Equity strengthened by NOK200 million

 
 
May 2010: Sartor Offshore’s equity is increased by NOK200 million through a private placement and conversion of loans. Øgreid AS in Stavanger is the largest shareholder in the company. By this, Sartor Offshore significantly strengthen its prospects in the offshore market.
By strengthening the equity from approx. NOK100 million to approx. NOK300 million, we are able to deal with opportunities that eventually have become visible subsequent to the financial crisis. We have secured a solid equity, which is crucial to realise the opportunities ahead, “says CEO Roy Wareberg in Sartor Offshore.
Sartor Offshore has since 1988 has been a major actor in the marked for offshore vessels, both nationally and internationally. The company has 550 employees and manages 24 vessels, which of 20 are wholly or partly owned.
The industry has been through a period of low activity. We notice that the market is evolving, and experience shows that opportunities arises after a weak period, says Wareberg. He aspires growth and development through renewal of the fleet, and the acquisition and construction of vessels tailored to future challenges in the offshore market.

Renewal is important if you want to maintain a position as the preferred supplier. This applies both with regards to customers and to employees on vessels, Wareberg says.
Newbuilding Ocean Alden, to be delivered in spring 2011, will enter a 10-year contract with GdF Suez, and we are also looking into other opportunities.
As a result of the transaction, Øgreid AS holds, as the company’s largest shareholder, 67.6 percent of the shares. Sartor Shipping reduces shares in Sartor Offshore to 30 percent.
Sartor Offshore is headquartered at Sotra, west of Bergen, and also has a subsidiary in Aberdeen with a fully operational organisation with 15 employees.

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