Mongstad Group is an owner of key infrastructure and landlord to two high activity oil and gas ports in Norway.
Mongstad Group owns land, buildings, storage facilities, piping, roads, quays and other infrastructure on site, which enables handling of 1,000,000+ tonnes over quay and ~3,000 ship arrivals/year at Mongstad and Dusavik ports. The assets support more than 20 producing oil and gas installations in the Northern North Sea and are located close to large fields such as Troll, Oseberg and Gullfaks.
During EQT Infrastructure II’s ownership, Mongstad Group more than tripled in size following strategic acquisitions and investments in base infrastructure such as quays and storage facilities. In total, expansion and upgrade projects of more than NOK 500 million were completed on behalf of Statoil and Mongstad Group’s other partners to enable growth, customer cost savings and environmental benefits by improving supply base infrastructure and security.
Mongstad Group completed several acquisitions at the port of Mongstad outside Bergen and subsequently expanded to Dusavik. The Dusavik port is located outside Stavanger and is a key supply base serving the southern part of the Norwegian North Sea, which includes being the designated supply base for the Johan Sverdrup development, the largest oil field development on the Norwegian Continental Shelf.
Through these initiatives, the company’s revenues and earnings grew almost threefold since the acquisition in August 2015.
To Mongstad Group.
Key events during EQT's ownership
- Built a complete management team through recruitment of experienced COO and CFO
- Established of processes and professionalized operations, project management and control, including HSEQ
- Completed of over NOK 500m of investments and built a substantial pipeline of capex projects to grow and improve the base infrastructure
- Executed nine add-on acquisitions including IMR Property AS, an infrastructure property portfolio at Dusavik Supply Base, a portfolio of infrastructure properties at the Storemyra part of PSW Group and Grunnevika Eiendom AS