Mammoet Receives Approval to Sell Russian Business Following 2022 Exit
- Meagan Wood
- Mar 23, 2023
- 3 min read
Updated: Jan 2
30 Second Takeaway
Following its decision to halt operations in Russia after the 2022 invasion of Ukraine, Mammoet has received approval to sell its Russian subsidiary. The transaction will see Ashburn Offshore Engineering (Tianjin) Co., Ltd. acquire 100% of Mammoet Rus LLC, marking a significant restructuring step for the global heavy lift and transport specialist.
Exit from the Russian Market
In 2022, Mammoet suspended all trading activities in Russia in response to the geopolitical situation following the invasion of Ukraine. The move aligned with broader international sanctions and corporate risk assessments undertaken across the heavy industry and energy sectors.
Since that time, Mammoet’s owner, SHV Holdings, has reviewed its long-term commercial position in the region and made the strategic decision to divest the Russian business.
Sale Approval and New Ownership
In February, Mammoet secured formal approval from the Russian president to proceed with the sale of its Russian operations.
Under the agreement:
Ashburn Offshore Engineering (Tianjin) Co., Ltd. will acquire
100% ownership of Mammoet Rus LLC
The seller entities are Mammoet Europe Holding B.V. and Mammoet Holding B.V.
The approval clears the final regulatory hurdle required to complete the transaction.
Industry Implications
Mammoet has long been regarded as one of the world’s leading heavy lifting and engineered transport companies, with a strong reputation built on:
Deep engineering expertise
Highly experienced personnel
Complex project execution across energy, infrastructure and industrial sectors
The transition of ownership of Mammoet’s former Russian operations represents a notable change in the regional heavy lift landscape, particularly within the oil and gas and industrial construction sectors.
How the business evolves under new ownership will be closely watched by industry observers, especially given the technical demands and safety-critical nature of large-scale lifting and transport projects.
A Period of Change for Mammoet
The divestment of Mammoet Rus LLC forms part of a wider period of change for the company following its withdrawal from Russia. While Mammoet continues to operate globally across Europe, the Middle East, Asia-Pacific and the Americas, the sale reflects a reshaping of its geographic footprint in response to geopolitical and commercial realities.
About Mammoet
Mammoet is a global leader in engineered heavy lifting and transport, delivering complex solutions for the energy, infrastructure and industrial sectors. With more than two centuries of engineering heritage, the company is known for its technical expertise, safety culture and ability to execute some of the world’s most challenging lifting projects.
Visit website: https://www.mammoet.com
About SHV Holdings
SHV Holdings is a privately owned Dutch family company with investments across energy, industrial services, retail and logistics. SHV has owned Mammoet since 2008 and oversees a portfolio of international businesses.
Visit website: https://www.shv.nl
Frequently Asked Questions
Why did Mammoet stop operating in Russia?
Mammoet halted trading in Russia in 2022 following the invasion of Ukraine, in line with international sanctions, compliance requirements and corporate risk assessments.
Who owned Mammoet at the time of the decision?
Mammoet is owned by SHV Holdings, a privately owned Dutch family company, which made the strategic decision to divest the Russian business.
What business is being sold?
The sale involves 100% of Mammoet Rus LLC, Mammoet’s Russian subsidiary.
Who is acquiring Mammoet Rus LLC?
The buyer is Ashburn Offshore Engineering (Tianjin) Co., Ltd., which has received approval to acquire the business.
Why was presidential approval required?
Foreign divestments in Russia require state-level approval, including sign-off from the Russian president, due to regulations governing strategic assets and foreign ownership.
Does this affect Mammoet’s global operations?
No. Mammoet continues to operate globally across Europe, the Middle East, Asia-Pacific and the Americas. The transaction relates only to its former Russian operations.
When was approval granted?
Approval for the sale was secured in February, clearing the final regulatory hurdle for the transaction.
What sectors did Mammoet Rus serve?
Mammoet Rus primarily supported oil and gas, industrial and heavy infrastructure projects within Russia.
Will Mammoet continue to support Russian projects?
No. Mammoet exited the Russian market in 2022 and will no longer have operational involvement following the sale.
