Zhevaho Creating Shipbuilding Company Together With Norwegian-Based Bergen Group

The Zaliv shipyard (Kerch), which is owned by businessman Kostiantyn Zhevaho, will become the co-owner of two businesses belonging to Bergen Group ASA (Norway), the Kommersant Ukraine newspaper writes in an article. According to the article, the two parties are establishing a new joint stock company, in which the Zaliv shipyard will own a 51% stake worth USD 18.2 million.

Bergen will contribute the factories Fosen and BMV to the joint venture. After conclusion of the transaction, the two shareholders will jointly contribute NOK 50 million (USD 8.36 million) to the working capital of the new company for its further development. In addition, the company will receive about USD 40 million for financing construction of ships. The transaction is expected to be concluded before the end of the year, after approval by the antimonopoly authorities and third parties.

"The strategies for development of our companies coincide. The Norwegians were looking for a reliable partner in design and production of hulls and we are a company that engages in content provision and works directly with the customer," the Zaliv shipyard’s supervisory board head Mykola Kuzmenko said, commenting on the deal.

Bergen Group was founded in Norway in 2002 as a result of the merger of more than 20 companies. It specializes in three areas: offshore, shipbuilding, and services. The shipbuilding division of the company owns two factories: Fosen and BMV, which engage in outfitting of ships and installation of engines, electronic equipment, and other equipment.

The Zaliv shipyard was built on the shores of the Kerch Strait in 1938. For the past six years, the company has annually produced 5-6 hulls of ships for the oil and gas industry. It has its own design office. The Zaliv shipyard first began cooperating with Bergen Group in 2011, when it placed an order with the Zaliv shipyard for construction and outfitting of the hull of a vessel designed to service drilling platforms.

Adapted from cfts.org.ua