LNG carrier and terminal development services company Wavespec is subject of management buy-out

Wednesday, 07 April 2021
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Wavespec, the last technical entity within Braemar Shipping Services Plc of the UK and with the construction oversight of more than 100 LNG carriers in Asian shipyards including the large Qatari vessels, has been taken over in a management buy-out.

Wavespec has been a leading international provider of technical engineering services since 1993 for LNG ships and facilities, gas processing, renewables and the marine industry and has current operations in the United States, the UK, the Netherlands and Singapore under a new name Wavespec Holding BV.

The new management of Wavespec is led by Sheila McClain, Managing Partner, Constantyn Gieskes, Partner for LNG and Renewables and Andy Bright, Partner for Marine Shipping Projects.

“We are delighted to announce this change in ownership, which is in line with our strategy of growing a more diverse technical consulting business,” said McClain.

“Going private with more access to the funds we need to expand the business will allow us to sustain current operations and grow with the demands of our clients’ changing needs,” she explained.

“It represents the next chapter for our brand, while we maintain the existing services that we’ve provided our clientele for the past 28 years,” McClain stated.

Wavespec has provided consultancy services to a majority of the US LNG import and export facilities.

It had additionally served as Owner’s Engineer for several projects through the Federal Energy Regulatory Commission and United States Maritime Administration permitting processes.

Wavespec’s previous owner, Braemar Shipping, elected in 2018 to exit its technical services businesses to focus more on its core shipbroking and related activities.

At that time, Braemar made the decision to carve out and maintain Wavespec from its Braemar Technical Services Group (BTS).

The BTS sale was completed in the summer of 2019, which then shifted Braemar’s focus on finding the right home for Wavespec.

Prior to the reorganisation to include Wavespec in the BTS Group, Wavespec primarily functioned independently for much of its 24 years under the Braemar umbrella.

This new change of ownership is part of a strategic plan to allow Wavespec the structure it needs to prosper and grow.

The re-born Wavespec Holding BV is backed by Cosmos SICAV Plc, an investment fund managed by Abalone Asset Management.

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