Although the Aibel brand and company name are relatively young, the company can trace its heritage back over a hundred years and has been a significant player in the development of the offshore industry since oil from the North Sea was first exploited.
Historical highlights:
November 2008
Aibel Group Limited receives a capital injection of NOK 600 million from its owners and is restructured into two separate entities. These are Aibel AS and Aibel Group Ltd., with separate management teams and boards of directors. Aibel AS, which includes engineering operations in Singapore, continues to focus on the Norwegian market, with Aibel Group representing Aibel’s various international business interests.
August 2007
The Aibel Group Limited is established as an independent company as the result of the sale of Aibel to an investor group led by Herkules Capital (formerly Ferd Private Equity) Aibel Group has three principal subsidiaries: Aibel Holding Ltd, Aibel AS and Drilling Controls.
July 2004
ABB Offshore Systems is sold to a consortium of investors, Candover, 3i and JP Morgan Partners. New holding company, Vetco International Ltd is established. ABB Offshore Systems is one of two subsidiaries, and the name is changed to Vetco Aibel AS. The other subsidiary is Vetco Gray. Vetco Aibel employs more than 5000 people in 17 countries.
2002
Name changed to ABB Offshore Systems, part of ABB oil, gas and petrochemical division.
June 2000
ABB acquires the oil & gas and installation business of Umoe ASA, a company with a long track record in servicing the Norwegian offshore market and a strong focus on modification and maintenance services. This takeover also includes the fabrication and assembly yard at Haugesund, Norway, which itself has traditions stretching back over a century.
1993
ABB Offshore Technology formed.
1987/8
ABB becomes majority shareholder of Elektrisk Bureau (EB) and over the next few years the oil and gas sector business is built up.