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January 26, 2015

Havyard acquires a further 12.6% shares in Norwegian Electric Systems

Ship technology company Havyard Group has acquired an additional 12.6% ownership interest in the technology company Norwegian Electric Systems (NES).

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Ship technology company Havyard Group has acquired an additional 12.6% ownership interest in the technology company Norwegian Electric Systems (NES).

Havyard, which already holds a 37.9% stake in the NES, now has 50.5% ownership of the firm.

Other NES shareholders such as Berg’s and Hustig’s companies will own 32.28% and 6% respectively. The remaining shares will held by other key personnel.

Acquisition developed in conjunction with Havyard’s strategy to gain expertise in and control of the critical links in the value chain for the design and construction of advanced vessels, Havyard stated.

Havyard Group President and CEO Geir Johan Bakke said: "Norwegian Electric Systems is an agenda setter as regards the development of new, advanced ship designs based on diesel-electric or hybrid propulsion systems.

"Collaboration with the supplier of such products is decisive if we are to develop the best ships and deliver the agreed quality to our demanding customers."

"Collaboration with the supplier of such products is decisive if we are to develop the best ships and deliver the agreed quality to our demanding customers, at the right time and on budget."

NES currently offers engineering services, develops its own electric products and systems, and delivers services for the maritime and offshore segment.

Its products are hybrid-electric and diesel-electric propulsion systems and a number of newly developed additional systems.

NES CEO Tor Leif Mongstad said: "Synergies can be achieved, in particular from the collaboration with Havyard Power & Systems, which also has products and expertise in electronics and electric systems.

"One example is switchboard production. Another is Havyard Power & Systems’ expertise in electric designs and ship engineering, which will provide valuable input to Norwegian Electric Systems’ product development."


Image: Norwegian Electric Systems new CEO Tor Leif Mongstad with founder Jan Berg. Photo: courtesy of Havyard Group.

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