FRØYA, NORWAY: Frøy ASA has entered into an settlement to acquire 100% of the shares of Marinus Aquaservice AS at a complete enterprise worth of NOK 101 million.
The acquisition is conditional upon sure customary conditions and shutting is anticipated to happen inside the primary quarter of 2023.
The acquisition of Marinus strengthens Frøy´s place inside the southwest of Norway, a area the place Frøy has restricted foothold today.
Marinus operates three modern and well-maintained vessels and has a particular strong place inside ROV services, a fast-growing subsegment of the aqua service industry.
CEO of Frøy, Tonje Foss comments; Marinus has over the newest 15 years constructed up a strong place inside the southwest of Norway. The team has a strong reputation with a confirmed track record of delivering excessive high quality options to its clients and of delivering strong monetary results. We are keen to welcome the Marinus team into Frøy and look ahead to rolling out the full width of Frøy´s services inside the southwestern a half of Norway going forward.
CEO and proprietor of Marinus, Dave Ole Eidet comments; We look ahead to strengthening our providing to our long-term clients and to proceed developing our base at Bømlo as a half of Frøy.
The firm was based by Dave Ole Eide in 2008. Today Marinus owns and operates three service vessels from its base at Bømlo.
The firm offers a variety 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 revenue of NOK 5 million. As of December 2022, Marinus had a backlog, together with choices of approx. NOK 135 million.
Grieg Shipbrokers acted as monetary advisor for the seller.