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Acquisition of Marinus Aquaservice AS
06 Jan 2023 08:00 CET
Issuer
Frøy ASA
Frøya, 6 January 2023
Frøy ASA («Frøy» or the “Company») has entered into an agreement to acquire 100%
of the shares of Marinus Aquaservice AS (“Marinus”). The transaction values
Marinus at a total enterprise value of NOK 101 million, subject to certain
closing conditions. The acquisition is conditional upon certain customary
conditions and closing is expected to take place in the first quarter of 2023.
Strategic rationale
The acquisition of Marinus strengthens Frøy´s position in the southwest of
Norway, a region where Frøy has limited foothold today. Marinus operates three
modern and well-maintained vessels and has a particular strong position within
ROV services, a fast-growing subsegment of the aqua service industry.
CEO of Frøy, Tonje Foss comments; Marinus has over the latest 15 years built up
a strong position in the southwest of Norway. The team has a strong reputation
with a proven track record of delivering high quality solutions to its clients
and of delivering strong financial results. We are eager to welcome the Marinus
team into Frøy and look forward to rolling out the full width of Frøy´s services
in the southwestern part of Norway going forward.
CEO and owner of Marinus, Dave Ole Eidet comments; We look forward to
strengthening our offering to our long-term clients and to continue developing
our base at Bømlo as a part of Frøy.
About Marinus Aquaservice AS
The company was founded by Dave Ole Eide in 2008. Today Marinus owns and
operates three service vessels from its base at Bømlo. The company offers a wide
range of aqua service operations, such as towing, mooring, bolt drilling,
inspection and maintenance with ROVs. In 2021 Marinus reported EBITDA of NOK 15m
and a net profit of NOK 5 million. As of December 2022, Marinus had a backlog,
including options of approx. NOK 135 million.
Grieg Shipbrokers acted as financial advisor for the seller.
For further information, please contact:
Tonje Foss, CEO +47 996 10 116
Sondre Vevstad, Interim CFO +47 936 54 555
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
More information:
Access the news on Oslo Bors NewsWeb site
Source
Frøy ASA
Provider
Oslo Børs Newspoint
Company Name
FRØY ASA
ISIN
NO0010936792
Symbol
FROY
Market
Oslo Børs