Wilhelmsen to increase ownership in NorSea

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

A trusted provider of logistics services to the offshore industry for over 60 years, supporting leading operating companies on the Norwegian continental shelf, NorSea 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 MNOK 500.

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.

Wilhelmsen group CEO, Thomas Wilhelmsen says, “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.”  

Adding, “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.”  

Much of Norway’s activities and ambitions within the current offshore industry and future renewable energies are focused in geographical areas where NorSea owns and operates its bases. This provides a unique opportunity to be part of those value chains, something NorSea and Wilhelmsen are working hand in hand to achieve.  

“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, New Energy division, at Wilhelmsen.   

Group CEO of NorSea, John Stangeland says: “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.”

Founded in Norway in 1861, Wilhelmsen is now  global maritime group  providin g essential productsto the merchant fleet, along with supplying crew and technical management to the largest and most complex vessels ever to sail. 

NorSea has a history of nearly 60 years at the core of the Norwegian offshore industry. The company is a significant owner of strategic port infrastructure and a complete provider of port services, base and logistics solutions to customers in the oil and gas industry, governmental institutions, the aquaculture industry, the wind industry, and other maritime industries. In recent years, NorSea has also increased our involvement in renewable industries such as offshore wind, offshore space, etc., and currently operates 9 supply bases and port facilities in Norway, as well as in Denmark, the United Kingdom and Canada.

In 2021, NorSea had around 900 employees and a turnover of approx. NOK 2.35 billion, with an EBITDA of NOK 540 million. Profit before tax was NOK 215 million and net interest-bearing debt was NOK 3250 million*. NorSea is owned by Wilhelmsen and is thus an integral part of a large worldwide network within the maritime industry.