Skip to main content
Endur ASA

Endúr ASA – Acquisition of Norsk Bergsikring

By 01.07.2024No Comments

BMO Entreprenør AS (“BMO”), a wholly owned subsidiary of Endúr ASA (“Endúr”), has acquired 100% of the shares in Norsk Bergsikring AS (“NBS”) from Airconstruction AS (a company controlled by Arne Stang Invest AS).

NBS is an infrastructure company, located in Stongfjorden, Norway, specialized within rockfall, landslide and avalanche protection. Both signing of share purchase agreement (SPA) and closing has taken place today.

The business of NBS is highly complementary to BMO’s operations within rehabilitation of concrete structures, such as dams, bridges and tunnels. The outlook for both NBS and BMO remains attractive due to an increasing maintenance gap on critical infrastructure. The services of NBS are provided to infrastructure owners like The Norwegian Public Roads Administration (No: Statens Vegvesen), regional counties and local municipalities, where the company can take the role as both main contractor and sub-contractor. Among other projects, NBS is currently working as a sub-contractor for Hæhre at Andfjord Salmon and Skanska on E16 Bjørgum – Skaret.

“We have cooperated with NBS on several projects and are highly familiar with the company’s services and contract formats. The acquisition provides capacity within another attractive infrastructure rehabilitation niche. We believe that we can significantly increase the company’s utilization rates and earnings”, says Aleksander Rød, General Manager of BMO.

The company projects FY 2024 revenues in range of NOK 25 – 30 million and owns and operates a variety of specialized equipment used for geo surveys, drilling and mounting in less accessible locations. The transaction values NBS’s equity to approximately NOK 20 million and also includes the refinancing of approximately NOK 13 million in existing loan facilities. The acquisition is financed as follows:

Consideration shares in Endúr of NOK 10 million

Bank financing (delayed Q3’24 installment) of NOK 13 million

Existing cash balances of NOK 10 million

*) The price of the consideration shares equals the volume-weighted average share price for the last 10 days prior to the transaction. The consideration shares will be subject to a lock-up period of 18 months.


For further information, please contact:

Jeppe Raaholt, CEO of Endúr, tel.: +47 976 69 759
Aleksander Rød, General Manager of BMO, tel. +47 994 61 454

Einar Olsen, CFO of Endúr, tel: +47 924 01 787

Leave a Reply