HitecVision is establishing a new oil service group under the name Global Maritime Group by merging five companies in its portfolio, according to a news release.

The five companies are part of the offshore and maritime engineering, marine warranty, dynamic positioning, vessel inspection, mooring and anchors, as well as offloading, transportation and installation of offshore structures fields. Global Maritime Group will be a global company, with about 650 employees, and will have an annual turnover of about NOK 1.4 billion (US $188 million).

The largest member of the new group will be Global Maritime, a provider of consultancy services for the offshore and maritime industries. In addition, the group will comprise Marine Contracting and Deep Sea Installation, both engineering companies focusing on segments within offloading, transportation and installation of offshore structures, the release said. The group also includes

Vryhof Anchors, a supplier of anchors and related mooring equipment for larger floating structures and Deep Sea Mooring, which supplies mooring solutions for E&P companies and drilling operators.

Global Maritime Group will be led from Stavanger, Norway, where around 120 of its employees are based. In total, the group will have around 650 employees divided between offices in 26 countries worldwide, the release said.

The five companies that form the foundation for Global Maritime Group, are owned by the private equity fund HitecVision Private Equity VI L.P. HitecVision senior partner Atle Eide is responsible for the Global Maritime Group investment. The group is working to have a permanent chief executive in place early 2015, according to the release. The establishment of Global Maritime Group is due to be completed by Jan. 1, 2015.