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Press Release MacGregor

MacGregor acquires majority shares of Flintstone Technology Ltd. to further strengthen its advanced technology offering in offshore solutions

9/29/2016

CARGOTEC CORPORATION, PRESS RELEASE, 29 SEPTEMBER 2016 AT 10 AM EEST

MacGregor, part of Cargotec, has acquired 51% of the shares of the privately owned company Flintstone Technology Ltd.  Flintstone is a small and dynamic company specialising in advanced technology and innovative products primarily within the mooring and fluid handling business. The deal was closed on 22 September 2016.

 "Offshore operators and field owners are looking for cost and weight optimized technologies in order to be more efficient. Flintstone has developed several products that reduce offshore installation time, bring weight savings onboard the floaters, and in some cases even contribute to more safe operations,"   says Høye Høyesen, Vice President, MacGregor Advanced Offshore Solutions.  "Our ownership stake in Flintstone is a good fit for providing these solutions together.  Flintstone's offering complements MacGregor's portfolio in the offshore segment and also expands our existing product portfolio into new market areas," Mr Høyesen continues.

"We are very happy to join MacGregor.  We are a small team with competent and innovative engineers. We see a lot of potential we can bring along and add value for the customers.  We like to challenge existing solutions and look for ways to improve, just what MacGregor is known for doing.  Becoming part of a bigger company brings also many benefits, both for customers and our employees", says Andrew Clayson, Managing Director, Flintstone Technology.'

"BW Offshore retains a minority stake in Flintstone. We are happy to welcome MacGregor and with combined expertise, the company is able to help to bring innovative technology and solve the challenges our projects normally involve. Furthermore these solutions can be offered to a wider customer base," says Nordine Benbernou, SVP Business Development, BW Offshore.

Flintstone Technology Ltd., started in 2012 as product design consultancy and has completed several significant projects before developing their first own product in 2013, the buoy turret connector.  The company is based in Dundee, UK and has ten employees.

For more information please contact:
Høye Høyesen, Vice President, Advanced Offshore Solutions, MacGregor
tel. + 47 907 610 98, Email: hoye.hoyesen@macgregor.com
or
Heli Malkavaara, Senior Communications Manager, MacGregor,
tel. +358  20 777 4500, Email: heli.malkavaara@macgregor.com

MacGregor shapes the offshore and marine industries by offering world-leading engineering solutions and services with a strong portfolio of MacGregor, Hatlapa, Porsgrunn, Pusnes and Triplex brands. Shipbuilders, owners and operators are able to optimise the lifetime profitability, safety, reliability and environmental sustainability of their operations by working in close cooperation with MacGregor.

MacGregor solutions and services for handling marine cargoes, vessel operations, offshore loads, crude/LNG transfer and offshore mooring are all designed to perform with the sea. www.macgregor.com

MacGregor is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2015 totalled approximately EUR 3.7 billion and it employs over 11,000 people. www.cargotec.com