(Lysaker, 8 May 2014) Wilhelmsen Maritime Services has signed a letter of intent with the Nordic private equity fund FSN Capital.

The letter of intent will establish a joint venture within engineered solutions, equipment and services to the maritime and offshore markets currently trading under the business area Wilhelmsen Technical Solutions

The new company, to be owned 50% each by Wilhelmsen Maritime Services (WMS) and FSN Capital, comprises the business within HVAC, insulation, electrical and automation including the brands Callenberg, TI Marine Contracting and newly acquired IES Ltd. The new company, to be established on book value, had an annual revenue of USD 203 million in 2013 and will employ some 1 000 people in 15 countries.

"To be able to expand our business within HVAC, insulation, electrical and automation to the next level, we have decided to establish a joint venture with FSN Capital," says Dag Schjerven, president and CEO of Wilhelmsen Maritime Services. "Combining our excellence within engineered solutions, equipment and services towards the maritime and offshore markets with FSN Capital's experience related to developing and globalising industrial enterprises, will enable us to continue to develop the business and take our share of the expected market potential. The new joint venture will provide a sound platform enabling the necessary flexibility, resources and competence to realise further growth."

"It's a privilege for us to enter into this partnership with WMS," says Frode Strand-Nielsen, managing partner of FSN Capital. "We believe the joint company will benefit from the combination of Wilhelmsen's more than 150 years of heritage, WMS' leading global position within maritime services and FSN Capital's experience of growing and developing mid-sized international service businesses."

The ambition is to set up the new joint venture within the end of the second quarter.

"The new company will create a solid foundation to continue our customer focused strategy and a platform for capturing market opportunities when they arise.  Our aim and aspirations is 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 joint venture to be headquartered in Gothenburg, Sweden.

The remaining solution area Safety, including fire suppression and prevention (Unitor, Maritime Protection and NOxCare brands), will continue to be owned 100% by Wilhelmsen Maritime Services.

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)

Frode Strand-Nielsen, Managing Partner, FSN Capital
+47 917 31 364 (mob)

Wilhelmsen Maritime Services is a Wilh. Wilhelmsen group company. It occupies a leading position in the maritime service industry and works through three business areas; Wilhelmsen Technical Solutions, Wilhelmsen Ship Management and Wilhelmsen Ships Service offering shipyards, owners, charterers and management companies a comprehensive range of engineered solutions, products and services that significantly improve customers' operational efficiency. For further details,
see www.wilhelmsen.com/maritimeservices

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