Wärtsilä Acquires Vik-Sandvik

Thursday, July 03, 2008

Wärtsilä has acquired the global ship design group Vik-Sandvik, an independent group providing design and engineering services to ship owners and the ship building industry worldwide. The value of the acquisition is $209.5m, with an additional maximum sum of $60m to be paid based on the performance of the business over the next three years. In 2007, Vik-Sandvik's turnover was $87m and the profitability is on a very good level. The number of employees is 410.  The role of ship design is becoming more and more important due to higher performance requirements, more sophisticated systems, and increased integration onboard most vessels. Also, the environmental and emission regulations regarding NOx and CO2 are becoming increasingly stringent. Through this acquisition, Wärtsilä can offer competitive solutions that will lead to better total efficiency, improved environmental performance, and reduced life cycle costs for its customers.  Vik-Sandvik will be integrated into Wärtsilä Ship Design within Ship Power. All personnel - including the management - will continue as Wärtsilä employees.  The acquisition is subject to relevant regulatory approvals, which are expected during the third quarter of 2008.  Vik-Sandvik specializes in the design of high-end offshore vessels, as well as product and chemical tankers and more specialized vessels. It has for decades been recognised in the offshore market for its innovative designs and has achieved a strong global market position. As a part of Wärtsilä, the company has great potential for strong global growth and expansion into new market segments.  Currently, Wärtsilä's ship design operations are carried out at its German company, Wärtsilä Ship Design , and future ship design services will be combined within Wärtsilä Ship Design.  Arne Birkeland, 42, will be the head of the Ship Design unit. Birkeland joined Wärtsilä in 2006, and currently holds several other positions within the company. Birkeland is the President of Wärtsilä Norway AS, a Vice President of Wärtsilä Ship Power Technology, and a member of the Ship Power Management team.

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3585 sec (3 req/sec)