BW Ventures and Investinor AS to Acquire OceanSaver

BW Ventures and Investinor AS have made an agreement to acquire OceanSaver, one of the largest ballast water management (BWM) system providers in the world. This move strengthens OceanSaver’s expansion strategy and roll out of its current NOK 400 million BWM order book.

The sale will be finalized following approval by the Norwegian competition authorities and the completion of some due diligence issues with the new owners.

Major contracts for 22 BWM systems for tanker vessels in 2010 propelled OceanSaver’s position as a key BWM supplier to the global large vessel fleet. These contracts came in addition to ten BWM systems previously committed by Höegh Fleet Services. The company has been developing its BWM systems since 2003 and winning significant contracts following its full Type Approval Certification by the world’s leading classification company, DNV, in April 2009.

Today, OceanSaver is globally recognized for its high-tech BWM equipment, services, engineering and product management and system installations. The company’s previous owners, a consortium including among others; Energy Capital Management, Storebrand, Höegh Autoliners Management AS, Fednav Limited and Sumitomo Corporation, are satisfied that the new owners are particularly well suited to bring the company forward into its next phase of development.

“We are pleased that the new owners will provide the company with required growth capital and access to new industrial markets. To date and through the venture capital stage, Energy Capital Management has managed Statoil’s ownership in OceanSaver and has secured a strong platform for further growth,” said Arne Frøiland, Partner, Energy Capital Management.

“The new owners represent a unique opportunity to strengthen our business, especially since the expanding BWM segment is so dynamic. It is also further evidence to become the leading system provider by supplying shipowners with the BWM choice that meets and exceeds existing environmental regulations,” said Stein Foss, CEO, OceanSaver.

According to Foss, the new owners will use their industry expertise and growth capital to further develop OceanSaver to address the evolving ballast needs of shipowners.

“The new owners have long-term business interests to further develop the company, committing investment capital of NOK 200 million or more – depending upon the success of the company – within the next five years. We anticipate synergies that will drive operational efficiencies, particularly in marketing and further development of BWM technology,” said Foss.

Investinor AS is a government funded venture firm managing NOK 2.2 billion under a mandate from the Norwegian Parliament. The company invests in internationally oriented and competitive Norwegian companies in the early growth and expansion stage. 
Investinor is a fully owned subsidiary of Innovation Norway, which is owned by the Norwegian Ministry of Trade and Industry.

“Becoming a major shareholder, Investinor will give OceanSaver the business confidence to continue to plan positively and invest for the future, providing crucial support to growth in a very demanding upcoming BWM systems market,” commented Foss.

“This acquisition leverages several parties with highly complementary skills and capabilities. We look forward to creating substantial value for OceanSaver through our technical expertise and insights into how ship owners evaluate and choose shipboard solutions, said Sverre Prytz, Head of BW Ventures.

Prytz says: “The aim is to facilitate the growth of OceanSaver into a top leader in the ballast water management market, providing quality solutions in an industry characterized by increasingly tighter environmental regulations.”

BW Ventures is a company that is investing in environmental maritime technology and new ventures.

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