State-owned enterprise Meteorological Service of New Zealand Ltd (MetService) has today completed full acquisition of its science partner, leading New Zealand oceanographic company MetOcean Solutions Ltd (MetOcean).
The acquisition is the result of more than four years of collaboration and planning, MetService having taken a 49% stake in MetOcean Solutions in 2013. Since that time, a strong and successful commercial partnership has developed between the two organisations and delivered significant revenue and export growth opportunities through the MetraWeather brand.
MetService and MetraWeather chief executive Peter Lennox says, “Securing the remaining shares in MetOcean Solutions unlocks the potential to positively impact our provision of weather safety services to New Zealand and the South Pacific, as well as building on commercial opportunities. MetOcean Solutions’ oceanographic expertise together with that of our marine, severe weather and tropical forecasting teams provides New Zealand with marine forecasting and response capability that’s second-to-none.”
MetOcean Solutions managing director Peter McComb adds, “New Zealand is custodian of a marine estate covering 5.7 million square kilometres of ocean and that comes with a broad responsibility. MetOcean Solutions' science team has been building capability to meet that need for the last 10 years. As part of the MetService Group, we’re able to bring the benefits of improved forecasting of waves, coastal currents, ocean temperature, storm surge and hazardous situations to a wider range of customers – and to the public of New Zealand, which is particularly exciting.”
Just last month, MetOcean Solutions won research funding in MBIE’s 2017 Endeavour Fund round for a project applying innovative machine learning technology to weather forecasting, in collaboration with MetService and Auckland University of Technology. Earlier this year the company also won awards for its ground-breaking SurfZoneView software tool, which helps New Zealand’s defence force safely plan nearshore operations such as landing vessels, personnel or supplies.
Lennox adds, “We’re looking forward to strengthening our relationship further and integrating in key areas of marine development. We’ve already proven that working together can benefit both organisations. With MetOcean Solutions now a more integral part of our business, we’re looking forward to delivering exciting outcomes from even closer collaboration.”