Ancala acquires a 75% interest in Fjord Base
Ancala Partners (“Ancala”), the experienced investor in critical infrastructure, today announces the acquisition of a significant majority stake in Fjord Base Holding Group (‘the company’ or ‘Fjord Base’). Fjord Base is a leading Norwegian supply base, servicing major offshore energy and renewable companies along the Norwegian Continental Shelf from founding partners Semi AS and the WIS Group. Semi AS (‘the Sellers’) are retaining a strategic interest and therefore partnering with Ancala in the future operation and development of the base.
Fjord Base is Norway’s largest supply base by area and is located at Florø on Norway’s western coast, handling 2,000 ships per year and 400 kilotons over quay per annum. The company is comprised of Fjord Base AS, which is responsible for the development, leasing, construction and management of buildings, quays and technical facilities, and Saga Fjordbase AS, the integrated logistics provider that delivers total logistics services to all customers at Fjord Base.
Fjord Base has a strong and established track record of providing critical infrastructure services to major multi-national companies with on and off-shore operations in the region and has more recently expanded its services to on and off-shore renewable energy operators, making it a key player in the energy transition in Norway. Fjord Base’s growing exposure to renewable energy is a key driving force for the company and builds on a track record which includes the provision of infrastructure services to nearby onshore wind farms, the company’s 33% ownership of a 20MW green hydrogen project being developed on site at Fjord Base and finally, its advanced plans to develop an ammonia bunkering facility at the base. The base is uniquely positioned given its deep expertise and location to further expand its services to these sectors.
Tim Power, Director, Ancala, commented:
“We are excited to be making this investment having worked closely with the vendors and management team over recent years. Fjord Base has a proven track record of delivering incremental, customer-led growth projects with major multi-national clients, and we look forward to partnering with Fjord Base’s CEO Ole and our co-shareholder Semi AS in growing the business and playing a key role in the energy transition within the region. We see substantial opportunities for the company, with an exciting future in the provision of infrastructure services to floating offshore wind developments and the investments the company is making in hydrogen, ammonia and aquaculture activities. We respect the legacy that WIS Group and Semi AS have built at Fjord Base, the calibre of the management team and staff base at the site and we thank the shareholders for the faith that they have put in us as a major future custodian of the base and member of the local Florø community.”
The Sellers, represented by Oddgeir Igland, Chairman of WIS Group, and Anders Nødseth, Chief Executive Officer of Semi AS, said:
“We are pleased to be able to realise the value at Fjord Base, which has been achieved through 38 years of hard work and a close partnership between the Igland and the Nødseth families. Ancala is a solid and competent operator, and we are convinced that together Ancala and Semi will be able to continue developing Fjord Base towards a fruitful and sustainable future – one that brings further value to Fjord Base, to Florø, and the region.”
Ole Schanke Eikum, Chief Executive Officer of Fjord Base Holding Group, commented:
“My colleagues and I are very happy to be reaching this important milestone, and look forward to working closely with Ancala in the future. Together, Ancala and Semi will be a strong and significant partnership for Fjord Base, providing experience, financial strengths, industrial competence, continuity and local anchoring.”