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Wilhelmsen to become majority shareholder in NorSea

Thu 21 Sep 2017 by David Foxwell

Wilhelmsen to become majority shareholder in NorSea
Following approval from the Norwegian competition authorities, Wilhemsen is upping its stake in NorSea

Wilhelmsen will increase its shareholding in offshore supply base and logistics specialist NorSea Group from 40% to approximately 72% from 26 September 2017.

Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS will hold approximately 12% each, with the management at NorSea controlling the remaining 4% once the change has been effected. Wilhelmsen will buy a small portion of management controlled shares following the transaction.

The increased shareholding was agreed by the Norwegian Competition Authorities on 20 September 2017.

“We would like to have exposure in the energy market, primarily oil and gas, but also the offshore wind industry,” said Wilhelmsen group chief executive, Thomas Wilhelmsen.

“With an increased shareholding, we look forward to continuing to develop NorSea Group and be an active player in the oil and gas industry.”

The total consideration for the Wilhelmsen’s additional investment in NorSea Group is Nkr545M (US$70M).

Well known in the offshore oil and gas industry as a provider of supply bases and logistics solutions, NorSea Group has been expanding into renewable energy. August 2016 saw NorSea Group establish a new offshore wind company in Denmark, NSG Wind A/S. The company can deliver a full range of services to the offshore wind industry and has already won contracts in several countries, including Denmark, Germany, the UK and Taiwan.

The new company, itself part of Danbor, which NorSea Group acquired from Maersk in 2014, will ensure the group can develop and provide services for offshore wind customers – among them operators, wind turbine manufacturers and other companies in the offshore wind supply chain.

NorSea also secured a contract to use its Stordbase facility to support the Hywind Scotland floating offshore wind project.

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