Mitsui & Co Europe and Mitsui OSK Lines have acquired the Port of Nigg (pictured) and two associated energy services businesses from Global Energy Group (GEG), in a deal that marks a major international investment in Scotland’s energy transition infrastructure.
The transaction includes the Port of Nigg alongside fabrication business Global Energy (Fabrication) and scaffolding and access provider Global Energy Services.
Post-acquisition, Mitsui will hold a 51% stake in the three companies, with the remaining 49% held by shipping and logistics giant Mitsui O.S.K. Lines (MOL).
The two firms have pledged significant new investment in expanding quayside infrastructure and manufacturing capacity at Nigg to meet growing demand from the offshore wind and oil and gas sectors.
The deal builds on a longstanding relationship between Mitsui and GEG founder Roy MacGregor, whose holding company first welcomed Mitsui as a 25.5% shareholder in 2012.
Chairman of Global Energy Group Roy MacGregor said: “We are hugely proud to be passing on the baton at the Port of Nigg having spent much of the last decade establishing it as a truly world class multi energy facility.
“Having worked closely with our trusted investor, Mitsui, since 2012 we believe the time is right to let them drive the next stage of development at Nigg-and we believe they are the correct custodian for a facility that provides so much employment and prosperity for the Highlands.
“Under their guidance the port will continue to grow and develop-providing long term, secure, skilled employment opportunities for generations to come, as well as driving Scotland’s energy transition.”
The deal does not signal a full exit for GEG from operations at Nigg. The Inverness-based holding company will continue to deliver port-based project services through its retained businesses Global Port Services, Global Crane Services, and Global Wind Projects.
It will also retain the Global Energy Group name and its headquarters in Inverness, along with sites at the Invergordon Port Facility and offices in Aberdeen and Edinburgh.
Makoto Takasugi, Chief Operating Officer of Mitsui’s Iron & Steel Products Business Unit, said: “We are privileged to take on the stewardship of the Port of Nigg and the associated energy services businesses, building on the strong foundations developed by Roy MacGregor and the Global Energy Group team.
“For over 13 years, as a shareholder and board member, we have witnessed the impressive growth of Global Energy Group and the strategic importance of Nigg in the UK’s energy industry.
“We look forward to carrying forward that legacy, working with the skilled local teams across the three companies for years to come-servicing the huge demand for offshore wind power-as we grow our role in energy transformation across Scotland, the UK and Europe.”
Masayuki Sugiyama, Managing Executive Officer of Mitsui O.S.K. Lines, added: “We are delighted to announce our participation in the Port of Nigg and its associated energy services businesses, forged through years of dedication by Roy MacGregor and the team. We extend our deepest respect for their unwavering commitment.
“The Port of Nigg plays an indispensable role in the UK’s energy transition, particularly in offshore wind, and holds substantial potential for future growth. In partnership with Mitsui, which has supported Global Energy Group for the past 13 years, we are fully committed to leveraging our expertise and experience in maritime operations to contribute to the long-term development of the Highlands and to accelerate a more sustainable future.”
The move represents Mitsui’s first major investment in a Scottish port facility and reinforces its ambition to be a key player in Europe’s low-carbon energy transition. The Tokyo-headquartered group operates in over 60 countries and employs more than 56,000 people worldwide.