Pareto JGO in takeover

Pareto JGO Shipbrokers has taken over Derrick Offshore in a deal that sees it strengthen its presence in the specialist offshore market.

Pareto announced today that it is acquiring Derrick but the target will continue to trade under its current name and trademark, with all of the current directors and shareholders remaining with the company.

Karsten Christensen, managing director of Pareto JGO, says executives at the two companies have been working together for almost 20 years, meaning today’s development is not a major surprise.

Neither of the parties was willing to disclose any financial details of the agreement when contacted by TradeWinds.

Christensen said: “We are very pleased with the acquisition of Derrick, through a deal that sees the creation of the world’s leading shipbroker in the market for subsea and special services vessels.

“We believe the offshore market will be a strong area going forward and it is very exciting that Derrick has a very good presence in this field. Combined, we will be able to offer comprehensive sources to our clients.”

Sean Harvey, Derrick’s chief executive, believes there is an excellent fit between the two businesses and a very strong cultural affinity.

This “will enable us to leverage our complimentary capabilities to the benefit of our clients and bring exciting opportunities for our employees to develop their careers in the enlarged business”, he said.