Eqva reaffirms strategic direction, divests Havyard Leirvik

Eqva ASA has entered into agreement to divest its Havyard Leirvik yard in Norway, reaffirming the company’s strategic direction and ambition to become an industrial investment company listed on the Oslo Stock Exchange.

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 per cent of the stakes in Fossberg Kraft, a specialist in the development, construction, and operation of small hydropower plants in Norway, and 50 percent 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.

As an active owner, Eqva will be targeting opportunities in industrial service companies that contribute to the green transition in maritime, power intensive and renewable industries. The ideal candidates have a strong knowledge base, while being light on assets.

BKS is Eqva’s largest operational asset and has grown substantially over the past few years. This due to increasing demand from power-intensive industry and shipping for greener solutions. Founded in 2008, BKS recorded NOK 385 million in revenues in 2022.

Fossberg Kraft and BKS is included in the business segment Products, solution & renewables which had revenues of NOK 330 million and an EBITDA margin of 6.6 percent for the first six months in 2023.

Havyard Leirvik is being sold to Tersan Shipyard, a leading global shipbuilder in Turkey.

The transaction is based on a share sale, where Eqva ASA is selling its shares (100%) in Havyard Leirvik Holding AS, where the subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS are included. The transaction is settled by NOK 30 million in cash.

“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,” says Matre Ellingsen.

“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,” said Tor Leif Mogstad, CEO of Havyard Leirvik.