WWH Increases Stake in NorSea Group

MarineLink.com
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.
 

 

 

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

People & Company News

Tauber Oil Opens West Calcasieu Port Operations

Tauber Oil Company of Houston has become the West Calcasieu Port’s newest tenant.    “Tauber Oil is a service-oriented wholesale energy marketing company with

NewLead Expands Fleet to 10 Vessels

NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its

SKF Expands Electric Motor Repair Network

Electric motors are among the highest in reliability incident reports, said SKF Canada, noting that for many companies, electric motor failures lead to a continual

Finance

NewLead Expands Fleet to 10 Vessels

NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its

Tanker with Kurdish Crude Leaving U.S. After 6-month Dispute

After being stuck in legal limbo for six months, a tanker loaded with 1 million barrels of Kurdish crude headed east on Tuesday to leave U.S. waters after Baghdad

Hellman & Friedman Sells Out of GTT

Gaztransport & Technigaz S.A. (GTT) announces that H&F Luxembourg 1 S.à.r.l., an affiliate of Hellman & Friedman, has completed the sale of its remaining holding

Logistics

CakeBoxx, Globe Tracker Partner for Asset Tracking

Globe Tracker International, a company in global autonomous asset tracking, monitoring, remote management and data sharing services, and CakeBoxx Technologies,

Northeast Winter Storm Disrupts Shipping

Winter Storm Juno, which has brought snow and gale force winds to the North East Coast of the United States, is causing severe disruption to shipping across the entire coastline.

Carnival, China Merchants Sign MOU

MOU will explore both Port & Destination Development and Ship-Owning joint ventures with the goal of potentially launching China’s first world-class domestic cruise brand.

Mergers & Acquisitions

Carnival, China Merchants Sign MOU

MOU will explore both Port & Destination Development and Ship-Owning joint ventures with the goal of potentially launching China’s first world-class domestic cruise brand.

Sino-Global to Acquire Tanker

Sino-Global Shipping America, Ltd. a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding (the "MOU"),

Coldharbour Marine's New UK Office

Coldharbour Marine, long recognised for the design, manufacture and supply of inert gas and fluid handling equipment vessels (FPSOs) has moved into a new 25k sq.

Offshore Energy

US Proposes Allowing Oil, Gas Drilling off Atlantic Coast

The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of U.S. waters off the Atlantic Coast.   The

NOIA: Draft Offshore Lease Program Both Hits and Misses

National Ocean Industries Association (NOIA) President Randall Luthi issued a statement on the 2017-2022 Draft Proposed OCS Oil and Gas Leasing Program, stating the U.

World's Largest Ship Sparks Outrage

Jewish groups in the Netherlands and Britain have reacted with rage and despair at the arrival in Rotterdam of the world's biggest ship, the Pieter Schelte, named

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1548 sec (6 req/sec)