Norwegian technology provider HAV Group ASA has signed a letter of intent (LOI) for the acquisition of compatriot integrated automation and energy specialist Høglund Marine Solutions.
“The potential acquisition of Høglund Marine Solutions will enhance our portfolio of marine technologies and services and holds a strong strategic rationale. We have worked with the … Høglund team for years and see a significant potential in our combined international offering in the future,“ Gunnar Larsen, Chief Executive Officer of HAV Group, commented.
Høglund provides sustainable automation services and LNG fuel gas systems to the global marine industry. The company has approximately 90 employees and had revenues in excess of NOK 380 million (about $38.7 million) in 2021.
“A business combination with Høglund Marine Solutions unleashes a potential for major synergies. There is a strong strategic fit for our subsidiary Norwegian Electric Systems with complementary expertise, technology and products, especially in the global market of energy-saving digital solutions for power and automation.”
“In addition, we see a very exciting opportunity for HAV Hydrogen to utilize Høglund’s fuel gas technology to provide tomorrow’s energy systems. We believe a combined entity of HAV and Høglund will significantly strengthen our revenue and margin potential in the long term,“ Larsen concluded.
Register for Offshore Energy Exhibition & Conference: