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    Havyard increases holding in Norwegian Electric Systems

    Company News // January 27, 2015

    Havyard Group ASA now has a 50.5 per cent ownership interest in Norwegian Electric Systems AS.

    Prior to the acquisition, Havyard Group owned 37.9 per cent of Norwegian Electric Systems AS. By purchasing shares from companies belonging to Jan Berg and Frithjof Hustig, the group is now the company's majority shareholder.

    Following the acquisition, Berg's and Hustig's companies will own 32.28 per cent and 6 per cent, respectively, of Norwegian Electric Systems AS. The remaining shares in the company are owned by other key personnel.

    At his own request, Jan Berg will start in a new role in the company, while Tor Leif Mongstad will take over as the new CEO.

    Geir Johan Bakke, President and CEO of Havyard Group, said it was "natural" for the Group to play a more active role in Norwegian Electric Systems in order to further develop the company. "Our main motivation for increasing our holding in Norwegian Electric Systems is that we want to contribute to developing even better products for our customers, whether they buy a system from Norwegian Electric Systems or a ship design or newbuild from Havyard," he said.


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