Wilhelmsen Becomes Majority Shareholder in NorSea Group

Image Courtesy: Wilhelmsen

Maritime industry group Wilhelmsen has increased its shareholding in NorSea Group from 40% to around 72%, thus becoming the majority shareowner.

As informed, the increased shareholding was approved by the Norwegian Competition Authority on September 20, 2017, and the transaction will take place on September 26.

“We wish to have an exposure towards the energy market, primarily oil and gas, but also the offshore wind industry. With an increased shareholding, we look forward to continue to develop NorSea Group and be an active player in the oil and gas industry,” Thomas Wilhelmsen, group CEO of Wilhelmsen, commented.

Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS will hold approximately 12% each, while management in NorSea Group controls the remaining 4%. Following the transaction, Wilhelmsen will buy a small portion of management controlled shares.

Total consideration for the Wilhelmsen’s additional 32% investment in NorSea Group is NOK 545 million (USD 70 million). The investment is financed through existing liquidity and funding reserves, Wilhelmsen said.

The company originally acquired 35.4% of the shares in NorSea Group in July 2012 and increased to 40% ownership in April 2014.

With effect from the fourth quarter 2017, NorSea Group will be reported as a subsidiary in the Wilhelmsen group accounts.

As part of the transaction, Nils P Dyvik will step down as chair and leave the helm to Jan Eyvin Wang.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
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 30 31 1 2 3 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >