Scandpower acquired

Lloyd’s Register has made its most significant move to date in becoming the leading authority in the provision of business assurance and risk management services to the oil and gas, nuclear and transportation markets, by signing an agreement to acquire 100% of the share capital of Scandpower AS.

The acquisition will be one of the largest the Lloyd’s Register Group has conducted. Scandpower and its subsidiaries in Sweden, China and the US have 235 staff who specialise in providing risk management services. Approximately 60% of staff are based in Norway and 30% in Sweden. Other employees are based in offices in Houston and Beijing.

Lloyd's Register and Scandpower will represent a significant ‘powerhouse’ for industry. Together they have the skills to provide more capacity and more expertise to tackle many of the issues faced by industry stakeholders. For the domestic Scandinavian market the acquisition will provide customers with a major alternative supplier of choice for safety, environmental, integrity and reliability services, a market previously dominated by one provider. The combination of ever tightening safety and environmental expectations, and the need for operational efficiencies, means that the demand for energy related risk management services is expected to increase in the future.