NorSea expands wind power business via Danbor's buy

Apr 2, 2014 - Norwegian logistics and terminal services provider NorSea Group AS said today it has acquired Danish peer company Danbor AS in a bid to expand its presence on the wind power market.

The seller is Denmark-based shipping and logistics firm AP Moeller - Maersk A/S (CPH:MAERSK-B). In a separate statement it explained that the deal, financial details on which were not disclosed, involves Danbor's core activities -- logistics and services for the wind and oil and gas industries.

Danbor has been operational since 1974. Within the wind power industry it has contracts related to logistics operations and the repair and maintenance of both off- and onshore wind turbines. The target company's total revenue in 2013 surpassed DKK 500 million (USD 92m/EUR 67m).

NorSea is Norway’s leading supplier of base and logistics services to the oil and gas industry with offices in Aberdeen, Scotland and Perth, Australia. It is now looking to increase its focus on wind energy-related activities. Overall, the Danbor acquisition will boost NorSea's presence in Denmark and the UK and will expand its workforce by 370 employees, the company said.

(DKK 10 = USD 1.846/EUR 1.340)

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