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Nordic Capital saves Master Marine with €270m recapitalisation

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Private equity house Nordic Capital has provided a financing package of €270m to offshore energy service company Master Marine, making it the majority owner of the company

The recapitalisation consists of €130m of new equity and €140m of senior secured loans.

The firm’s Nordic Capital Fund VII will have an 89 per cent ownership of Master Marine once the deal is completed.

Master Marine specialises in the accommodation, transportation and installation of heavy structures for the oil, gas and offshore wind power industries. Currently the company has two Service Jack vessels under construction at the Drydocks World yard in Indonesia; the first vessel is expected to be delivered in the first half of 2010 and the second vessel in the second half of 2010.

Tom Vidar Rygh, partner at Nordic Capital, said, “We have a strong belief in the company’s unique assets and know-how and that demand for its services will be high, particularly in the offshore wind power industry in the coming years. The two contracts already signed are a testimony to the company’s concept and we look forward to working with some of the most prominent corporations in the energy industry.”

Nordic Capital private equity funds focus primarily on investments in large and medium-sized companies in the Nordic region.

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