Bergen group (OSE: BERGEN) announced at midnight that it has agreed to divest its crown jewel Bergen group Rosenberg to Australian energy industry services provider WorleyParsons (ASX: WOR) for 1.088 billion NOK in cash including more than 200 million NOK of acquired cash. Some 650 employees work for the historic maritime and offshore industries service company in Stanvanger. They will be joining WorleyParsons, which wants to further grow the company. The completion of the acquisition is expected within this month.
While Bergen Group spins this as an opportunity the further invest in its other offshore activities, particularly Hanøytangen, the fact of the matter is that it was driven to such a decision by continuing losses in the shipbuilding unit. Nonetheless and consequently the transaction values Bergen Group Rosenberg alone significantly more than what is the current Bergen Group ASA market cap and likely above consensus. The company will provide a strategy update in connection with its interim results on February 27th.
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