Family-owned Havila Holding of Norway is planning to list maritime technology subsidiary Havyard Group on the Oslo Stock Exchange.
Based in Fosnavåg in Norway's northwest, Havyard Group has grown from a traditional shipbuilder to an international supplier of maritime technology over the last decade.
The listing will provide Havyard Group with sufficient capital to upgrade its premises and facilities, as well as pursue international growth opportunities. The company has in recent years signed contracts with shipping companies from India, Nigeria, Denmark, Iceland, Faroe Islands and Norway.
Havila Holding will cede its ownership stake in the subsidiary, but will still retain a significant portion of shares.
The Sævik family founded Havyard Group after purchasing a shipbuilding company from Kværner in 2000. Following the acquisition, annual turnover of the company increased from about NOK500 million (US$82 million) to over NOK2.0 billion (US$328 million), with Havyard Group posting profits of more than NOK700 million (US$114.8 million) in the last five years.