Norway’s Eqva has sealed an agreement to divest its Havyard Leirvik yard in Norway. The yard Havyard Leirvik is being sold to Tersan Shipyard, a leading global shipbuilder in Turkey.
As an active owner, Eqva said it sold the shipyard to focus on its plan to become an industrial investment company listed on the Oslo Stock Exchange.
It sold its 100% shares in Havyard Leirvik Holding, including subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS, for NOK 30m in cash.
Among its current holdings is BKS, which is a leading fully integrated system supplier for maritime, offshore and landbased industries.
In addition, Eqva holds 100% of the stakes in Fossberg Kraft, a specialist in the development, construction, and operation of small hydropower plants in Norway, and 50% of the platform supply vessel (PSV) Havila Charisma.
“The sale of Havyard Leirvik will free up important resources, both human and financial, enabling a concentrated focus on further development of Eqva’s current industrial portfolio, and look for new investment opportunities,” said Even Matre Ellingsen, chair of the board of Eqva.
Active owner of industrial service companies
BKS is Eqva’s largest operational asset and has grown substantially over the past few years. As the company explains this is due to increasing demand from power-intensive industry and shipping for greener solutions. Founded in 2008, BKS recorded NOK 385m in revenues in 2022.
Fossberg Kraft and BKS is included in the business segment Products, solution & renewables which had revenues of NOK 330m and an EBITDA margin of 6.6 percent for the first six months in 2023.
About the transaction
Even Matre Ellingsen, chair of the board of Eqva said about the transaction: “We are confident that Tersan will be a strong new owner for Havyard Leirvik, with a clear strategic interest in continuing its proud industrial tradition. As a leading player in the industry, Tersan has proven expertise and local knowledge from collaborating with a wide range of customers in maritime and aquaculture industries. For Eqva, it is important that we are leaving the yard in good hands.”
Tor Leif Mogstad, chief executive of Havyard Leirvik, noted: “We are looking forward to becoming part of Tersan Shipyard. It is a highly reputable company with a good standing in international shipping and maritime circles, and with a clear ambition to further strengthen its position in Northern Europe with Havyard Leirvik as steppingstone.”
