Havyard to Go Public on Oslo Stock Exchange

Havila Holding AS is planning to introduce the maritime technology group Havyard Group on the Oslo Stock Exchange.

Fosnavåg-based Havyard Group has in recent years succeeded in developing the company from a traditional shipbuilder to a leading international supplier of maritime technology.

CEO of Havila Holding AS, the maritime pioneer Per Sævik, said that the move will improve the premises for further internationalisation and growth for Havyard Group. The company has in recent years signed contracts with shipping companies from India, Nigeria, Denmark, Iceland, Faroe Islands and Norway.

The move to go public will be combined with a share issue, raising new capital to enable further international growth for Havyard Group through increased control of the value chain. Havila Holding AS will, in connection with the introduction on the stock exchange, reduce their ownership but still hold a significant share of Havyard Group.

Per Sævik added that a reduction of ownership and the move to go public does not constitute a loss of faith in Havyard Group, quite the opposite:

”Our family has broad interests in the offshore supply industry. In light of this, and because we see that we need to optimise the conditions for continued growth for Havyard Group, both on technology and ship equipment, we choose to reduce our ownership. Havyard has a significant potential for growth, but the further development of the company requires more than we as a family company have the possibility to contribute.”

Havyard Group has had profits of more than NOK 700 million over the past five years. Since 2000, when the Sævik family took over the shipbuilding company from Kværner, the turnover of the company has increased from about NOK 500 million to over NOK 2 billion. The 2013 accounts will be published in a few days.

CEO of Havyard Group, Geir Johan Bakke, commented: ”It is a natural development. We have seen fantastic growth under the ownership of the family company Havila and with Havila Shipping as a major client. Now, we will open up for a diverse ownership and increase our appeal to a variety of Norwegian and international shipping companies.”

 

Press Release, February 20, 2014

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Posted on February 20, 2014

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