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>

<< Feb 2016 >>
MTWTFSS
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 1 2 3 4 5 6

PUMPS & VALVES 2016

The 16th edition of PUMPS & VALVES in co-location with Maintenance, 20 and 21 April 2016 in Antwerp expo, will present a complete overview of all the technologies and innovations in the field of industrial pumps, valves and seals.

The exhibition will feature industrial pumps, control valves, valves, seals, filters and filtration, processing equipment, piping & pipelines, services for industry, governmental agencies & pipeline operators.

Pumps and Valves’ second duo edition, co-located with Maintenance, enjoyed a solid 8% increase in visitors with a total of 5.492 visitors.

read more >

FPSO Europe Congress

Why Attend the 2nd Annual FPSO Europe Congress?
Discover how FPSO leaders are embracing the new realities of a low oil price environment – what are the strategies to adopt in pursuit of viable economical FPSO projects?…

read more >

Port & Terminal Technology Conference & Exhibition 2016

MCI Media Limited are hosting the 8th International Port & Terminal Technology Conference & Exhibition in Charleston, SC.

This year, we are delighted to welcome South Carolina Ports Authority as official supporters.

Having established itself as a “must-attend” key industry event, Port & Terminal Technology will deliver an informative and technical conference programme complemented by an impressive line-up of industry experts.

Exploring the latest developments, issues, trends and technology affecting ports and terminals around the globe, the conference will provide delegates an invaluable learning opportunity as well as an excellent platform for discussion, debate and networking.

Port & Terminal Technology is specially designed for representatives from operations, maintenance and engineering from port authorities, terminal operators, consultancy firms, dredging contractors, maritime construction firms and suppliers of cargo handling equipment and those involved in the effective development and operation of container ports and terminals.

The conference is complemented by an intimate exhibition, comprising a select handful of elite market leaders, enabling companies to reach a niche target audience, showcase their products and network with potential, new and existing clients.

read more >

World Water Works 2016

Rising sea levels, ever-larger container ships, increased pressure on the accessibility of ports and waterways and the associated infrastructural requirements are all global problems.

The time is ripe for sustainable solutions which are both financially feasible and ecologically responsible.

Conference and exhibition

The two-day international hydraulic engineering conference and exhibition World Water Works on 23 and 24 March 2016 at Antwerp Expo brings together science, industry practices and trends related to:

– Hydraulic engineering
– Accessibility of ports and waterways
– Coastline and shoreline projects
– The construction of bridges, locks and tunnels
– Future offshore sea ports

read more >