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Havyard buys into troubled Aker Yards
The Havyard Group, a Norwegian shipbuilding company owned by the Saevik family, has not ruled out further involvement in Aker Yards' offshore vessel building arm after buying three million shares in the company. Aker Yards' share price jumped yesterday on the back of the investment despite the Oslo-listed company reporting pre-tax losses of more than $13m on Monday.
The Aker board simultaneously announced the departure of its chief executive, the investment by the Havyard Group and the possibility of a fourth Freedom class vessel being built in Finland, while presenting its worse-than-expected annual figures.
The NKr50-a-share purchase has led to speculation that the group could be split up, with Fincantieri eyeing the cruise and ferry expertise in an attempt to prevent the Korean group STX Shipbuilding increasing its stake. The Havyard Group has been cited as a potential buyer of Aker Yards' offshore unit.
Havyard Group chief executive Geir Bakke told Lloyd's List that the investment in Aker Yards was purely financial at this stage. "We are only a financial investor at this time because we believe that the price is attractive," he said. But when asked about future developments in Aker Yards he did not deny that the company would be interested in the offshore sector of the company should it be split up. "With our part-share in Aker Yards today that is not on the agenda, but if this should be right for all the parties involved it could be of interest," he said. But Mr Bakke was cautious on the future of the sector, especially as his company has witnessed supplier problems similar to Aker's. "The sector is booming and booming too much and there will be a slowdown. "There is a boom with the disadvantage of price increases from subcontractors."
Per Saevik, the Norwegian shipping magnate behind the family ownership of Havyard, is also the chairman of Havila Shipping, an offshore ship owner and contractor. Both companies are based in Fosnavåg in mid-west Norway, about 300 km north of Bergen, a region known for the close links between shipyards and the communities. The majority of Aker Yards' six Norwegian shipyards are also close by on the mid-west Norwegian coast.
The Aker board simultaneously announced the departure of its chief executive, the investment by the Havyard Group and the possibility of a fourth Freedom class vessel being built in Finland, while presenting its worse-than-expected annual figures.
The NKr50-a-share purchase has led to speculation that the group could be split up, with Fincantieri eyeing the cruise and ferry expertise in an attempt to prevent the Korean group STX Shipbuilding increasing its stake. The Havyard Group has been cited as a potential buyer of Aker Yards' offshore unit.
Havyard Group chief executive Geir Bakke told Lloyd's List that the investment in Aker Yards was purely financial at this stage. "We are only a financial investor at this time because we believe that the price is attractive," he said. But when asked about future developments in Aker Yards he did not deny that the company would be interested in the offshore sector of the company should it be split up. "With our part-share in Aker Yards today that is not on the agenda, but if this should be right for all the parties involved it could be of interest," he said. But Mr Bakke was cautious on the future of the sector, especially as his company has witnessed supplier problems similar to Aker's. "The sector is booming and booming too much and there will be a slowdown. "There is a boom with the disadvantage of price increases from subcontractors."
Per Saevik, the Norwegian shipping magnate behind the family ownership of Havyard, is also the chairman of Havila Shipping, an offshore ship owner and contractor. Both companies are based in Fosnavåg in mid-west Norway, about 300 km north of Bergen, a region known for the close links between shipyards and the communities. The majority of Aker Yards' six Norwegian shipyards are also close by on the mid-west Norwegian coast.
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