site fabrication and manufacturing business, Global Energy (Fabrication), Global Energy Services, a provider of scaffold and access teams.

Following the acquisition, Mitsui, which has been GEG’s investor and strategic partner since 2012, will own 51% of the three companies, and MOL will hold the remaining 49%.

GEG said this strategic investment will take The Port of Nigg to the next phase of development as “a critical infrastructure asset within the UK’s energy transition”, building on its role in supporting the energy industry, including oil and gas and offshore wind.

As the new majority owner, Mitsui vowed to further invest in the site, including expansion of manufacturing