Intercargo Services announces shareholder change

Intercargo Services announces shareholder change

Aberdeen-based logistics company Intercargo Services has announced that its majority shareholding has been acquired by multinational marine services company Privinvest Group.

The move is part of a larger deal that has seen the Middle East headquartered company take over oil and gas logistics business Necotrans Switzerland and its subsidiaries, including AMT, for an undisclosed sum.  AMT acquired a majority stake in Intercargo Services in 2013, with the two businesses having worked together since 2008.

Intercargo Services employs 14 staff and in the current financial year, ending 31 December, expects turnover to exceed £14m.  Through its partnership with AMT, Intercargo Services has representation in around 40 countries on five continents.

Employing around 2,500 people around the world, Privinvest Group owns six shipyards in the Middle East, France, Germany and the UK.  It specialises in the construction of naval and commercial ships and superyachts.  Over the past 20 years it has constructed more than 2,000 vessels, including some for 40 of the world’s navies.

Established in 1998, Intercargo Services is a global freight forwarding and logistics company.  Operating from offices in Dyce, the firm specialises in managing the logistics and personnel support requirements of firms working in the oil and gas industry.  The company also provides warehousing and export packing facilities, dangerous goods documentation, packing and shipping services, and ships agency services.

Managing director Jim Watt said: “The investment by Privinvest Group is an exciting and positive development for the overall business.  Although it has no direct impact on our day-to-day operations, Privinvest’s knowledge and experience will add fresh perspective to the wider group and support future expansion.

“Over the past 19 years, Intercargo Services has delivered an integrated approach to providing marine agency and freight forwarding services to the oil and gas industry, evolving our services to support the industry, wherever appropriate.

“The extensive knowledge, expertise and technologies developed by the oil and gas supply chain based in the North Sea is highly regarded and much in demand around the world.  This is an important market for the Scottish economy and we are committed to assisting these firms as they export their technologies and equipment to oil and gas provinces across the globe.”