Sale of Fosen Yard to Bergen Group finalized

Published: 17.07.2008

After more than 6 months of talks between the owners of Fosen Yard/Fosen Holding AS and Bergen Group ASA, the sale of the company was finalized on Wednesday July 16th. 

After being introduced as owners of Fosen Yard/Fosen Holding AS during the autum of 2006, the owners are convinced that the sale of the yards will strenghten the company in a more interanational and competitive market.

Chairman of the Board at Fosen Yard, Ragnar Lyng, is very pleased with the final result of the negotiations.  "When we were introduced as owners of Fosen Mek. Verksteder AS and LandskronaVarvet (both being a part of Fosen Yard/Fosen Holding AS), the main goal was to secure the future of the yards", Lyng states.  Through reorganizations and securing good contracts the owners have contributed to the recent growth of the company.  "12 months ago we realized that the shipyard market is moving towards larger units, providing economy of scale within in procurement, marketing, recruitement and engineering", Lyng says.  For 6 months the owners therefore have been in dialogue with Bergen Group ASA regarding sale of Fosen Yard.

Bergen Group ASA was enlisted at the Oslo Stock Exchange on June 30th 2008 and the company has been buying other companies the last year.  On April 30th 2008  the majority owner of Bergen Group, Magnus Stanageland, signed a Letter of Intent for buying Fosen Yard. On Wednesday July 16th the final agreement with the owners of Fosen Yard was signed.

"With Fosen Yard onboard, our coverage along the Norwegian coastline will be complete and at the same time we get access to very a very skilled unit in Sweden", says the CEO of Bergen Group, Roger Simmenes . "Our plan is to further develop the Swedish yards’ competence as specialists within offshore modules". He also considers the location in the Trondheim area to be strategically important in view of the well-reputed technology competence in the region. "We aim to develop a design company for special-purpose vessels and offshore installations in this area as well as an offshore/engineering department", he concludes.

"We are looking forward to being a part of Bergen Group ASA", says CEO of Fosen Yard, Pål Engebretsen.  "We see obvious advantages by becomming a part of a larger company, and I also think that Fosen Yard can provide skill and know how to Bergen Group", Engebretsen concludes.

For questions, please contact:
• Ragnar Lyng, Chairman Fosen Yard – 40 00 60 00
• Roger Simmenes, CEO Bergen Group – 93 24 03 11
• Pål Engebretsen, CEO Fosen Yard – 91 11 73 69

Please see press release from Bergen Group: Press release