New owners for ballast water company

Major contracts for 22 BWM systems for tanker vessels were concluded in 2010; these came in addition to 10 BWM systems previously committed by Höegh Fleet Services. Oceansaver’s order book currently stands at about NOK 400 million.

The company was previously owned by a consortium including Energy Capital Management, Storebrand, Höegh Autoliners Management, Fednav Limited and Sumitomo Corporation, and the new deal is said to provide the company with required growth capital and access to new industrial markets.

“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.

The sale is subject to approval by the Norwegian competition authorities and the completion of some due diligence issues with the new owners.