From next Tuesday, Norway’s Wilhelmsen will take control of compatriot offshore supply base specialist NorSea Group, increasing its shareholding from 40% to 72%.
Eidesvik Eiendomsinvest and Simon Møkster Eiendom will hold approximately 12% each, while management in NorSea Group controls the remaining 4%. Following the transaction, Wilhelmsen will buy a small portion of management controlled shares.
“We wish to have an exposure towards the energy market, primarily oil and gas, but also the offshore wind industry,” said Thomas Wilhelmsen, group CEO of Wilhelmsen. “With an increased shareholding, we look forward to continue to develop NorSea Group and be an active player in the oil and gas industry.”
Total consideration for Wilhelmsen’s additional 32% investment in NorSea Group is NOK545m ($70m). The investment is financed through existing liquidity and funding reserves.
Wilhelmsen originally acquired 35.4% of the shares in NorSea Group in July 2012, and increased to 40% ownership in April 2014.
With effect from the fourth quarter 2017, NorSea Group will be reported as a subsidiary in the Wilhelmsen group accounts.
As part of the transaction, Nils Dyvik will step down as chair and leave the helm to Jan Eyvin Wang.
NorSea operates nine supply bases along the coast of Norway, as well as supply bases in Denmark and the UK. It made a net profit of $46m last year.
