OTI Greentech AG‘s subsidiary VTT Maritime signs cooperation agreement with Semco Maritime AS of Denmark

OTI Greentech AG (WKN A0HNE8), an internationally operating environmental technology group listed on the Düsseldorf stock exchange, has signed a new cooperation agreement via its subsidiary, VTT Maritime (VTT). Under the contract with the global specialist in the maintenance of oil rigs and supply vessels, Semco Maritime AS (Semco), VTT will offer complex consulting and engineering services for the Hanoytangen shipyard in Norway.

Semco took over management of the shipyard from the Bergen Group ASA in autumn of 2015. The shipyard is the largest dry-dock in north Europe. VTT possesses relevant engineering know how from earlier assignments at the yard. Furthermore, VTT will support Semco in their ambition to win future contracts for maintaining offshore platforms and vessels. This cooperation agreement is further acknowledgement of VTT Maritime´s expertise in the Maritime sector.

The companies will also join forces to qualify for the large Norwegian Navy mid-life upgrade project of the Nansen class frigates. The program will cover the updating of several of the frigates and is expected to last for more than 5 years. Whilst the detailed financial scope of this program is not yet announced, such upgrades are substantial with an expected total of EUR 10-20 million per year revenue flow to the consortium. As a result of the cooperation with Semco Maritime, VTT sees the potential for further work as a sub-contractor to the shipyard.

“We are pleased to join Semco Maritime AS as a partner and are confident that the combined competencies of the joint operation will lead to success for both companies. With the already identified projects, Semco’s position in the overall market and as the new operator of Hanoytangen Yard, this agreement opens a substantial potential also for VTT Maritime. By remaining a technical supplier to the Norwegian Navy since 1986, we have found a partner who clearly strengthen the overall potential for VTT in many upcoming projects!”, said Johnny Christiansen, CEO of OTI Greentech AG.

“The strategic cooperation with VTT is a very important step for Semco Maritimes position generally in Norway, specificly at Hanoytangen. We are viewing this alliance, as a good compliment for both companies strength up against our our strategic targets in Norway.”, said Lars Skov Senior Vice President at Semco Maritime AS.

About Semco Maritime AS

Semco Maritime is an international engineering and contracting company. For more than 30 years we have been facilitating design, fabrication, service and maintenance of our customers’ assets, providing comprehensive project management across all phases of energy projects. From turnkey engineering solutions to outsourcing of personnel and delivery of components, systems and solutions – we make sure our customers and partners in the energy sector experience safe and cost-efficient solutions. Semco Maritime has 1,400 employees and branches in Denmark, Norway, UK, UAE, Singapore, Vietnam, Australia, Central America and the US. For further information, please see www.semcomaritime.com.