The acquisition, which is subject to regulatory approval, will be present in 15 locations globally with a team of 170.
The merged entity KPI OceanConnect is expected to be led by current KPI Bridge Oil ceo Soren Holl with a management team drawn from both organisations.
Holl stressed the importance of people in the merged organisation. “Our people remain our strongest asset and will play an important role in driving our growth strategy and delivering added value for our business partners going forward,” he said.
“All team members will benefit from fresh opportunities, being part of an ambitious new company, and we will continue our strong focus on personal and professional development as well as on providing outstanding career opportunities globally.”
OceanConnect Marine managing director S I Shim flagged up the advantages of the merged organisation given the changes to the bunker market with IMO 2020 having come into force.
“The formation of KPI OceanConnect will be timely in relation to the new 2020 market dynamic and the demand for a consultative approach to fuel procurement. We are uniquely positioned and equipped to fulfil this need and to support our business partners to thrive in the new marketplace,” Shim said.
No financial details of the transaction were revealed. OceanConnect Marine is currently a wholly-owned subsidiary of trading firm Glencore.