Shipping giant Wilhelmsen has bought another 24% of shares in NorSea, the Norwegian offshore logistics services company, which means it now owns 99%.

Since 2012, Wilhelmsen has gradually been increasing its shareholding in NorSea, and this purchase was actually agreed in 2017, with a set price at NOK 500 million (€50 million). Former partners Eidesvik and Simon Møkster have sold their shareholdings, with the remaining 1% being retained by NorSea employees.

“The latest transaction demonstrates our continued belief in the competence and values of the company and supports the Wilhelmsen group’s long-term strategy towards the supply base industry and other exciting ventures in the ocean space,” said Wilhelmsen group CEO Thomas Wilhelmsen.

Thomas Wilhelmsen

Wilhelmsen CEO Thomas Wilhelmsen

NorSea owns a lot of the geographical areas where Norway’s offshore industry and renewable energy projects operate, and the move signifies Wilhelmsen’s eagerness to expand more into this renewables sector.

“We are already well organised to take on exciting initiatives supporting the green shift, says Jan Eyvin Wang, Executive Vice President, New Energy division, at Wilhelmsen. “Wilhelmsen’s increased ownership of NorSea will be a catalyst to ensure that we continue to build a sustainable supply chain for the oil and gas industry, as well as expand our business portfolio into new activities that support the energy transition.”

“Our comprehensive network of offshore supply bases in Scotland, Denmark and Norway, covering the North Sea basin and all the way up the Barents Sea, opens a vast variety of options for us together with Wilhelmsen,” said Group CEO of NorSea John Strangeland.

Princess Amlia Wind Farm, serviced by NorSea

Princess Amilia Wind Farm, serviced by NorSea

”Our coastal infrastructure delivers potential within all the mentioned business segments, and having such a strong owner behind us, who share our ambition, means we can pursue opportunities when they come. With Wilhelmsen, we benefit from an enthusiastic partner that actively supports our ventures to increase growth in our various business segments. Their increased ownership will therefore help us in further solidifying NorSea’s position as an important part of the ongoing transformation of the Nordic offshore and energy industries.”