Seaonics acquires ICD Software for $11.6m

Credit: Marine Log

Seaonics, a Vard Holdings subsidiary,has acquired ICD Software for S$15.6 million ($11.6 million).

Vard Holdings is a designer and builder of offshore and specialised vessels. Meanwhile, ICD Software specialises in the development and provision of automation software and control systems for the offshore and maritime sectors.

Sions was established in 2011, with Vard maintaining a 51 per cent stake in it. Seaonics delivers winches, cranes and handling equipment to the offshore and maritime sector and has developed cranes for critical offshore lifting operations up to 250 tonnes. It is considered a market leader for Launch and Recovery Systems (LARS). Prior to this transaction, Seaonics employed 50 employees in Norway and a subsidiary in Poland.

Prior to the acquisition, ICD Software employed a work force of 63 employees, half of which are in Norway. The remainder are distributed across two subsidiaries in Poland and Estonia.

The acquisition of ICD Software will enable Seaonics to expand its business in deck handling equipment and automation technology, given the expertise and experience of ICD in automation and drive systems. It is expected to be a significant contributor to new product development initiatives for Seaonics and other companies in the Vard congolmerate.

The new enlarged Seaonics will also be able to develop and deliver significant parts of the equipment for drilling vessels, including automation systems for cranes, winches, and other deck handling equipment, including the innovative drilling tower solutions from part-owned Castor Drilling Solution.

The book value of net assets of the acquisitions was $1.56 million. This consideration was arrived at and negotiated on a “willing-buyer willing-seller basis”. The purchase was conducted using a mixture of cash and  seller’s credit, converted to shares in a share issue in Seaonics.

The transaction is a vertical acquisition, with complementary elements that will enable Vard to “…expand its business in deck handling equipment and automation technology, and utilise know-how and experience in automation and drive systems for the development of new products”, according to an official statement.

Vard executive VP for Equipment and Solutions and the chairman of Seaonics, Stig Bjørkedal, commented, “This acquisition is a catalyst for growth and development of Seaonics, and an important step for Vard in strengthening our equipment and solutions portfolio. The integration of in-house developed automation and control system software enables us to offer a complete complex product delivery to the customer.”

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.