Saevik is looking to float the maritime technology company on the same exchange as the family’s shipowning firm Havila Shipping trades.

Saevik explains in a statement that the float will improve the prospects of further internationalisation and growth for Havyard Group.

The IPO will involve both the sale of shares to raise fresh capital and the secondary sale of stock presently controlled by Saevik’s Havila Holding.

"Our family has broad interests in the offshore supply industry,” said Saevik, who attempted to buy Aker Yards in 2008 while it was listed on the Oslo Stock Exchange.

“In light of this, and because we see that we need to optimise the conditions for continued growth for Havyard Group, both on technology and ship equipment, we choose to reduce our ownership.

“Havyard has a significant potential for growth, but the further development of the company requires more than we as a family company have the possibility to contribute.”

Reports in Norway indicate the family will control around 33% of Havyard after the IPO.

Oslo a hot ticket

Confirmation of the plan, which was shelved after the global financial crisis struck in 2008, comes at a time when shipping is enjoying a renewed lease of life in the capital markets.

Three shipping companies, Ocean Yield, Western Bulk and BW LPG, raised almost $500m from IPOs on Oslo’s main bourse last year. Avance Gas is set to join the same exchange before Easter.

Natural development

Geir Johan Bakke, chief executive of the Havyard Group, said: "It is a natural development. We have seen fantastic growth under the ownership of the family company Havila and with Havila Shipping as a major client.

“Now, we will open up for a diverse ownership and increase our appeal to a variety of Norwegian and international shipping companies.”

Havyard recorded a profit of over NOK 700m ($115.74m) during the past five years. This continued an improving trend which has seen revenue shoot up from NOK 500m in 2000 when Saevik bought the shipbuilder Kvaerner, to NOK 2bn in 2012.

Charted territory

 

Offshore legend Saevik has taken three offshore shipowning companies to the exchange in his long career.

His son Njal told TradeWinds in August 2008 that an IPO for Havyard was being considered and discussions had taken place on the move.

A month later Lehman Brothers collapsed and the global financial crisis began.

Saevik senior floated Saevik Supply in 1996 and Havila Supply in 1998.

Both were bought by international offshore operators, the former by US-based Trico and the latter by France's Groupe Bourbon.

Havila Shipping was founded in 2003 and floated in 2005. Today it boasts a market capitalisation of NOK 1.1bn.

Havyard today has one shipyard in Leirvik, Norway, at the mouth of Norway`s and northern Europe`s longest fjord, the Sogne Fjord.

According to Clarksons, Havyard his presently building vessels for owners including Havila, Maersk Supply and Femco.

Havyard has an order backlog worth NOK 3.25bn ($540m) covering nine vessels for delivery this year and next.

The orderbook comprises four offshore support, three fishing and two windfarm service vessels.

Havyard Group four business areas comprise Ship Technology, Design & Solutions, Power and systems and MMC Fish Handling and Refrigeration. It has 700 employees, of which 600 are in Norway.