The Palfinger Group, the Austria-based maker of crane and deck equipment, completed its 100% acquisition of lifesaving equipment and service provider Herkules Harding AS, a transaction that expands the Palfinger Marine GmbH division with new products and a global service network, the company reported.

Norway-based Harding is a leading supplier of lifeboats, with about 800 employees and a service network across 16 countries. Roughly half of its annual revenue, last reported as 130 million euros ($143 million) is generated by lifecycle services.

The deal is the biggest acquisition in Palfinger’s history and is anticipated to double revenue from its marine business to 300 million euros ($330 million). Bringing on Harding’s established service business will also reduce Palfinger Marine’s dependence on oil prices and the lessening  of new offshore investments due to the market glut.

“Together with Harding, Palfinger Marine will be able to offer its customers one-stop-shop solutions with premium-quality packages of products and services,” the company said in a June 30 announcement.

Contributing Editor Kirk Moore was a reporter for the Asbury Park Press for over 30 years before joining WorkBoat in 2015. He wrote several award-winning stories on marine, environmental, coastal and military issues that helped drive federal and state government policy changes. He has also been an editor for WorkBoat’s sister publication, National Fisherman, for over 25 years. Moore was awarded the Online News Association 2011 Knight Award for Public Service for the “Barnegat Bay Under Stress,” 2010 series that led to the New Jersey state government’s restoration plan. He lives in West Creek, N.J.