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

People & Company News

KEP Marine Unveils KMGBL

KEP Marine – the manufacturer of type approved displays, computers and peripherals, announced  the release of the affordable, high-quality KMGBL Glass Bridge Light Displays.

New Load Measurement Solution for Port of Dampier

Strainstall designs and delivers a load measurement solution for the world’s largest floating wharf at Port of Dampier.   Strainstall, part of James Fisher and Sons plc,

Rolls-Royce Power Package for USS Zumwalt

Rolls-Royce announced delivery of the twin fixed pitch propellers to Bath Iron Works for installation on the U.S. Navy’s most modern surface combatant, the future USS Zumwalt,

Finance

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

Logistics

Egypt to Allow 24-hour Access to East Port Said with New Waterway

Egypt plans to allow smaller vessels in the Mediterranean direct access to East Port Said around the clock instead of just eight hours a day by building a side channel near the Suez Canal,

Offshore Wind Shift to Drive Vessel Services Cooperation

Evolving procurement processes for U.K. Round 3 offshore wind farms will require a greater number of work streams, personnel with new and differing skills, and

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Mergers & Acquisitions

Scorpio Tankers to Acquire Product Tanker

Scorpio Tankers Inc. announced today that it has entered into an agreement to purchase an MR product tanker. The Company reached an agreement with an unrelated

Navig8 Amessi joins the Delta8 Pool

Navig8 Chemicals is pleased to announce the delivery of Navig8 Amessi, the eleventh of eighteen ECO 37,000dwt chemical tankers constructed at Korea's Hyundai Mipo Dockyard ("HMD").

Continental Delivered to Dorian LPG

Dorian LPG Ltd. an owner and operator of modern Very Large Gas Carriers (VLGC), reported today that it took delivery of the ECO VLGC Continental from Hyundai Samho Heavy Industries.

Offshore Energy

BSEE Updates Hurricane Reporting Requirements

BSEE is providing updated guidance for the current and future hurricane seasons through a Notice to Lessees (NTL) released July 27, 2015. NTL 2015-G02 clarifies

Offshore Wind Shift to Drive Vessel Services Cooperation

Evolving procurement processes for U.K. Round 3 offshore wind farms will require a greater number of work streams, personnel with new and differing skills, and

Damen Delivers First Twin Axe FCS for O&G

Damen Maaskant Shipyards Stellendam have a decade-long relationship with the family-run Groen Offshore, Guard & Support, having built seismic research vessels and

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
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: 0.2478 sec (4 req/sec)