NorSea Group acquires wind power company ØER

(1 October 2015) Through its wholly owned Danish subsidiary Danbor, NorSea Group has acquired the Danish wind power company Øer. The acquisition strengthens NorSea Group's expertise and capacity within the wind power market and the company can now deliver services along the entire value chain.

NorSea Group finds the wind power market in general and offshore wind especially to be a market experiencing strong growth. Going forward there will be a strong need for services, within both installation and maintenance. We want to be competitive within this market. Both NorSea Group and its owners (Wilh. Wilhemsen, Eidesvik and Møkster) have extensive expertise, infrastructure and equipment that we wish to utilise for the wind power market, especially offshore wind.

"Our goal is to be a partner that can deliver services across the entire value chain within both installation and operation of wind turbine farms. We will initially focus on the North Sea and the Baltic Sea but we envision being able to subsequently deliver to the global market," says Group CEO John Egil Stangeland of NorSea Group.

Extensive experience and high expertise

ØER was founded in 1963 and carries out business in Denmark, Germany, the UK and France. It has developed solid experience and expertise within all types of technical maintenance, repair work and installation of wind turbines. The company has 120 employees and has entered into contracts with the key players in the market. ØER has the capacity, expertise and network to ensure that NorSea Group gets off to a positive start as this emerging market continues to develop.

ØER will continue to operate as an independent company, wholly owned by NorSea Group's Danish subsidiary Danbor. Danbor is NorSea Group's Centre of Excellence within wind power and has extensive experience of logistics, service and inspection of wind turbines. With 120 new wind power specialists, the group is gaining incredible strength within this market.

"The acquisition of ØER has given us an extremely strong international platform for continued growth in the installation, operation and maintenance and service of the wind turbine industry," says Jørn Bue-Madsen, CEO of Danbor.

Equipped for the future

"We at ØER feel confident that we have found the right owners to ensure the company's continued growth and that we will be able to maintain quality, employee experience and high professional levels," says Rasmus Bøgelund, Managing Director of ØER.

For NorSea Group and its owners, the acquisition is part of the work to equip the group for the next 50 years. "Wind power is part of the future. We will now have another leg to stand on, creating synergies with our bases," the Group CEO says.

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For further information, please contact:

John Stangeland, CEO of NorSea Group – Mobile: +47 915 59 446

Jørn Bue Madsen, CEO of Danbor – Mobile: + 45 3050 3098

Rasmus Bøgelund, Managing Director of ØER – Mobile: +45 2182 6375

NorSea Group AS is a privately owned company founded in 1965. The company is a leading supplier of base services and integrated logistics solutions to the oil and gas industry in Norway. The company has interests in nine strategically located supply bases along the Norwegian coast and is the largest owner of base infrastructure in Norway. The company also has operations in Scotland, Denmark and the Netherlands and can offer the oil and gas industry a unique coverage of the North Sea basin. The group has an annual turnover of around NOK 3 billion and about 1,300 employees. NorSea Group AS is headquartered in Tananger outside Stavanger. The company's main shareholders are Wilh. Wilhelmsen Holding ASA, Eidesvik Eiendomsinvest and Simon Møkster Eiendom AS. For more information, see www.norseagroup.com

Danbor AS was founded in 1974 as a supply base for the oil and gas industry in the Danish sector of the North Sea. Since then, Danbor has acquired a strong position in the offshore energy and transport industry as a leading worldwide supplier of logistics and other services. With its head office in Esbjerg and offshore supply bases in Denmark, Scotland and Greenland, Danbor represents a wealth of expertise. Danbor has about 350 employees onshore and offshore. The company considers its employees to be its most important resource. Hence its motto: Our employees – our promise. For further information, visit www.danbor.com.

ØER AS was established in 1963 and our competent and experienced staff ensures that tasks are executed professionally and on time. With over 100 employees - including skilled machinists, electricians, blacksmiths, certificate welders, mechanics and fiber technicians, we cover a broad spectrum of competencies. We have many years of experience in installation and service of offshore as well as onshore wind turbines and is the preferred partner for several manufacturers of wind turbines. For more information, see: www.oerenergy.dk

Visiting address: Risavika Havnering 14, 4056 Tananger Phone: +47 40 00 43 21 Email: norseagroup@norseagroup.com

© NorSea Group AS 2017