Overseas Shipping AS was founded in 1976 and has a proven track record and a solid position in the Norwegian logistics market. From their five offices located near to their customers, Overseas Shipping offers air and sea freight forwarding, liner shipping, time- and voyage chartering. The company generated a turnover of 137.1 million NOK (25.6 million CHF) in 2004 and has a staff consisting of 36 employees. Several major oil and gas producing and exploration companies are included among the top customers of Overseas Shipping. The Overseas group also has considerable experience in worldwide project logistics.
An exemplary bolt-on acquisition
"After many years of successful cooperation, this integration represents a logical step forward and supports our strategy to grow organically and through selected bolt-on acquisitions," says Panalpina's President & CEO Bruno Sidler. "It will allow us to further integrate and expand our network, remain market leader in the oil and gas industry and raise entry barriers for our competitors. We will be in a position to offer our global oil and gas customers even more attractive transport and logistics services by taking advantage of the additional synergies generated by a full integration of Overseas' talented workforce and network."
Tore Ruud, former co-owner and Managing Director of Overseas Shipping, considers Panalpina, "The best possible partner to join forces with. During our nine years relationship we have successfully cooperated with each other, interlinked our networks, established a basis of trust and together have supplied many customers with innovative transport and logistics solutions. The acquisition will enable Panalpina to tap the opening potential in the oil and gas business in the northern hemisphere."
Long-term continuity ensured
Panalpina will take over the existing staff of Overseas Shipping, as well as members of senior management. Overseas Shipping will form part of Panalpina's Nordic Area; Tore Ruud will continue to act in his capacity as Managing Director. Both parties have agreed not to disclose the purchase price. The transaction (with retroactive effect from January 1, 2005) is subject to the approval of the Norwegian Competition Authorities.
