Photo: Hydrogen ferry that will run on the Hjelmeland connections. Image Courtesy: Norled

Norled to Change Ownership

Norwegian transport and shipping company Det Stavangerske Dampskibsselskab (DSD) has signed an agreement to sell its ferry company Norled.

As informed, Norled will be sold to a consortium owned jointly by the Nordic infrastructure fund CapMan Infra and the Canadian company CBRE Caledon Capital Management.

Under the terms of the agreement, 100 percent of DSD’s ownership interest in its subsidiary Norled AS will be transferred to the consortium.

The parties have agreed that transactional details are confidential.

“In recent years, Norled has made significant improvements in many areas. The company has succeeded in combining good and stable operations with success in tender biddings and record-high financial results. At the same time, Norled has undoubtedly consolidated and strengthened its … role in the green shift in maritime industry,” Ingvald Løyning, chairman of Norled, commented.

In 2015, Norled launched the ferry MF Ampere, the world’s first electric car and passenger ferry powered by batteries. In 2021, Norled will launch the world’s first hydrogen-electric ferry.

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“This environmental technology opens up new, unparalleled opportunities beyond the maritime sector,” Løyning added.

“Norled currently has an order backlog of NOK 17 billion, and has decided to build new vessels for NOK 2.4 billion. Growing and succeeding with so much new technology and investment is at the same time demanding for a family-owned business. Now the company needs to be given the necessary financial resources that are needed for Norled to grow and develop further to the next phase and towards new goals,” Løyning pointed out.

“The Norwegian ferry industry is a critical part of the country’s transportation infrastructure. We believe that the green shift in the industry further highlights sea transportation as a sustainable solution… We …. are looking forward to continuing the successful journey together to further improve operations for the benefit of the company’s customers, employees and communities,” Ville Poukka, Managing Partner at CapMan Infra, said.

“Norled represents an attractive investment opportunity given the availability-based, index-linked nature of cash flows, the company’s … position, and the increasingly green credentials of the Norwegian ferry industry,” Andreas Köttering, Partner at CBRE Caledon, noted.

Norled has 80 vessels and operates ferry and express boat services from the Oslofjord to Troms county.