29OCT2019 - NEWS - Clean Marine and FMSI plan merger to boost scrubber business

Norway-based Clean Marine and its Singapore’s Feen Marine Scrubbers (FMSI) have signed a term sheet to combine their operations and position the companies as the leading providers of exhaust gas cleaning systems (EGCS) that are called scrubbers.

Clean Marine said: “The term sheet forms the basis for the negotiations of the merger.”

Clean Marine CEO Nils Høy-Petersen will manage the combined entity that will be called Clean Marine.

Petersen said: “We are very pleased to announce the contemplated merger on the eve of IMO 2020 coming into effect.

“The transaction will provide additional scale to support our global operations and continued investment in developing the best possible product and services for our customers.”

In addition to providing Original Equipment Manufacturer (OEM) expertise, the united company will support fast production times, project management and global after-sales services.

In collaboration with affiliated companies, the new entity will also provide financing to its ship-owners so that they can retrofit ships with minimal upfront capital expenditure.

The combined business has orders for around 260 scrubber systems.