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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Diana Shipping Announces $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc.

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

Denmark Arrests Former OW Bunker Manager

Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday.

Finance

Diana Shipping Announces $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc.

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

NSRP Awards $11m for R&D Project Portfolio

The Executive Control Board of the National Shipbuilding Research Program (NSRP) has selected a new round of research and development projects for award, as part

Logistics

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

Young Endeavour Sets Sail on World Voyage

The Royal Australian Navy operated Sail Training Ship Young Endeavour set sail from Sydney today for a 12-month voyage, circumnavigating the globe. Parliamentary

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Mergers & Acquisitions

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Teekay Tankers to Acquire 5 Tankers

Teekay Tankers Ltd. announced that it will acquire four coated Aframax tankers and one uncoated Aframax tanker for an aggregate purchase price of approximately $230 million.

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

Offshore Energy

Teekay Petrojarl Contracts Damen for FPSO Upgrade

Damen Shiprepair Rotterdam (DSR), part of Damen Shiprepair & Conversion (DSC), has been awarded an EPC contract by Petrojarl I LLC for the upgrade of its FPSO Petrojarl I.

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators
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: 0.1915 sec (5 req/sec)