Endúr ASA (Endúr) has entered into an agreement with the DeepOcean Group (“DeepOcean”) for the sale of Installit AS and its subsidiaries (Installit).
Endúr ASA resolved mid-2020 a strategic change of direction, defining marine infrastructure and solutions for land-based aquaculture as the group’s core focus areas. The most substantial elements of the implementation of this strategic redirection have involved the late-2020 acquisition of BMO Entreprenør AS, followed by the early-2021 acquisitions of Marcon-Gruppen i Sverige AB and Artec Aqua AS, all leading companies in their respective markets with histories of profitable growth. An integral part of this strategic realignment involves employing and committing all the Endúr’s capital and resources towards the group’s core focus areas.
Installit, a wholly owned subsidiary of Endúr, is an engineering and technology company providing project management and engineering services within subsea cable installation and marine operations for the marine and renewables industries.
DeepOcean provides survey, engineering, project management, installation, maintenance, and recycling services to offshore-based industries.
“We are satisfied to have reached an agreement with DeepOcean for them to acquire Installit. Installit has a long-established standing and recognized expertise in their sector of the market, and we are saddened to part ways with many great, positive-minded colleagues. At the same time, we recognize that Installit’s competences and resources can be more favorably employed as part of DeepOcean”, says Jeppe Raaholt, CEO of Endúr ASA.
The purchase price of NOK 20.8 million for 100% of the shares in Installit will be settled in cash. The divestment of Installit will result in an accounting loss of approximately NOK 22.9 million for Endúr.
“We are certainly highly reluctant to incur losses from any part of our activities,” continues Jeppe Raaholt, “and we were very mindful during this process of the negative gap between the proposed transaction value and the book value of our Installit ownership. However, as Installit can no longer rightfully be considered absolutely key to Endúr’s core activities and strategy, this divestment provides a further confirmation of our unyielding commitment to the company’s focal areas of marine infrastructure and aquaculture solutions.”
For further comments, please contact:
Media: Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759
Investors Lasse B. Kjelsås, CFO of Endúr, tel: +47 908 49 772
About Endúr ASA
Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Bergen, Norway. See www.endur.no