Wilhelmsen increases ownership in offshore logistics support firm

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

NorSea, an offshore industry logistics support company, first welcomed Wilhelmsen as one of the owners in 2012. The latest transaction increases Wilhelmsen’s shareholding from 75 per cent to 99 per cent.

The increased shareholding was a purchase option that was agreed in 2017 with a set price at NOK500 million (US$52 million).

Former partners Eidesvik Eiendomsinvest and Simon Møkster Eiendom have each sold their shareholdings of circa 12 per cent, with NorSea employees retaining the remaining one per cent of shares.

Wilhelmsen said that 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.