REFERENCE PROJECT AND RESTRUCTURING: SINTEF

Axess

CORE BUSINESS

Largest R&D organization in Scandinavia

OUR OFFERINGS

Restructuring, Turn-Key Management

OUR TEAM

Two Strategy Team members allocated full-time in key management roles; back-stopping support from a partner and our back-office team.

 

CHALLENGE


We were retained by SINTEF’s board in Norway to replace all key management positions at SINTEF’s subsidiary in Brazil, which had been operating under significant financial distress. SINTEF’s Rio team of 26 people had been working on seven different external R&D projects for five different oil companies.

OUR ROLE


In close coordination with the Board in Norway, we provided a turn-key management solution, including:

  • Developing a new budget and controlling cash flow (incl. liquidity management).
  • Renegotiating contracts with customers (incl. contract management).
  • Managing their in-house Technical & Admin teams.
  • Downsizing operations.
  • Coordinating litigation and contingencies.
  • Managing outsourced advisers.
  • Managing regulatory accreditations & filings.
  • RESULTS


  • The project is ongoing and the team in Norway now has full transparency on local operations, with biweekly in-depth reporting and a new risk mitigation strategy.
  • Cash flow management has been more successful than budgeted, mainly due to efficient downsizing and management/renegotiation of past liabilities.


  • Other milestones include:

  • Within three weeks: Preliminary due diligence conducted, analyzing cash flow and mapping out all major liabilities and contingencies, providing full transparency to the board, prior to their first visit.
  • After two months: Conducted contract management review of all external projects, as well as talks with all staff members.
  • Within nine months: Monthly costs more than halved, organization achieving a sustainable financial position when excluding one-offs.
  • External projects have been delivered according to schedule despite the significant downsizing.
  •  

    "M&O Partners has managed our operations in Brazil since February 2015, leading a thorough downsizing and restructuring process. They were able to provide us with an experienced and efficient team in Rio, filling key management roles with internationally qualified, trustworthy and multidisciplinary in-house staff. The communication between Rio and Norway has been excellent. The M&​O Team has proven to be a very cost efficient management solution for us."


    Karl Andreas Almås
    Chairman of the Board for Brazil at SINTEF
     

    REFERENCE PROJECT, TURN-KEY MANAGEMENT: MARINE CYBERNETICS

    Marine

    CORE BUSINESS

    During the last 12 years, Marine Cybernetics has established itself as the leading company for third-party testing of computer control systems used for operational and safety critical processes in various maritime and offshore drilling systems. In particular, they specialized in testing of software in control systems by using Hardware-In-the-Loop (HIL) - testing. Today Marine Cybernetics is an Independent Business Unit (IBU) IN DNV GL.

    OUR OFFERINGS

    Turn-Key Management, Sales Development, Company Establishment, Administration, Structuring and Management for Hire.

    OUR TEAM

    3 partners + 2 Project Managers from the Sales, Strategy and Operational teams were allocated part-time with key management roles, with support from the partner group partner and the back-office team.

     

    CHALLENGE


    Marine Cybernetics was a world leading technology company for testing of computer control systems, and wanted to penetrate the offshore and maritime markets in Brazil, one of the main market for such technology.

    OUR ROLE


    In close coordination with the Management and Board in Norway, we provided a turn-key management solution, including:
  • Turn-Key Sales & Operations for their local subsidiary
  • Establishment and structuring of the company
  • Execute position as CEO in the local company
  • Develop and Execute on Strategy for Business Development
  • Participate in Global Strategy meetings
  • RESULTS


  • The project enabled Marine Cybernetics to penetrate the Brazilian market and secure the largest commercial contracts in the company’s history.
  • Partly due to the successful commercial results in Brazil, Marine Cybernetics was bought by DNV GL.
  • We continued after the acquisition to deliver services to Marine Cybernetics as well as rendering additional services to DNV GL, over a period of 15 months after the takeover.
  • REFERENCE PROJECT, TURN-KEY MANAGEMENT: KONGSBERG MARITIME

    Marine

    CORE BUSINESS

    Kongsberg Maritime is a Norwegian technology enterprise within the Kongsberg Gruppen. Kongsberg Maritime deliver systems for positioning, surveying, navigation and automation to merchant vessels and offshore installations.

    OUR OFFERINGS

    Company Establishment, Administration, Structuring and Management for Hire.

    OUR TEAM

    2 partners + 3 Project Managers from the Strategy and Operational teams was allocated part-time with key management roles, with backstopping support from the partner group partner and the back-office team.

     

    CHALLENGE


    Kongsberg Maritime wanted to transfer their vast current business in Brazil, from an agent setup to an own subsidiary.

    OUR ROLE


    In close coordination with the Management and Board in Norway, provided a turn-key management solution, including:
  • Establishment of company
  • Transfer of Employees
  • Execute position as CFO in the company
  • Building and managing their In-House Technical & Admin Teams.
  • Structuring new Administration Operations.
  • Managing Regulatory Accreditations & Filings.
  • RESULTS


  • The project was executed and delivered within a period of 18 months.
  • The project enabled Kongsberg to continue their ongoing business, while doing a seamless transfer from agent setup to a subsidiary setup.
  • Thoughout the project period we delivered a continuous management solution, including implementation of local governance, procedures and building a new administrative department.
  • On budget and on schedule handover to the new administration team after 18 months.
  • REFERENCE PROJECT, TURN-KEY MANAGEMENT: NEO-TECH SOLUTIONS

    Marine

    CORE BUSINESS

    Neo-Tech Solutions is an Italian company, which offers a comprehensive range of valves and high level technical services for all kinds of valves and actuators.

    OUR OFFERINGS

    Turn-Key Management, Sales Development, Company Establishment, Administration, Structuring and Management for Hire.

    OUR TEAM

    1 Partner + 2 Project Managers from the Strategy and Operational teams. Support from Marketing and back-office team.

     

    CHALLENGE


    Neo-Tech Solutions is specialized in maintenance and repair of valves and wanted to establish a company in Brazil maintaining the Italian quality on Brazilian ground.

    OUR ROLE


    In close coordination with the Management and Board in Italy, we provided a turn-key management solution, including:
  • Establishment and structuring of the company.
  • Execute position as CEO and Sales Manager in the local company
  • Develop and Execute on Strategy for Business Development
  • Delivery of all licenses and certificates
  • Development of name, logo, website and other marketing material
  • Recruitment of Service Technician
  • RESULTS


  • The project enabled Neo-Tech Solutions to penetrate the Brazilian market and establish the Brazilian company, Fluit.
  • Fluit is located at the industrial base, OSEP in Macaé, and has a highly skilled staff, who is ready to deliver great solutions to the Brazilian market.
  • After the establishment, we continue providing services to Fluit.
  • REFERENCE PROJECT, TURN-KEY MANAGEMENT: AXESS

    Axess

    CORE BUSINESS

    Axess is a Norweigan provider of Integrity Management & Engineering services for the energy industry.
    During the cooperation with M&O Partners, Axess has grown into a leading player with offices around the world.

    OUR OFFERINGS

    Turn-Key Management, Sales Develop-ment, Company Establishment, Administration, Structuring and Management for Hire

    OUR TEAM

    3 partners + 2 Project Managers from the Sales, Strategy and Operational teams were allocated part-time with key management roles, with support from the partner group partner and the back-office team.

     

    CHALLENGE


    Axess was a leading player in the Norwegian Oil & Gas Industry, providing Engineering & Integrity Management services. As of 2009, while Axess had 50% market share in Norway in their main service segments, the international market was largely untouched.

    OUR ROLE


    In close coordination with the Management, M&O was a driving force in establishing and developing Axess’ presence in key international markets.

    > Brazil: Turn-Key Management for Axess‘ local subsidiary in Brazil:
  • Managing Director
  • Sales
  • Operations
  • Administration

  • > Global:
  • Drive initial activities, and establishment of offices in the U.S. , Asia & Africa.
  • Lead global sales initiatives towards main clients.
  • Head acquisition of company in Africa
  • RESULTS


    M&O’s cooperation with Axess secured quick and profitable growth for Axess in Brazil, where break-even was achieved in less than two years, before handing management back to Axess own managers in early 2013.

    After Brazil was up and running, M&O successfully drove Axess market entries in other international markets, including North America, Asia and Africa. This included closing global, regional and local deals with key industry players, including:
  • Oil Companies
  • Drilling Contractors
  • FPSO Owners
  • Shipyards