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New investors secure further growth

Wednesday, 13 Sep 2017

Norway’s shipyard Kleven Verft is no longer majority-owned by the Kleven family.

Kleven Verft in Ulsteinvik, Norway

Due to recent delivery deferrals, tight pricing and financial losses, the shipyard, which is located in Ulsteinvik on the west coast of Norway, had to find new investors to secure stable business and further growth.
The Norwegian cruise, ferry and cargo operator Hurtigruten and its owners, Petter A. Stordalen and TDR, will be the largest partner in the new legal entity, with a 40% share. Of its current owners, John Kleven AS and H-Invest AS are bringing new funds too. In addition, the group of investors consists of Åge Remøy and Magnus Roth's InYard Invest, Germany’ Lürssen-Group, and Per Lillebø.
"It has been important for us to bring in new investors with an industrial, long-term perspective, and with a shared ambition to further develop Kleven to be a world leading shipbuilding group," said Kjersti Kleven, Chair of the Board of Kleven.
Kleven is currently building the two hybrid powered vessels Roald Amundsen and Fridtjof Nansen for Hurtigruten.
“Kleven was the best candidate for building our new expedition vessels. This shows that the shipbuilding group is world class. Now we are strengthening Kleven, the region and Norwegian shipbuilding industry for the future and this permits further growth,” said the CEO of Hurtigruten, Daniel Skjeldam.
In addition to being one of the new investors, Lürssen – one of the world’s leading companies for design and building of superyachts - also entered into a long-term cooperation agreement with Kleven earlier this year.
“We are pleased to see the interest there has been in investing in Kleven. This is a solid and long-term solution, creating opportunities for new and innovative projects,” said CEO of Kleven, Ståle Rasmussen.
The refinancing process is now close to completed, with some formal conditions pending, including final approval from the company’s banks and the Norwegian Export Guarantee Agency GIEK.