Norwegian aquaculture service company Frøy announced it is selling its subsidiary Frøy Akvaservice to Abyss as part of a strategic move to focus on growth within well boats, larger service vessels, diving services, and freight.
The sale includes 33 service vessels, approximately 200 employees, and land bases on Frøya, Måløy, and Finnsnes.
Tonje Foss, CEO of Frøy, stated that the aquaculture industry is becoming increasingly complex and that the company must concentrate its efforts to be a leader. "It is demanding to be the best at everything – that is why we are now focusing fully and completely on our core areas. This will strengthen both Frøy and the industry as a whole," she said.
After the sale, Frøy said it will have a fleet of 47 vessels and approximately 690 seafarers, with more vessels under construction.
Victor Jan Jensen, CEO of Abyss, commented, “We are very pleased to bring the expertise, vessels and employees from Frøy with us.” After the transaction, Abyss noted it will have about 500 employees operating 57 service vessels from multiple bases along the Norwegian coast.
The implementation of the agreement is expected to take place before the end of the year, following approval from the Norwegian Competition Authority.
