Bergen Group Exits Shipbuilding Sector With Sale of NorYards AS

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August 18, 2014

NorYard Fosen. Photo courtesy Bergen Group

Norwegian maritime and offshore services provider Bergen Group has offloaded its last remaining shares in NorYards AS, marking the group’s complete exit from the shipbuilding sector.

Bergen Group ASA announced Monday that it has sold off its remaining 30% stake in NorYard AS to existing majority shareholder Calexco S.a.r.l. for US $4 million. The sale marks the last of Bergen’s former shipbuilding division.

“Bergen Group has in recent quarters implemented several measures to reduce its involvement in shipbuilding,” says CEO Asle Solheim “Now we choose to sell the remaining shares in NorYards AS earlier than originally planned. In addition, this week we will finalise the delivery of the advanced offshore vessel “North Sea Atlantic” which is the very last newbuilding project under direction of Bergen Group. Thus, we now can concentrate completely and fully on the Group’s future growth areas within offshore and maritime related service activities.”

In March of this year, Bergen Group announced that it was reducing its exposure in shipbuilding with the accelerated sale of two remaining shipbuilding projects to the shipbuilding group Kleven, but that it was continuing its ongoing establishment of NorYards AS, where Colexco would be the majority shareholder. Later in May, Bergen reached a deal with Colexco that would bring NorYards AS under 70% ownership by Colexco, with Bergen owning 30%.

NorYards AS consists of NorYards BMV and NorYards Fosen.

In April, NorYards AS signed its first newbuilding contract, valued more than NOK 650 million, for the outfitting and commissioning of a new AHTS for NFDS 2 Offshore AS. The project is being carried out at NorYards Fosen and is expected to generate outfitting activity at the yard from Q3 this year until delivery in Q2 2015.

NorYards AS CEO, Johannes D. Neteland, seems to be pleased with the agreement and Calexco’s sole owner of NorYards.

“We now have an international owner dedicated to further develop NorYards position in the international market for construction of advanced offshore vessels and specialised vessels,” Neteland said.


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