HAV Group ASA has agreed to the principal terms of an agreement to acquire Undheim Systems AS, which is a provider of dynamic positioning (DP) systems for vessels, according to the company's release. The planned technology acquisition is a strategic move that accelerates HAV Group's plans to offer digital functionality that meets the global maritime market's needs for decision support tools and autonomous ship operations.
Dynamic positioning (DP) is a computer-controlled system that automatically maintains a vessel's position and heading by using its own propellers and thrusters. Undheim Systems AS has successfully developed a highly flexible and competitive DP system for vessels of all sizes, including even the smallest workboats.
So far Undheim Systems has delivered its DP systems to approximately 60 vessels, which include fishing vessels, workboats and service vessels in the fish farming industry, and others. The company has a solid order backlog for its DP product, JPOS.
Undheim Systems is founded and owned by Stein Magnus Undheim, who is a respected DP expert in the maritime community. The company is headquartered in Egersund, Norway. In 2022, Undheim Systems delivered revenues of NOK 4 million and an EBIT of NOK 0.7 million.
HAV Group’s intention is to integrate Undheim Systems’ specialist competence and DP technology into the group’s Energy Design and Smart Control business area, which is headed up by Norwegian Electric Systems AS. The business area already has a broad product portfolio of intelligent vessel navigation, automation and control systems, as well as an office in Egersund which the Undheim Systems team will co-locate with.
By combining HAV Group’s smart navigation system, Raven INS, with Undheim Systems’ DP technology, HAV Group can provide solutions that control vessels at all vessel speeds and enables semi-autonomous functionality.
HAV Group ASA has agreed to acquire 100 percent of the shares in Undheim Systems AS. The consideration for the purchase includes both shares in HAV Group ASA and a cash amount.
The transaction is subject to customary closing conditions, satisfactory due diligence, and final transaction documentation. Closing of the transaction is expected in June 2023.
HAV Group and its subsidiaries is an international provider of technology and services for maritime and marine industries. HAV Group has several decades of industry experience, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions. HAV Group ASA is listed on Euronext Growth under the ticker code HAV.