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

People & Company News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Contracts

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

Finance

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Marine Equipment

COSCO Delivers Bulker

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

ABB's 25th Year in Dubai

ABB Turbocharging is celebrating its 25th anniversary in UAE. Established in 1989 in Dubai, ABB has grown to become a fully-fledged service station capable

Navy to Commission Submarine North Dakota

The Navy will commission its newest attack submarine North Dakota, during a ceremony Saturday, Oct. 25, 2014, at Submarine Base New London in Groton, Connecticut.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1877 sec (5 req/sec)