Process for considering changes in the ownership structure in Secora AS is now being initiated

The Norwegian Ministry of Trade and Industry is now starting a process for considering changes in the ownership structure in the fully state-owned company Secora AS. The Ministry was granted permission to consider such changes by the Norwegian Parliament in June 2011.

- We are now starting a process based on the permission granted by the Parliament in June this year, the Minister of Trade and Industry Mr. Trond Giske says.

Secora AS is a maritime contractor fully owned by the the Norwegian Ministry of Trade and Industry. The company was established in 2005 when the Norwegian
Coastal Administration’s production unit was demerged and formed as a limited company. Secora’s head office is located in Svolvær, Norway. The company has about 110 employees and posted a turnover of about NOK 250 million in 2010.

- Secora is a commercial company operating in a fully competitive market and there are no specific reasons why the company should be owned by the Norwegian State, the Minister continues.

Alpha Corporate Fincance, based in Oslo, Norway, is the Ministry’s sole financial advisor in the process. Contact person is Mr. Erik Schwabe, Partner.

- The Ministry will carry out a professional process in cooperation with the company, Mr. Giske concludes.

Link to White Paper no. 13 (2010-2011) and Prop. 83 S. (2010-2011)