Valderhaug, NorSea Vestbase. Photo courtesy Norsea

Wilhelmsen Increases Stake in Offshore Supply Base Company Norsea

Mike Schuler
Total Views: 665
June 1, 2022

Wilhelmsen has upped its stake in the Norwegian offshore supply base company NorSea to 99%.

Wilhelmsen has had an ownership stake in Norsea since 2012. With this latest transaction, Wilhelmsen’s shareholding jumps 24% from 75% to 99%.

This latest transaction was made as a purchase option that was agreed in 2017 at a set price at MNOK 500 (about US $53 miilion). Former partners Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS have each sold their shareholdings of around 12%, with NorSea employees retaining the remaining 1% of shares.

Norsea, which has provided logistics services to the offshore industry for over 60 years, currently operates 9 offshore supply bases and port facilities in support of the offshore oil and gas industry in Norway, as well as in Denmark, the United Kingdom and Canada. In recent years, NorSea has also been increasing its involvement in renewable industries such as offshore wind and ocean space.

“Our partnership with NorSea and other shareholders has developed and strengthened over many years, across numerous projects, joint ventures, and indeed shared ambitions,” said Wilhelmsen group CEO, Thomas Wilhelmsen. “Eidesvik and Møkster have been instrumental in helping to build this connection and we remain immensely appreciative of their efforts.”

“The latest transaction demonstrates our continued belief in the competence and values of the company and supports the Wilhelmsen group’s long-term strategy towards the supply base industry and other exciting ventures in the ocean space,” added Wilhelmsen.

“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.”, says Jan Eyvin Wang, Executive Vice President of the New Energy division at Wilhelmsen.

Group CEO of NorSea, John Stangeland commented: “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. Our coastal infrastructure delivers potential within all the mentioned business segments, and having such a strong owner behind us, who share our ambition, means we can pursue opportunities when they come. 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.”

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