Bergen Group Sells Two Shipbuilding Projects to Kleven (Norway)

Bergen Group Sells Two Shipbuilding Projects to Kleven

Bergen Group said in a release today that it has decided to accelerate the process of reducing the Group’s future involvement in the shipbuilding business in favor of a more dedicated focus on offshore related activities.

As a part of this process, Bergen Group has entered into an agreement of selling two of the remaining shipbuilding projects to the shipyard group Kleven located in Sunnmøre, Norway.

The sale will release approximately NOK 80-90 million in already invested working capital in these two projects. At the same time, the need for additional working capital contribution from Bergen Group’s hand in these projects has been eliminated.

The sale from Bergen Group to Kleven comprises contracts on construction of two offshore construction vessels (OCV) of the ST 259 CD-design. The contracts were signed between Bergen Group Fosen and Volstad Maritime AS in the first half of 2012.

Both hulls are currently under construction at Daewoo shipyard in Romania, and will arrive in Norway in Q2 and Q4 2014 respectively for outfitting and completion.

CEO Asle Solheim points out that the sale of these two projects to Kleven has no implications on the ongoing establishment of NorYards AS, where the international company Calexco S.a.r.l will become the main shareholder.

“The transaction with Calexco is expected to be completed by the end of the 1st quarter this year as previously announced. The new company NorYards AS is already well underway to build a highly competent management team that is ready to continue with Bergen Group Fosen and Bergen Group BMV under the new name and with a new majority shareholder”, says Solheim.

NorYards AS will, when the transaction is closed, enter into a service agreement with Bergen Group about taking over the commissioning of the two ongoing outfitting projects to be completed during the spring and summer of 2014.

These two projects are an anchor handling vessel at Fosen and an offshore construction vessel at BMV. The contract responsibility for the two projects now being sold to Kleven will be transferred to Kleven as a part of the sale.

Bergen Group will remain with a limited guarantee commitment until these vessels are delivered in the first half of 2015.

“These two projects have not been optimal contracts for the Group in terms of funding requirements and the need for temporary working capital. This has put constraints on our flexibility in future initiatives towards offshore – related activities. Now we have released a significant proportion of equity in these projects. This gives us an improved latitude which can be used to reinforce the various processes related to our strategy of growth within the maritime and offshore service – related business“, says Solheim.

Bergen Group, March 7, 2014

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2015 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Marintec South America

Marintec – South American Maritime Exhibition for Shipbuilding, Platform and Maintenance

As part of the UBM/Seatrade portfolio, Marintec South America is a trade-show for anyone who wants to stay ahead in the maritime market.

Why visit?

  • Be inspired by thousands of products and services on show
  • Find out what´s new in the market by chatting to suppliers and peers
  • Come away with genuine solutions, exciting ideas, and a fresh outlook
  • Pick up new ideas from the experts of industry through our seminar sessions and technical presentation

Why Exhibit in Rio de Janeiro/ Brazil?

  • Rio de Janeiro is the headquarter of Petrobras and its mains shipyards / ship owners
  • Rio de Janeiro is an international reference center for training of professionals for the offshore oil and gas industry
  • Brazil produces over 2 million barrels of oil per day and the offshore production will double this by 2020
  • The Brazilian shipbuilding industry has been grown 19,5% per year since 2000
  • Investments in the industry should exceed BRL 200 billion before 2020
  • The oil and gas industry reached about 12% of the total Brazilian GDP and may reach 20% by 2020
  • The offshore exploration will move R$ 3.7 trillion over the next 30 years and will generate 87 million jobs
  • Petrobras’ total pre-salt needs estimate: 97 platforms, 510 support vessels and 140 oil tankers

Read more about the conference here.

read more >

3rd Annual LNG Bunkering 2015 Conference

IBC’s ‘LNG Bunkering Summit’ returns for the 3rd time, with a view to profile latest developments and opportunities in key trade routes globally, and particularly in Singapore.

Join your industry partners as they crack the ‘chicken and egg’ dilemma while focusing on first-mover benefits, infrastructure, supply and pricing that makes switching to LNG a viable option.

The 3rd LNG Bunkering Summit is part of a suite of events in The Bunkering Week, which incorporates 3 co located conferences and will attract over 200 top decision makers. LNG Suppliers, Traders, Ship Owners and builders will convene to address commercial, regulatory, supply-demand, price and global market issues.

More info

Contact Details:
Email: register@ibcasia.com.sg
Telephone: +65 6508 2401
Fax: +65 6508 2407
Mail: IBC Asia (S) PTE LTD, 111 Somerset Road, TripleOne Somerset #10-06 Singapore 238164

read more >

7th Bunkering in Asia 2015 Conference

If Quality and Compliance challenges were not enough, oil prices have provided a further twist to industry dynamics. Further, recent developments have yet again resulted in a review of credit and counter party risk management within the value chain.

What then should the industry response be? How can we look ahead and determine strategies that have a positive impact on our business? If tapping successfully into new market segments was high priority, assessing watertight alternatives to protect your business is of equal importance.

Part of The Bunkering Week, the 7th Bunkering in Asia is back in Singapore to provide networking, expert viewpoints, and commercial opinions that matter.

More info

Contact Details:
Email: register@ibcasia.com.sg
Telephone: +65 6508 2401
Fax: +65 6508 2407
Mail: IBC Asia (S) PTE LTD, 111 Somerset Road, TripleOne Somerset #10-06 Singapore 238164

read more >

Scrubber Summit Conference 2015

When reviewing the Exhaust Gas Cleaning System investment, vessel route, the amount of time spent in an ECA region and long term HFO – MGO differentials are just some of the issues ship owners’ are grappling with.

The drop in oil prices though has shifted the market economics of investments in Exhaust Gas Cleaning Systems. Long touted as a viable option for complying with low sulphur regulations, the industry is now actively evaluating HFO – Scrubber economics, and taking decisions to embraced scrubber technology.

The Scrubber Summit is your platform to raise questions and get commercial and technical solutions from technology experts and ship owners. It is part of a suite of events in The Bunkering Week, which incorporates 3 co located conferences and will attract over 200 top decision makers.

More info

Contact Details:
Email: register@ibcasia.com.sg
Telephone: +65 6508 2401
Fax: +65 6508 2407
Mail: IBC Asia (S) PTE LTD, 111 Somerset Road, TripleOne Somerset #10-06 Singapore 238164

read more >