WWH Increases Stake in NorSea Group

Thursday, April 03, 2014
Image courtesy of NSG/WWH

Wilh. Wilhelmsen Holding Invest AS (WWHI), a fully owned subsidiary of Wilh. Wilhelmsen Holding ASA (WWH), informs it hs raised its shareholding in NorSea Group AS (NSG) from 35.4% to 40%. The share increase follows a share issue in the company whereby NSG buys Danbor AS from A.P. Møller Mærsk AS.

“Increasing our shareholding in NSG is a natural part of our strategic ambition to broaden our exposure in the energy, offshore and maritime industry, supplementing activities Wilh. Wilhelmsen ASA and Wilhelmsen Maritimes Services,” says Nils P Dyvik, group CFO in WWH.

To fund the share increase, WWHI’s total investment is estimated to approximately NOK 113 million, including equity investment,  shareholder loan and transaction cost. The acquisition will be finance by equity.

The shareholder structure in NSG will, in addition to WWHI, include Eidesvik Eiendomsinvest AS (28%), Simon Møkster Eiendom AS (28%)  and NSG management (4%). Completion of the transaction is expected to take place end of April.

Following the share issue, NSG buys Danborg from A.P. Møller Maersk. Danborg is a one-stop shop for companies operating in the oil and gas sector, and includes supply base services, oil and gas related logistics, offshore maintenance, safety services and most recently also logistics and maintenance services for the wind power industry.

“Danbor is the largest service provider of oil and gas logistics in the Danish part of the North Sea with an estimated market share of 80%. The acquisition will therefore ensure that NSG will be able to cater customers in the whole North Sea Bassin. Through the acquisition, NSG will improve its offering to UK and Scotland based customers and not least be part of new explorations related to offshore opportunities at Greenland,” says Dyvik.

“As owners, we are particularly delighted to see NSG make a huge step towards improving its international foothold. In addition, through acquiring Danbor, NSG and subsequently the Wilhelmsen group will get an exposure towards wind energy. 
Danbor’s offshore wind knowledge includes experience from logistics operations as well as service and maintenance of offshore wind installations. This is a very interesting sector, with increasing demand for renewable energy,” says Dyvik.



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