Wilhelmsen Maritime In FSN Private Equity Joint Venture

Posted by George Backwell
Thursday, May 08, 2014
File image

Wilhelmsen Maritime Services (WMS) says it has signed a letter of intent with the Nordic private equity fund FSN Capital to establish a joint venture within engineered solutions, equipment and services to the maritime and offshore markets currently trading under the business area Wilhelmsen Technical Solutions.

The new company, to be owned 50% each by Wilhelmsen Maritime Services (WMS) and FSN Capital, comprises the business within HVAC, insulation, electrical and automation including the brands Callenberg, TI Marine Contracting and newly acquired IES Ltd. The new company, to be established on book value, had an annual revenue of USD 203 million in 2013 and will employ some 1 000 people in 15 countries.

“To be able to expand our business within HVAC, insulation, electrical and automation to the next level, we have decided to establish a joint venture with FSN Capital,” explains Dag Schjerven, president and CEO of Wilhelmsen Maritime Services.

“Combining our excellence within engineered solutions, equipment and services towards the maritime and offshore markets with FSN Capital’s experience related to developing and globalising industrial enterprises, will enable us to continue to develop the business and take our share of the expected market potential. The new joint venture will provide a sound platform enabling the necessary flexibility, resources and competence to realise further growth.”

The ambition is to set up the new joint venture within the end of the second quarter.

“The new company will create a solid foundation to continue our customer focused strategy and a platform for capturing market opportunities when they arise.  Our aim and aspirations is to make a difference with our solutions and we are committed to shape the competitive landscape in the business where we operate says Petter Traaholt, who will head up the new joint venture to be headquartered in Gothenburg, Sweden.

The remaining solution area Safety, including fire suppression and prevention (Unitor, Maritime Protection and NOxCare brands), will continue to be owned 100% by Wilhelmsen Maritime Services.
 

 

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

People & Company News

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Contracts

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Wärtsilä Bags Seawater Desalination System Orders

The Meyer Werft Germany, Meyer Turku, STX France and Fincantieri shipyards have all placed orders with Wärtsilä for the supply of fresh water generators to a total of seven cruise ships.

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

Finance

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

Marine Equipment

Waterjet-propelled Crewboat Delivered to Petrobras

BS Camburi, a 36-meter Monohull Crewboat built in Brazil by Arpoador Engenharia to the Petrobras type P2 specification has been launched and delivered.   Designed by Incat Crowther,

Hoists Facilitate Offshore Crane Repairs

When the diesel engine of a deck crane failed, it caused major handling problems for an offshore platform operating in the Dutch sector of the southern North Sea,

Wärtsilä Bags Seawater Desalination System Orders

The Meyer Werft Germany, Meyer Turku, STX France and Fincantieri shipyards have all placed orders with Wärtsilä for the supply of fresh water generators to a total of seven cruise ships.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair
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: 0.1755 sec (6 req/sec)