Color Group AS acquires the remaining shares in ONS Ship Finance AS

19 Jun 2024 10:31 CEST

Color Group AS (“Color Group” and, together with its subsidiaries, the “Group”)
has today entered into an agreement with its parent company, O.N. Sunde AS, for
the purchase of 61,4% of the shares in ONS Ship Finance AS for NOK 400 million.
Color Group AS (through Color Line AS) already owns 38,6% of the shares. The
purchase price has been agreed on the basis of an independent valuation and will
be settled by set-off against intercompany balances between Color Group AS and
O.N. Sunde AS.

ONS Ship Finance AS owns the vessel M/S SuperSpeed 2 through a subsidiary (the
“Vessel”), which is chartered to Color Line Transport AS, an indirectly
wholly-owned subsidiary of Color Group AS, on bareboat charter terms. The
current charter period is until 1 July 2035 and Color Line Transport AS has an
option to purchase the Vessel in 2028 and in 2033. As the Group expect to make
investments in the Vessel related to energy efficiency and climate optimization
in the coming years, Color Group AS deems it beneficial to acquire the remaining
shares in ONS Ship Finance AS and become the sole owner of the Vessel. The
acquisition will not have a cash effect for Color Group AS as the purchase price
is settled by set-off against intercompany balances between Color Group AS and
O.N. Sunde AS. The acquisition is expected to result in a net positive profit
effect for Color Group AS, including an expected positive effect on the equity
capital amounting to approximately NOK 150 million, and will increase the
Group’s net-interest bearing debt with approximately NOK 390 million.

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