On average, these activities generate an average annual turnover of €110 million. Nor Lines, which has its head office in Stavanger, Norway, is a diversified logistics business offering both domestic and international services. The transaction between the two companies includes terminal activities nationwide, warehousing and haulage services. In addition to this, five out of seven multi-purpose vessels will be transferred under a time charter agreement to Samskip. The transaction also brings 170 employees, based in 14 locations throughout Norway. After the acquisition, activities will continue under the Nor Lines brand.
The CEO of Samskip Logistics, Ásbjörn Gíslason, said: “The Nor Lines takeover represents a major opportunity for Samskip.
“It is a natural but significant extension of our shipping and logistics activities in Norway which will further broaden our customer offerings. Nor Lines' financial performance has been disappointing in recent years, but we are confident that by combining our respective strengths and refocusing the business we will create synergies, improve efficiency and provide customers with enhanced services.”
Through a number of acquisitions, as well as internal growth, Samskip has strengthened its presence in Norway over the past few years. The company now transports approximately 90 000 TEU annually between Norway and Northern Europe, and hopes to increase this further through the acquisition of Nor Lines. The frigoCare (fully owned by Samskip) cold store and terminal in Aalesund serves an important hub in the Samskip’s container system and Nor Lines’ vessel system. Samskip also holds a share worth 50% in Silver Sea AS, which is based in Bergen and operates a fleet of 14 reefer vessels.
The Chief Executive of DSD, Ingvald Løyning, said: “We are pleased to complete our divestment of Nor Lines and entrust the business to Samskip, in a strategic solution for a specialised business that needs to be part of a larger structure to develop and thrive. We believe that Samskip will be a good home for Nor Lines, and a good solution for our employees and customers.”
In the statement, Samskip claims that it is extremely pleased to add the LNG vessels, Kvitnos and Kvitbjørn, to its fleet. The vessels were designed by Rolls-Royce Marine and delivered in 2015.
Read the article online at: https://www.lngindustry.com/small-scale-lng/27072017/samskip-to-acquire-activities-of-nor-lines/