Finnish energy company Enersense International has entered into a share purchase agreement to sell its subsidiary Enersense Offshore, which constitutes the company’s marine and offshore unit, to Canadian shipbuilder Davie.
Davie is part of the Inocea Group – a shipbuilding group with operations in Finland and Canada, including Helsinki Shipyard. The marine and offshore unit’s operations are located in a shipyard in Mäntyluoto, Pori.
The purchase price is approximately €7.5 million (US$8.8 million), of which €5 million (US$6 million) will be paid at the completion of the transaction and €2.5 million (US$2.9 million) will be paid six months later. The transaction is expected to be completed during the third quarter of 2025.
With the agreed sale, Enersense completes the last one of the three assessments initiated as part of what the company said is its new strategic direction in June 2024. In February, Enersense sold its wind and solar power project development business to Fortum and decided to ramp down its zero-emission transport solutions business.
"The unique expertise of our personnel in Mäntyluoto can further flourish with Davie, a significant shipbuilder," said Enersense CEO Kari Sundbäck.
"This deal will reinforce our own competitiveness and Finnish shipbuilding as a whole by securing the supply of steel for many critical projects," added Davie CEO James Davies.
Some of the steel that will be manufactured at the Mäntyluoto facility will be used in the construction of a new heavy polar icebreaker ordered by the Canadian Government.