General – Merger
Today, PASSER Group and Swan Hunter has agreed to merge their cable rental and logistics operations into a new company; PASSER LARS (Logistics And Rental Solutions).
PASSER LARS will have offices in the Netherlands and UK, in addition to PASSER Group’s existing presence in Norway, Lithuania and China.
“The ongoing electrification megatrend will drive significant growth in connectivity infrastructure and offshore cables in particular. As projects grow in size, scope and complexity, there will be a need for larger entities with multidisciplinary competencies and financial capabilities to meet the growing demand from clients. Through the formation of PASSER LARS, we are creating a company that will be a driving force in the cable handling and logistics rental market going forward and a strong platform for growth, both organically and through further consolidation,” both companies stated.
PASSER LARS will provide existing and new clients within the offshore energy markets with a comprehensive service offering of specialist offshore equipment rental, in-house design engineering, project management capabilities, cable logistics and transportation services, and project specific solutions.
Gerard Kroese, Managing Director of Swan Hunter and the newly formed PASSER LARS said: “This merger is a very positive and logical next step for Swan Hunter and for the industry we serve. PASSER LARS’s strategy will be to solidify its position as the global go-to provider of cable handling and logistics rental solutions – with a particular focus on high-growth renewable end-markets – through growing its asset base and further enhancing its value proposition towards clients. With the enlargement of our equipment pool, and uniting of our dedicated international engineering teams, will offer our clients very attractive and flexible options for their key project activities in Europe, USA, Asia, and beyond.”
PASSER LARS will be headquartered in Rotterdam, The Netherlands, with the main engineering office in Newcastle, UK.