Norwegian companies Awilco HT and Blystad get together

Norwegian companies Awilco Heavy Transport and Arne Blystad-owned Heavy Transport are to combine the ownership and operations of their heavy transportation activities under the name Ocean HeavyLift. Awilco Heavy Transport will buy the two sophisticated heavy lift vessels Ancora and Hawk, each with a 157 metre cargo deck and 30,000 tonnes lifting capacity for US$107m per vessel. Ocean HeavyLift then will own and operate four newly converted heavy lift ships. As part of the settlement of the acquisition, Awilco Heavy Transport will issue about 8.75m new shares, valued at about US$50m to Arne Blystad. In addition Awilco, the principal Awilco Heavy Transport shareholder, has agreed to sell about 940,000 shares to Blystad at NKr36 per share, giving Blystad a 25% holding in the expanded Awilco Heavy Transport. Blystad will be represented by 1 board member in the new Awilco Heavy Transport board. and will hold approx. 36% of the issued shares post transaction. The company intends to raise approx. US$160m of new debt to fully fund the acquisition.