Wilhelmsen has upped its stake in NorSea Group, increasing its control of the Norwegian offshore supply base company
Wilhelmsen has taken an additional 24% of shares in NorSea and now owns 99% of the shares, securing near total ownership of the Norwegian supply base company.
Today’s announced increased shareholding was a purchase option that was agreed in 2017 with a set price at Nkr500M (US$53M). Former partners Eidesvik Eiendomsinvest and Simon Møkster Eiendom have each sold their shareholdings of about 12%, with NorSea employees retaining the remaining 1% of shares.
Wilhelmsen group chief executive Thomas Wilhelmsen said, “Our partnership with NorSea and other shareholders has developed and strengthened over many years, across numerous projects, joint ventures, and indeed shared ambitions. Eidesvik and Møkster have been instrumental in helping to build this connection and we remain immensely appreciative of their efforts.”
Much of Norway’s activities and ambitions within the current offshore industry and future renewable energies are in geographical areas where NorSea owns and operates its bases giving Wilhelmsen a strategic asset.
NorSea Group chief executive John Stangeland said, “Our comprehensive network of offshore supply bases in Scotland, Denmark and Norway, covering the North Sea basin and all the way up the Barents Sea, opens a vast variety of options for us together with Wilhelmsen.”
Added Mr Stangeland, “With Wilhelmsen, we benefit from an enthusiastic partner that actively supports our ventures to increase growth in our various business segments. Their increased ownership will therefore help us in further solidifying NorSea’s position as an important part of the ongoing transformation of the Nordic offshore and energy industries.”
Last year, Wilhelmsen Group announced plans to shift the group’s portfolio from existing oil and gas activities to renewables. A new division named New Energy was accordingly set up.
The segment is a continuation of several years of exploring renewable opportunities, including the establishment of offshore wind activities through NorSea Wind, Edda Wind and Elevon, and the hydrogen vessel concept Topeka.
Wilhelmsen New Energy executive vice president Jan Eyvin Wang said, “We are already well-organised to take on exciting initiatives supporting the green shift. Wilhelmsen’s increased ownership of NorSea will be a catalyst to ensure that we continue to build a sustainable supply chain for the oil and gas industry, as well as expand our business portfolio into new activities that support the energy transition.”
