Wilh. Wilhelmsen ASA

Share Issue/Capital Change • Sep 20, 2017

Wilh. Wilhelmsen Holding ASA: Wilhelmsen majority shareholder in NorSea Group

Wilh. Wilhelmsen Holding ASA: Wilhelmsen majority shareholder in NorSea Group

With effect from 26 September 2017, Wilhelmsen increases its

shareholding in NorSea Group from 40% to approximately 72%.

Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS will

hold approximately 12% each, while management in NorSea

Group controls the remaining 4%. Following the transaction,

Wilhelmsen will buy a small portion of management controlled

shares.

The increased shareholding passed the Norwegian Competition

Authorities 20 September 2017 and the transaction will take

place 26 September.

"We wish to have an exposure towards the energy market,

primarily oil and gas, but also the offshore wind industry,"

says Thomas Wilhelmsen, group CEO of Wilhelmsen. "With an

increased shareholding, we look forward to continue to

develop NorSea Group and be an active player in the oil and

gas industry."

Total consideration for the Wilhelmsen's additional 32%

investment in NorSea Group is NOK 545 million (USD 70

million). The investment is financed through existing

liquidity and funding reserves.

Wilhelmsen originally acquired 35.4% of the shares in NorSea

Group in July 2012, and increased to 40% ownership in April

2014. Wilhelmsen's equity investment in NorSea Group had a

book value of USD 93 million at the end of the second

quarter 2017. In addition, Wilhelmsen has USD 18 million in

shareholder loans to NorSea Group.

With effect from the fourth quarter 2017, NorSea Group will

be reported as a subsidiary in the Wilhelmsen group

accounts. Total income, cost and balance sheet items of

NorSea Group will then be consolidated on a 100% basis, with

non-controlling interests deducted on a net basis. NorSea

Group has previously been reported as associate in the

Wilhelmsen group accounts.

As part of the transaction, Nils P Dyvik will step down as

chair and leave the helm to Jan Eyvin Wang.

About NorSea Group

NorSea Group provides supply bases and integrated logistics

solutions to the offshore industry. The group and its

associates and joint ventures operate nine supply bases

along the coast of Norway, as well as supply bases in

Denmark and the UK. In 2016, NorSea Group had total income

of USD 292 million, net operating profit of USD 46 million

and a net profit after minority interests of USD 31 million.

By the end of 2016, total book assets were USD 668 million,

book equity was USD 212 million and net interesting debt was

USD 337 million.