UK: Reef Subsea to Realize Growth Strategy by Restructuring Business

Reef Subsea today announced that it will undergo a strategic group-wide restructure to position the company for further growth and future success.

Duncan MacPherson, who previously held the role of Managing Director of Reef Subsea Norway, has been promoted as the CEO of Reef Subsea with the responsibility of implementing the new strategy.

Reef Subsea offers a powerful combination of integrated subsea services to the Oil & Gas and Offshore Renewables markets. Over the past six months, Reef Subsea has successfully launched a project based operation in West Africa, with two vessels now operating in the region. Meanwhile, the business has secured a major contract for the full seismic installation of the Grane field offshore Norway and continues to execute the inter-array power cable installation on the Gwynt y Môr Offshore Wind Farm.

Initiated by Reef Subsea’s owners and Board of Directors, the strategic restructure will ensure Reef Subsea remains focused on existing and future customer needs to become even more competitive within its core markets.

A more global operation requires a simplified structure to ensure a unified way of working across the group. It will bring together the Power & Umbilical and IMR & Construction divisions to form one vessel services division which can share the exceptional pool of engineering talent, whilst the Dredging & Excavation division will be strengthened to better support its worldwide operations.

The reorganisation will create the need to recruit a number of senior positions in the group, including a Chief Operating Officer and a Chief Commercial Officer. Both positions will be fundamental in developing the business further and will offer exciting opportunities for senior executives in the industry.

As part of the new strategy, Reef Subsea also announced that it will no longer take delivery of the newbuild MT 6022 MkII design vessel from Olympic Shipping, originally planned for delivery Q3 2013. Reef Subsea will now look to place a commitment on a similar capability vessel for delivery during 2014. The timing of this new commitment will be aligned with the delivery of the reorganisation process, whilst suiting the demand Reef Subsea sees from the Subsea market in the years ahead.

Duncan MacPherson, CEO of Reef Subsea, said: “We strongly believe that we operate in an exciting market with growth opportunities and we want to be able to capitalise and reach our aim of being the best Tier 2 subsea contractor in the world. In order to do this, it is vital that we reorganise our complex structure to better serve our clients around the world. This is an exciting time for Reef Subsea and our employees.”

Patrick Green, Group HR Business Partner of Reef Subsea said: “We will not hold back in our quest to find the very best senior executives in the market as we believe Reef Subsea offers a fantastic opportunity for these people to make a real difference and achieve something with the existing team that they can take great pride in.”

The major shareholders of Reef Subsea, HitecVision and GC Rieber Shipping will continue to support the company in its further growth plans.

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Press release, June 7, 2013; Image: reefsubsea