Wilhelmsen acquires majority stake in NorSea Group
Wilhelmsen has acquired a 32% stake in Norwegian service provider NorSea Group for Nkr545m ($70m), increasing its working interest to around 72% from the existing 40%.
The deal has been approved by the Norwegian Competition Authorities.
Wilhelmsen group CEO Thomas Wilhelmsen said: "We wish to have an exposure towards the energy market, primarily oil and gas, but also the offshore wind industry.
"With an increased shareholding, we look forward to continue to develop NorSea Group and be an active player in the oil and gas industry."
In July 2012, the company acquired 35.4% of the shares in NorSea Group and improved its ownership to 40% in April 2014.
After the deal, Eidesvik Eiendomsinvest and Simon Møkster Eiendom will own 12% interest each in the NorSea Group, while the remaining 4% stake will be with the management in NorSea Group.
Wilhelmsen's equity investment in NorSea Group had a book value of $93m at the end of the second quarter this year.
In addition, the company has $18m as shareholder loans to NorSea Group.
From the last quarter of this year, NorSea Group will operate as a subsidiary of Wilhelmsen group.
NorSea Group CEO John Stangeland said: “With our core competence and Wilhelmsen’s global network and 156 years of experience and expertise, we see interesting opportunities ahead to the benefit of customers, suppliers and those of us who make up NorSea Group.”
Established in 1965, the company provides supply bases and integrated logistics solutions to the offshore industry.
Image: NorSea Group new chair Jan Eyvin Wang, NorSea Group CEO John Stangeland, Wilhelmsen group CEO Thomas Wilhelmsen. Photo: © NorSea Group AS.