Wilhelmsen Maritime Services Inks USD 640 Mn Loan

Wilhelmsen Maritime Services AS, part of Norwegian Wilhelmsen Group, has entered into a new 5-year credit facility of USD 640 million. 

As disclosed, the loan is being secured in the form of a “club deal” and it would be used to replace existing facilities.

The Oslo-listed company informed of the new credit facility on Wednesday, in a very brief regulatory filing.

Further details were not disclosed.

For the second quarter of 2017, the group delivered a total income of USD 344 million, mainly driven by an increase in activities in maritime service segment.

During the quarter, the group announced an intention to buy the technical solutions business from Drew Marine. The final agreement is subject regulatory approval.

In May, the group announced an intent to buy an additional 32% of the shares in the NorSea Group.

The transaction was completed earlier this month when Wilhelmsen increased its shareholding in NorSea Group from 40% to around 72%, thus becoming the majority shareowner.

As informed, the increased shareholding was approved by the Norwegian Competition Authority on September 20, 2017, and the transaction took place on September 26.

Total consideration for the Wilhelmsen’s additional 32% investment in NorSea Group is NOK 545 million (USD 70 million). The investment is financed through existing liquidity and funding reserves, Wilhelmsen said.

World Maritime News Staff