Norway: Ratos and Ferd Acquire All Shares in Aibel

Norway Ratos and Ferd Acquire All Shares in Aibel

Ratos and the Sixth AP Fund together with the Norwegian industrial and financial group Ferd, have signed an agreement to acquire all the shares in Aibel, a leading Norwegian supplier of services related to oil, gas and renewable energy. The purchase price (enterprise value) amounts to approximately NOK 8 600m.

Ratos will own 32% of Aibel, the Sixth AP Fund 18% and Ferd 50%. Ratos and the Sixth AP Fund will invest via a jointly owned company which will be represented by Ratos on Aibel’s board. Ferd and Ratos will therefore represent 50% each of the ownership in Aibel. The purchase price (enterprise value) for 100% of Aibel amounts to approximately NOK 8 600m and Ratos will provide equity of approximately NOK 1 400m. The final amount invested by Ratos will be affected by cash flow until closing.

Aibel is a leading Norwegian service company within oil, gas and renewable energy. The company has approximately 8,000 employees, of which 2,400 are temporary staff, and operations along the entire Norwegian coast as well as in Asia. Customers are primarily the major oil companies which operate on the Norwegian continental shelf. Services provided include maintenance as well as modification and new construction contracts for offshore platforms. In 2012, Aibel’s sales will total more than NOK 10 billion with an EBITDA-margin of approximately 9%.

The Norwegian offshore industry is in a strong growth phase with good prospects for continued major investments in future years. Aibel’s current order book value is approximately NOK 23 billion plus options of additional NOK 20 billion.

 Ratos’s CEO, Susanna Campbell, comments: “Aibel operates in a market with strong growth, has long-term customer relationships, a unique business model, a strong order book and a dedicated management team, which makes this a very attractive investment for Ratos. We have monitored the industry and Aibel for several years and are therefore very pleased to have this opportunity to develop the company together with Ferd. We see co-ownership with Ferd as a clear strength in this deal and hope that we can co-operate even more in the future.”

 Ferd’s CEO, John Giverholt, comments: “Ratos is an excellent partner for Ferd in the further development of Aibel. Ferd and Ratos possess the expertise and financial resources to enable Aibel to better implement its strategy and develop new business opportunities. Strategic co-operations with strong owners are a key part of Ferd’s business model and we now intend to lay the foundation for more such opportunities with Ratos.”

Ratos is making this acquisition via a company owned jointly with the Sixth AP Fund. Ferd currently owns 80% of Aibel, directly and via its investment in Herkules Private Equity Fund II. In the new ownership structure Ferd will own 50% of Aibel while Herkules sells its entire holding.

The acquisition is subject to approval from the relevant regulatory authorities and is expected to be completed during the first quarter of 2013.

Press release, December 18, 2012; Image: aibel

Share this article

Follow Offshore Wind

Events>

<< Apr 2015 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

All-Energy 2015

As a free-to-attend event, showcasing the complete range of renewable and sustainable technologies and with a world-class multi-stream…

read more >

2nd International Conference Transport and Installation for Offshore Wind

The conference aims to:

Create an effective contracting strategy to simplify interface challenges through the complete logistics supply…

read more >

International Conference Corrosion Protection for Offshore Wind

The conference will focus on technical challenges for the installation, reliability, longevity and monitoring of corrosion prevention

read more >

WEIB 2015

WEIB 2015 aims towards creating contacts to new customers, suppliers and cooperative partners within the offshore wave industry, during…

read more >

Jobs>

Vacancy OIM

For one of our clients we are looking for a OIM on board of a Cable Lay vessel. Our client works in the Offshore industry. They are working worldwide in a 4 weeks on and off schedule...

apply

Superintendent Cable Lay and Cable Burial Offshore Wind Projects

The Superintendent Cable Lay and Cable Burial Offshore Wind Projects is responsible for and monitor our Cable Lay and Burial on board of our Cable Lay and Burial installation vessel the NEXUS...

apply

Lead Engineer

As the yard is specialized in the production of large Tugs and Fast Crew Suppliers the engineering team is mainly involved in the detail engineering and production support of these vessels. You are coordinating a project team and responsible for ...

apply

Vessels>