Lamor launches new company for Subsea technologies

14.12.2007

Lamor acquires Tarwell Ltd, half of Tarw-Trading Ltd, and launches new company for Subsea technologies.

In a contract signed December 5, 2007, Lamor Corporation Ab has acquired Tarwell Ltd, an oil spill recovery technology company based in Raisio, Finland. At the same time, Lamor has purchased 50% of Tarw-Trading Ltd. Following the acquisition, Lamor owns the rights to Tarwell’s oil spill recovery equipment and patents and founds a new company, Lamor Subsea Ltd, together with Tarw-Trading Ltd.

Lamor Corporation Ab, celebrating its 25th anniversary this year, provides oil spill recovery equipment globally. Lamor has been active in 90 countries and the annual turnover for the last financial year grew to 33 million EUR. The growth prospects are good, and the Tarwell acquisition strengthens Lamor market position even further.

Tarwell Ltd, founded in 1990, is a company producing and importing high quality subsea, safety and oil spill recovery equipment and systems. Tarwell Ltd employs four persons, and has an annual turnover of 1 million EUR.

Lamor’s and Tarwell’s oil spill recovery equipment portfolios compliment each other well and increase the range of efficient oil recovery solutions offered to our customers.

Lamor Subsea Ltd. combining the expertise of two companies

Lamor Subsea Ltd will focus on subsea environmental protection systems and equipment based on Lamor’s oil spill recovery and pumping technology and Tarw-Trading Ltd’s subsea solutions. Lamor Subsea will employ five persons in Raisio. Tapio Malmgren, CEO for Tarwell Ltd has been appointed CEO for Lamor Subsea Ltd as of January 1, 2008.

Tarw-Trading Oy Ltd specializes in submarine and offshore technologies globally. In 2002, Tarw-Trading Oy acquired the Global Submarines/Subtronics product portfolio. Tarw-Trading Ltd was founded in 1994, the annual turnover has been around 1 to 1.5 million EUR, employing five persons. The company is the market leader in its field.

For more information, please contact:

Rasmus Guldbrand, CEO, Lamor Corporation Ab
Tel. +358 20 7650 101, email: rasmus.guldbrand@lamor.com

Tapio Malmgren, Managing Director & CEO, Lamor Subsea Ltd
Tel. +358 2 436 4400, email: tapio.malmgren@lamorsubsea.com

Tarwell Ltd, a Finnish company founded in 1990, produces and imports high quality subsea-, safety-, and oil spill recovery equipment systems. The company has delivered oil spill response equipment since 2003. Tarwells partners are e.g. professional divers, coastguards and firebrigades, The activities have been focusing on the domestic market.

Tarw-Trading Ltd was founded in 1994 and concentrates on submarine and offshore technologies. The focus has been on the international market.

More info: http://www.tarwell.fi

Lamor Corporation Ab

Lamor is the leading oil spill response equipment provider. With over 25 year experience in the field, Lamor focuses on tailor-made complete solutions making use of cutting-edge Lamor oil recovery technologies. The sales network is global and production facilities are located in Finland, America and Asia. The annual turnover on the last financial year grew to 33M eur. Lamor employs around 80 persons and the global production network and estimated additional 200 persons.

More info: http://www.lamor.com

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14.12.2007