Muehlhan AG: Muehlhan Group expands service in the Oil & Gas Industry

Muehlhan AG: Muehlhan Group expands service in the Oil & Gas Industry

Hamburg, 5 March 2015 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) has acquired 60% of the shares of Norwegian 'Marine Service International AS' ("MSI") with the option to acquire in a second step all remaining shares in 2017. MSI operates world-wide a mobile shipyard service carrying out planned maintenance and repairs on offshore units like FPSO ("Floating Production Storage and Offloading") and large oceangoing vessels. By carrying out essential maintenance and repair either on station or on voyage, MSI's oil & gas clients can maintain their units on station without disruptive and costly shipyard visits while shipping clients can keep their 5 year dockings to a minimum. MSI provides steel repairs, blasting & coating, interior upgrades, pipe-fitting and other related services using a multi-skilled and flexible workforce from offices in Norway, Singapore, Rio de Janeiro, Lagos/Port Harcourt and Gdynia. MSI is DNV certified according to ISO 9001 and approved by all major oil companies. MSI was founded in 1995 by Tormod Kristiansen, who retired from his operational duties and became member of the supervisory board in order to share his knowledge, experience and to ensure future growth. The management responsibility has been taken over by Roy Nedal, who already was in charge of operations since 2010 and has successfully expanded the company's business since then.