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.