(Lysaker, 24 June 2014) Wilhelmsen Maritime Services and FSN Capital signed a letter of intent in May aiming at establishing a 50/50 owned company. The parties decided yesterday to discontinue negotiating.

«We have decided to call off further negotiation with FSN Capital as the  process revealed different views on how to strategically develop the new entity," says Dag Schjerven, president and CEO of Wilhelmsen Maritime Services. "We will however continue to establish a new company comprising of our engineered solutions and services to the maritime and offshore markets. We will also continue to explore other ownership opportunities for the business within HVAC, insulation, electrical and automation including the brands Callenberg, TI Marine Contracting and newly acquired IES Ltd.

The company had an annual revenue of USD 203 million in 2013. When established, the company will employ some 1 000 people in 15 countries.

"We will continue working in line with our customer focused strategy and establish a solid platform for further growth.  Our aim and aspirations are to make a difference with our solutions and we are committed to shape the competitive landscape in the business where we operate," says Petter Traaholt, who will head up the new company to be headquartered in Gothenburg, Sweden.

For further information, contact
Dag Schjerven, president and CEO, Wilhelmsen Maritime Services
+47 908 37 955 (mob)

Petter Traaholt, president Wilhelmsen Technical Solutions
+47 977 31 509 (mob)

Wilhelmsen Maritime Services is a Wilh. Wilhelmsen group company. It occupies a leading position in the maritime service industry with a global network capable of serving customers in more than 2 400 ports in some 125 countries. The company offers shipyards, owners, charterers and management companies a comprehensive range of engineered solutions, products and services which significantly improve customers' operational efficiency. Each year the companies in the group deliver products and services to more than 25 000 vessels and some 200 ship yards. Wilhelmsen Maritime Services has an annual turnover of approximately  USD 1 million, employs about 6 000 people and has around 11 000 seafarers in its global crewing network.www.wilhelmsen.com/maritimeservices.

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