WWH buys NorSea stake in offshore drive

Offshore acquisition: Shipping company WWH loads up on NorSea shares

NorSea Group

Bill Lehane

 19 June 2012 11:36 GMT

Oslo-listed shipping company Wilh. Wilhelmsen has set its sights on the offshore market with the acquisition of a 35.4% stake in Norway’s NorSea Group for $80 million.

WWH will become the largest shareholder in NorSea Group when the transaction is completed, expected later this month or early next month, with a right of refusal option to raise its stake further to 40%.   

The company has taken out a 30-month loan of up to $50 million as part financing for the acquisition, according to Upstream sister publication TradeWinds.

Eidesvik Eiendomsinvest and Simon Mokster Shipping are the two other main shareholders with stakes of around 30% each.

WWH chief executive Thomas Wilhelmsen and chief financial officer Nils Petter Dyvik will also…

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