(Lamor Corporation, Porvoo, March 27, 2012). Finnish Industry Investment Ltd (Teollisuussijoitus Oy) and Etera have made a minority investment in Lamor Corporation. The investment is a part of a larger transaction where the company’s financial position is strengthened and the current house bank replaced with Sampo Bank/Den Danske Bank. This transaction enables Lamor Corporation to invest in new business models, as well as in research and development and thus enables the company to take a step to the next level.
“The financing enables us to meet the demand for larger scale projects where we take a more central role in providing turnkey oil spill response solutions to our clients,” says Fred Larsen, CEO Lamor Corporation.
“Given the publicity surrounding the large scale oil spills during the recent years, increases in exploration activity in the arctic as well as in off shore areas and the tightening regulations, the oil spill response industry is expected to grow significantly during the next few years. We are warmly welcoming the new investors to enjoy this exciting ride ahead, and are convinced that this is going to be a beneficial cooperation,” Larsen adds.
“Most recently we were awarded a significant three-year contract with Qatar Petroleum (QP) responsible for operating and maintaining all of QP’s Oil Spill & Emergency Response Department (OS&ERD) oil spill recovery equipment. Moreover, the contract included oil spill man-power, management and training. That said, we were also awarded another major contract in recent days with Australian Maritime Safety Authority for equipment,” Larsen highlights.
”We want to be involved in developing and financing this significant Finnish cleantech company. Lamor has a strong market position globally and specialist expertise in the Arctic areas. Because of its growth potential and sector, the company is a good match with our investment strategy,” says Director Antti Kummu from Finnish Industry Investment.
“Finland needs good export companies in order to meet the challenges of today’s global economy and I am excited to be a part of a transaction where Finnish institutional investors invest in a Finnish company whose exports comprise over 90 % of its revenue,” says Pekka Ahlajärvi, Portfolio Manager in Etera.
Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. Finnish Industry Investment invests in funds and directly in growth companies in all sectors. The investment focus is on growth, internationalisation, spin-offs, major industrial investments, and sectoral and corporate restructurings. The investments of Finnish Industry Investment amount to € 690 million.
Etera’s primary mission is to provide pension cover and secure well-being at work. It offers companies, societies, self-employed persons and households efficient earnings-related pension insurance and related services. In 2011 Etera insured 214,000 employees, 5,800 entrepreneurs and paid pensions worth of ca. 1 billion euros to 150,000 pension recipients. Etera’s investments are worth of approx. € 5.3 billion.