Family-owned investment company Havila Holding has taken full ownership of Norwegian vessel owner and operator Volstad Maritime after buying the rest of the stocks it did not own.
Havila Holding has been the majority owner of Volstad Maritime through Sæviking AS. The company saw the acquisition of the remaining shares as having potential for future opportunities. The parties agreed not to reveal the purchase price.
The initial investment in Volstad was made in 2017 when Havila bought a 50% stake. At the time, Volstad was suffering financially from the aftermath of the oil price collapse which happened in the mid-2010s.
The company is also the majority owner of Havila Shipping and Skansi offshore shipping companies. It also owns Havila Kystruten and Smyril Line which operate passenger and freight transport.
Volstad Maritime has six ships, five offshore construction ships and one diving support ship. As for the workers of Volstad, the acquisition of the shares will not change their status. The Norwegian firm has 262 seafarers and 20 employees on land.
“Volstad Maritime has one of the most modern subsea fleets in the world. It is an environmentally friendly fleet and in the last five years, 40% of their activity has been in offshore wind. This is an interesting fleet with a good backlog. We have faith that it will complement and strengthen Havila as a maritime player,” said Havila owner Njål Sævik.
Sævik added that the firm will now be able to create a good mix of oil, gas, and offshore wind work with full control of Volstad and its majority stake in Havila Shipping.