Hurtigruten Acquires Kleven

KV Holding AS, a company owned by Norwegian cruise, ferry and cargo operator Hurtigruten, is to acquire compatriot builder of ferries and offshore support vessels Kleven.

As informed, KVE Holding AS will own 100 percent of the shares in Kleven Verft AS, Kleven Maritime Contracting AS and Kleven Maritime Technology AS. Current owners will retain the remaining Kleven companies, including Myklebust Verft AS.

“This is a very good solution for us, providing us the space needed to focus on constructing some of the worlds most advanced ships and to prepare Kleven for future growth. It ensures continued employment at a cornerstone company in Ulsteinvik and an important part of the maritime cluster in Sunnmøre,” Karsten Sævik, CEO of Kleven, commented.

Kleven underwent an “extensive restructuring” in 2017. In September 2017, investors led by Hurtigruten provided NOK 300 million (USD 37 million) for the company, with Hurtigruten gaining a 40% share.

Hurtigruten is now acquiring the remaining Kleven share of 60%. Owners, customers and banks are injecting up to NOK 600 million (USD 75 million) as the yard needed further liquidity boost due to increased costs associated with several projects, Kleven explained.

Hurtigruten has two 15,000-ton hybrid-powered vessels, MS Roald Amundsen and MS Fridtjof Nansen, on order at Kleven. Given that the ships’ delivery has been delayed by several months, the company wants to ensure their construction will be completed.