BW Ventures to Acquire OceanSaver
BW Ventures and Investinor AS have made an agreement to acquire OceanSaver, a ballast water management (BWM) system provider. This move strengthens OceanSaver’s expansion strategy and roll out of its current $67m BWM order book.
The sale will be finalized following approval by the Norwegian competition authorities and the completion of some due diligence issues with the new owners.
OceanSaver had major contracts for 22 BWM systems for tanker vessels in 2010. These contracts came in addition to ten BWM systems previously committed by Höegh Fleet Services. The company has been developing its BWM systems since 2003 and winning significant contracts following its full Type Approval Certification by the world’s leading classification company, DNV, in April 2009.