Njord Aquashipping acquires a North Norwegian wellboat business

Njord Aquashipping acquires a North Norwegian wellboat business

Buying their second well boat in less than a month.

In February, the shipping company Njord Aquashipping was established by Frøy Kapital in connection with the purchase of the well boat Njord Pioner. The combined 1,500 cubic meter well and flotation vessel is now being completed at Cflow in Langevåg and will be put into operation on 1 May.

Just under a month later, the shipping company has bought its second vessel, a 2,800 m3 well boat which is now being built at the Turkish Sefine Shipyard. The boat was designed by NSK Ship Design and, like the Njord Pioner, gets an equipment package from Cflow. Expected delivery of the vessel is Q2 2024. The well boat is contracted by Husøy Investeringselskap, which is owned by NSK Ship Design and the fishing boat company Husøy Fiskeriselskap, which in turn is owned by Senjen Invest and Ervik Gruppen. They jointly established Husøy Investeringsselskap in 2022.

- We have bought the construction contract along with Husøy Investeringsselskap AS. Over several years, we have had positive experiences and good cooperation with the initiators of this wellboat project. It provides security for the investment, says Tomas Okstad, Investment Director at Frøy Kapital, which is behind the shipping company Njord Aquashipping.

Chairman of Husøy Investeringsselskap, Rolf Bjørnar Tøllefsen, confirms that personal relationships and experiences from previous collaborations have been decisive for the sale to Njord Aquashipping. At the same time, he acknowledges that the proposal to introduce ground rent tax has contributed. Early in October last year, he announced that Husøy Investeringsselskap raised the options on the construction of two further well boats.

- The tax proposal torpedoed our master plan to start a well boat shipping company in northern Norway. We are very satisfied with the agreement with Njord Aquashipping, which enables us to continue the good cooperation we have had with talented personalities with whom we enjoy company, says Tøllefsen.

The proposal to introduce ground rent tax was well known when Njord Aquashipping was established and bought Njord Pioner. The managing director of Frøy Kapital, Roger Granheim, believes that the wellboat market is nonetheless interesting.

- There are several solid players in the market and the competition is strong, but Njord Aquashipping builds on over 20 years of experience in the industry and we expect exciting opportunities in the future.