HOUSTON – A team led by a Harkand managing director has agreed to a management buyout (MBO) of Harkand’s North American and African businesses in a move that could potentially safeguard more than 100 jobs across North America, Africa, and Mexico.
The new company, said to be named Ethos Offshore Ltd., will continue to provide subsea engineering and construction services to Harkand’s existing US, Mexican and West African client base.
The new company said in a statement that it is expected to have a contracted backlog of $145 million worth of projects, and is backed by investment funds advised and managed by Oaktree Capital Management, LP.
Through the MBO, Ethos Offshore said it will be able to deliver the full scope of subsea services to established clients, including ROV and diving, inspection, engineering, project management and survey services.
Operations in the three regions will continue to be led by AJ Jain; formerly Harkand’s North America managing director, he will now serve as CEO. Jain will be supported by Brian Schacht, head of business development and communications; James Parker, head of North America operations; and Doug Fieldgate, head of West Africa operations.