Wilh. Wilhelmsen Holding ASA acquires stake in NorSea Group AS

(Lysaker/Stavanger 18 June 2012) Wilh. Wilhelmsen Holding Invest AS (WWHI), a fully owned subsidiary of Wilh. Wilhelmsen Holding ASA (WWH), has signed an agreement to acquire 35.4% of the shares in NorSea Group AS (NSG), the leading supplier of base services and integrated logistics systems to the Norwegian oil and gas industry.

 

Through its fully and partly owned entities NSG operates ten strategically located supply bases along the coast of Norway, including NorSea (Stavanger/Sola), Stordbase (Stord), Coast Center Base (Bergen), Vestbase (Kristiansund), Helgelandsbase (Sandnessjøen) and Polarbase (Hammerfest).

 

"The investment follows our previously announced strategy aiming at exploring new opportunities within the energy-, offshore- and maritime industry, supplementing the activities of Wilh. Wilhelmsen ASA and Wilhelmsen Maritimes Services AS (WMS)," says Thomas Wilhelmsen, group CEO in WWH.

 

IMG 0612

From left: Kolbein Rege, CEO Eidesvik Invest AS, Anne Jorunn Møkster, CEO
Simon Møkster Eiendom AS and Thomas Wilhelmsen, group CEO Wilh. Wilhelmsen
Holding ASA

 

While the investment is made on a standalone basis, there is future synergy potential between NSG and WMS related to products and services towards the offshore fleet.

 

"NSG’s prime focus is presently the Norwegian offshore sector. While the strong development within the Norwegian continental shelf is expected to continue, NSG sees opportunities abroad. We aim at supporting NSG in this development, drawing on our global maritime network of people, related companies and partners," says Wilhelmsen. "We look forward to creating a global shaper of supply base offshore and logistics solutions together with our new partners."

 

WWHI’s total investment in NSG will be approximately NOK 500 million (USD 80 million), including equity investment, shareholder loan and transaction cost. To partly finance the acquisition, WWHI has received commitment for a 2 ½ year loan credit facility of up to NOK 300 million (USD 50 million).

 

Following completion, WWHI will be the largest shareholder in NSG. In addition, WWHI has a first right of refusal to increase to 40% ownership. Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS will continue as main shareholders in NSG, each with approximately 30% ownership.

 

"We are very excited about having WWHI onboard as a new shareholder in NSG. NSG holds a long and strong record servicing the high demanding oil and gas market customers on the Norwegian continental shelf, whereas the Wilh. Wilhelmsen group has proven highly successful in a global maritime business world. This combination should cater for an effective alliance. We are all looking forward to teaming up and start working with our new colleagues and partners in the Wilh. Wilhelmsen group," says John E. Stangeland, CEO in NSG.

 

NSG had a total income of NOK 2 492 million (USD 415 million) in 2011 and a net result after tax and minorities of NOK 127 million (USD 21 million). Total book assets as of 31 December 2011 was NOK 2 991 million (USD 500 million), with the largest items being investments in properties and related companies.

 

Completion of the transaction is expected to take place end of June/beginning of July 2012.

 

For further information, contact

Thomas Wilhelmsen, group CEO, WWH                  tel: +47 67 58 40 00 (office)

Nils P Dyvik, group CFO, WWH                              tel: +47 67 58 45 65 (office), +47 911 16 079 (mob)

Åge S Holm, IRO, WWH                                        tel: +47 67 58 41 95 (office), +47 900 87 670 (mob)

Kolbein Rege, chair, NSG                                      tel: +47 53 42 87 51 (office), +47 992 57 452 (mob)

John E. Stangeland, CEO, NSG                              tel: +47 51 85 30 24 (office), +47 915 59 446 (mob)

 

Pressemelding (norsk)

 

Wilh. Wilhelmsen Holding ASA is a global maritime industry group focusing on shipping and integrated logistics services for cars and rolling cargo through its shareholding in Wilh. Wilhelmsen ASA. The group occupies a leading position in the global maritime service industry through Wilhelmsen Maritime Services AS, delivering products and services to some 200 shipyards and 22 000 vessels annually. Through Wilh. Wilhelmsen Holding Invest AS the group aims at exploring and developing new opportunities within the energy-, offshore- and maritime industry. For more information, please visit www.wilhelmsen.com  Follow us on Twitter | Facebook | LinkedIn

 

NorSea Group AS is a privately owned company founded in 1965. The group is a leading supplier of base services and integrated logistics systems to the Norwegian oil and gas industry. Annual turnover is approximately NOK 2.5 billion. NorSea Group AS has its headquarters in Tananger outside Stavanger, and has proprietary interests in ten supply bases along the Norwegian coast. In addition, the group is an active promoter of the progressive development of Risavika as the region’s most important logistics hub. Main shareholders are Wilh. Wilhelmsen Holding Invest AS (WWHI), Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS.

 

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Vestbase AS, Kristiansund.

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Vestbase AS, Kristiansund.

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August 2011

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August 2011

NorSea AS, Dusavik base

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August 2011

NorSea AS, Dusavik base

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Vestbase AS, Kristiansund.

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August 2011

NorSea AS, Tananger base.

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NorSea AS, Dusavik base.

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