Global trading company SHV said it has decided to explore a potential divestment of its subsidary heavy lift and transport company Mammoet.

SHV’s review concluded that continuing with Mammoet was not “the best way forward” (Photo: Mammoet)

SHV said this is due to a strategy review that concluded supporting all current groups of the business simultaneously was not “the best way forward.”

Mammoet has proven to be a strong and successful company, SHV said, with strong sales growth and increased profitability. It said Mammoet is positioned to fully benefit from the energy transition.

Continuing investments

In the next few years, Mammoet intends to invest in high-capacity equipment that will be put to work in support of the global energy transition, in particular offshore wind. SHV believes the new owners can take benefit from these new developments, as well as from the continuing stream of work in traditional markets.

To allow Mammoet to continue its growth strategy, SHV intends to find a new owner that it said is committed to make the required investments, and continue to employ Mammoet’s work force.

Decision not taken lightly

Jeroen Drost, CEO of SHV said, “It has become clear that offering support in the best possible way to eight groups cannot be done in the way we would like to. That does not mean the decision to potentially divest Mammoet has been taken lightly. They have been a valued member of the SHV Family for many years and it is with regret that we have to let them go.

Mammoet CEO Paul van Gelder giving the keynote speech at CATME 2022 in Dubai. Mammoet CEO Paul van Gelder giving the keynote speech at CATME 2022 in Dubai. (Photo: Mammoet)

“What is now most important for SHV is to make sure we find a new owner that is committed in supporting Mammoet and our colleagues in this next step. We all strongly feel this obligation and will be part of every decision in the process.”

Paul van Gelder, CEO of Mammoet said, “As the global market leader we have demonstrated to be flexible. We’ve made a shift from an oil and gas dominated order book to a diversified revenue coming from multiple sectors like nuclear, infrastructure and renewable energy. This diversification and several improvement programs have resulted in strong sales growth and increased profitability over the last five years.

“SHV has been a great owner of Mammoet and helped us in realising our strategic goals. I’m convinced that we will be able to continue delivering outstanding results under a new owner, backing up our strategy to create a sustainable future for our company and planet.”

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