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Tuesday, June 28, 2022

Maritime Logistics Professional

June 1, 2022

Wilhelmsen Increases Ownership in NorSea to 99%

NorSea Dusavik base, Stavanger, Norway. Credit NorSea

NorSea Dusavik base, Stavanger, Norway. Credit NorSea

Wilhelmsen acquired an additional 24% of shares in NorSea to secure 99% ownership of the Norwegian supply base company.

NorSea, a provider of logistics services to the offshore industry for more than 60 years, first welcomed Wilhelmsen as one of the owners in 2012. The latest transaction increases Wilhelmsen's shareholding from 75% to 99%.

Today’s announced increased shareholding was a purchase option that was agreed in 2017 with a set price at $53.3 million.

Former partners Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS have each sold their shareholdings of circa 12%, with NorSea employees retaining the remaining 1% of shares.