NorYards transaction completed

Norway’s Bergen Group ASA and Calexco S.a.r.l. have finalised the transaction regarding Bergen Group ASA’s sale of the majority interest in NorYards AS to Calexco S.a.r.l. The transaction is pursuant to the terms in the revised SPA announced on March 21st 2014.

NorYards AS is now owned 70 % by Calexco S.a.r.l, and 30 % by Bergen Group ASA. NorYards AS consists of NorYards BMV and NorYards Fosen, which is the part of Bergen Group’s Shipbuilding division.

“The market outlook for construction of advanced offshore vessels and specialised vessels is evaluated as good. With the new ownership, NorYards will strengthen its position in the shipbuilding industry; from basic design through to completion of advanced offshore vessels for a demanding international market”, says CEO Johannes Neteland in NorYards AS.

NorYards AS in April 2014 received its first newbuilding contract, valued more than NOK 650 million.

The contract was awarded from NFDS 2 Offshore AS for outfitting and commissioning of a new and modern anchor handling tug supply vessels (AHTS).

The project will be carried out at NorYards Fosen, generating outfitting activity at the yard from Q3 this year until delivery in Q2 2015.