Bergen Group finalises Fosen purchase

28 Jul 2008

Bergen Group has recently finalized the purchase of Fosen Holding, including Fosen Yards. The purchase price has been reduced from NKr 200 million to NKr 180 million.
The total consideration is a combination of NKr 90 million in shares in Bergen Group at price per share of NKr 26 and a cash consideration of NKr 90 million.

In parallel, Bergen Group has entered into an agreement with BOA Offshore AS, the buyer of newbuilding number 83-86 from Fosen Yards, which implies a reduction in the contract price for each of the four vessels by NKr 6.25 million.

Bergen Group will assist BOA Offshore in providing the necessary financing for the vessels. If such financing is not in place within agreed time, Bergen Group shall have the right to step in as part owner in the vessels.

With Fosen Yards as part of the group, Bergen gets access to good facilities and highly competent personnel, as well as a long term contract portfolio. In addition, the company improves its coverage along the Norwegian coastline and acquires a yard in Sweden. Fosen also has a dedicated design group, which offers opportunities for development and design of offshore vessels for the future.

Links to related companies and recent articles ...