New long-term financial solution ensured for Kleven

Kleven has come to an agreement with Hurtigruten and Kleven’s banks on a financial solution that ensures a satisfying liquidity for Kleven Verft AS’ long-term operations.

“This is a very good solution for us, providing us  the space needed to focus on constructing some of the worlds most advanced ships and to prepare Kleven for future growth. It ensures continued employment at a cornerstone company in Ulsteinvik and an important part of the maritime cluster in Sunnmøre,” says CEO Karsten Sævik in Kleven.

The solution implies that the Hurtigruten-owned company KVE Holding AS takes over one hundred percent of the shares in Kleven Verft AS, Kleven Maritime Contracting AS and Kleven Maritime Technology AS.

The present owners keep the rest of the shares in the Kleven companies, including Myklebust Verft AS.

This new financial solution provides a liquidity supply of up to 600 million NOK, consisting of contributions from owners, costumers and banks.

Myklebust Verft AS will in a transition phase make use of administrative services that Kleven Verft AS historically has exercised for the company. Ongoing projects at Myklebust Verft will still have access to resources from Kleven Maritime Contracting AS and Kleven Maritime Technology AS.

Strengthens Kleven for further growth

Investors bringing in NOK 300 million in new funds to the company.

Hurtigruten and its owners, Petter A. Stordalen and TDR, will be the largest partner in the newly established company, with a 40% share. Of its current owners, John Kleven AS and H-Invest AS are bringing new funds to the company. In addition, the group of investors consists of Åge Remøy and Magnus Roth’s InYard Invest, Lürssen-Group, and Per Lillebø.

“It has been important for us to bring in new investors with an industrial, long term perspective, and with a shared ambition to further develop Kleven to be a world leading shipbuilding group,” said Kjersti Kleven, Chair of the Board of Kleven.

Kleven is currently building the world’s most environmentally friendly expedition vessels – hybrid powered MS Roald Amundsen and MS Fridtjof Nansen for Hurtigruten.

“Kleven was the best candidate for building our new expedition vessels. This shows that the shipbuilding group is world class. Now we are strengthening Kleven, the region and Norwegian shipbuilding industry for the future and this permits further growth,” said CEO of Hurtigruten, Daniel Skjeldam. 

In addition to being one of the new investors, Lürssen – one of the world’s leading companies for design and building of superyachts - earlier this year also entered into a longterm cooperation agreement with Kleven. 

“We are pleased to see the interest there has been in investing in Kleven. This is a solid and longterm solution, creating opportunities for new and innovative projects,” said CEO of Kleven, Ståle Rasmussen.

The refinancing process is now close to completed, with some formal conditions pending, including final approval from the company’s banks and GIEK.