SAMSKIP has announced that it has reached an agreement with the DSD Group to acquire struggling shortsea operator Nor Lines, as it continues efforts to expand its Norwegian presence.
Following on from the recent acquisition of Euro Container Lines and 50% share purchase in Bergen-based conventional reefer operator Silver Green, the logistics firm will take on the responsibility of Nor Line’s terminal activities, warehousing and haulage services. In addition, five out of seven multi-purpose vessels owned by Nor Line, which has its headquarters in Stavanger, will be transferred under a time charter arrangement to Samskip.
The transaction, subject to approval from Norway’s competition authorities, will also see 170 Nor Lines staff stationed across the Scandinavian country employed as part of the Netherlands-based Samskip group.
Samskip chief executive Ásbjörn Gíslason, while admitting that Nor Lines’ financial performance had been disappointing in recent years, said that the company saw the acquisition as a “major opportunity”.
“We are confident that by combining our respective strengths and refocusing the business we will create synergies, improve efficiency and provide customers with enhanced services,” he said in a circular.
Samskip, currently moving about 90,000 teu annually between Norway and northern Europe, added that the combined annual turnover after the Nor Lines takeover would help it to achieve its ambition of becoming a major market player.