PzL is a company with a long history. The original parent company of PzL was AS Linjebygg which was founded in 1933 in Molde. AS Linjebygg was in the business of erecting electric power transmission lines, and has completed many large projects both domestically and abroad. The company established an offshore activity in 1990. On January 1, 2000, the offshore activity was split off, and a separate entity named Linjebygg Offshore AS (LBO) was formed.
PZL's original parent company, AS Linjebygg, later became part of Eltel Networks Ltd. In November, 2003, the shares of LBO were acquired by the company Istad AS of Molde, Norway.
In January 2014, Istad AS sold all their shares in LBO to the French-owned Montecin, which through its ownership of the ISS company Prezioso-Technilor have had great success with their business in international markets. Montecin also benefits from a strong financial base through its main shareholder Cinven, one of Europe's largest private equity (PE) funds.
The old parent company, AS Linjebygg's expertise in constructing tall power transmission lines, was a key know-how that was transferred to LBO, articularly the techniques and specially trained personnel familiar with working at great heights. This know-how has been further developed and specialized by LBO for offshore applications, and is still today an important part of our experience base, which in turn drives our ability to generate solutions to complicated tasks to be performed in areas with restricted and difficult access.
As a result of a successful and rapidly growing activity in the offshore oil and gas industry, PzL has developed a broad line of services within the maintenance, modification and inspection area, and is engaged in projects on a large number of installations on the Norwegian Continental Shelf.