Norwegian shipping group Wilhelmsen announced plans to redesign the group’s portfolio, moving from its existing oil and gas activities to focus on renewables
As part of the Group’s new structure, three business sections – New Energy, Maritime Services and Strategic and Financial Investments – will be set up.
The group said it is targeting US$500M in investments in renewable energy over the next five years and chief executive Thomas Wilhelmsen said, “Our strategy is very clear, we will contribute to the energy infrastructure transition and be an active player in decarbonisation.”
“In addition to accelerating the transition of our existing businesses, we will invest in new businesses with the long-term aim of shifting from mainly oil and gas-related activities to mainly activities related to the renewables sector. We foresee up to US$500M in new business investments related to the renewables segments over the next five years and expect to invest on our own, together with partners, and utilise the capital market.”
New Energy will be headed up by Jan Eyvin Wang, currently senior vice president for strategic investments. The segment is a continuation of several years of exploring renewable opportunities including the establishment of offshore wind activities through NorSea Wind, Edda Wind and Elevon, and latest the hydrogen vessel concept Topeka.
Mr Wilhelmsen explained that the shift to a segment-specific structure is driven by the coming shift from oil and gas to renewables and changing customer needs.
“The speed of change and investments needed requires a dedicated focus to capitalise on the opportunities which will arise. We will obviously build on our existing competencies, indepth knowledge of the maritime industry, and what differentiates us from many players in the market, while exploring new opportunities and new partnerships. We want to establish a strong growth platform for solutions that will contribute to decarbonise our industry” he said.
Maritime Services will be headed by current Wilhelmsen Ship Service president Bjørge Grimholt, and is expected to explore organic and horizontal growth of marine products, ship agency, and ship management over the next three to five years. Mr Grimholt will also become member of the group management team.
The final segment – Strategic and Financial Investments – includes shareholdings in Wallenius Wilhelmsen, Treasure ASA/Hyundai Glovis, Qube and the group’s liquidity portfolio.
The Group’s quarterly results starting from Q1 2021 will reflect the new segmentation.
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