9 May 2023 – HAV Group ASA has agreed to the principal terms of an agreement to acquire Undheim Systems AS, which is a provider of dynamic positioning (DP) systems for vessels. The planned technology acquisition is a strategic move that accelerates HAV Group's plans to offer digital functionality that meets the global maritime market's needs for decision support tools and autonomous ship operations.
“HAV Group already provides digital decision support systems to vessels in order to cut operating expenditure and emissions to air. By adding DP capabilities to our product portfolio, we will be able to provide an even more complete data-driven and digital offering for cost-efficient vessel operations. Moreover, we obtain an important building block to help make safe and reliable autonomous sailing capabilities a reality,” says Gunnar Larsen, CEO of HAV Group.
ABOUT UNDHEIM SYSTEMS
Dynamic positioning (DP) is a computer-controlled system that automatically maintains a vessel's position and heading by using its own propellers and thrusters. Undheim Systems AS has successfully developed a highly flexible and competitive DP system for vessels of all sizes, including even the smallest workboats.
So far Undheim Systems has delivered its DP systems to approximately 60 vessels, which include fishing vessels, workboats and service vessels in the fish farming industry, and others. The company has a solid order backlog for its DP product, JPOS.
Undheim Systems is founded and owned by Stein Magnus Undheim, who is a respected DP expert in the maritime community. The company is headquartered in Egersund, Norway. In 2022, Undheim Systems delivered revenues of NOK 4 million and an EBIT of NOK 0.7 million.
HAV Group’s intention is to integrate Undheim Systems’ specialist competence and DP technology into the group’s Energy Design and Smart Control business area, which is headed up by Norwegian Electric Systems AS. The business area already has a broad product portfolio of intelligent vessel navigation, automation and control systems, as well as an office in Egersund which the Undheim Systems team will co-locate with.
By combining HAV Group’s smart navigation system, Raven INS, with Undheim Systems’ DP technology, HAV Group can provide solutions that control vessels at all vessel speeds and enables semi-autonomous functionality.
“There is a very exciting opportunity in combining HAV Group’s vessel navigation systems with our DP technology. The combination is an obvious plug-and-play solution that we can offer to today’s vessels, for both retrofit installations and newbuilds. In addition, the combination can provide an important piece of the jigsaw towards autonomous vessels. The delivery of automatic docking systems for ferries is an obvious first step. We look forward to exploring these and many other growth opportunities as part of HAV Group,” says Stein Martin Undheim, managing director of Undheim Systems.
Undheim Systems is a supplier of software and system design for DP operations.
“Many customers ask us to combine DP systems with our own vessel navigation system when supplying smart control systems for vessel. Until now we have had to acquire DP systems from third-party suppliers. Going forward we can provide a fully integrated solution. This will benefit both HAV Group and our customers,” adds Gunnar Larsen.
TRANSACTION TERMS
HAV Group ASA has agreed to acquire 100 percent of the shares in Undheim Systems AS. The consideration for the purchase includes both shares in HAV Group ASA and a cash amount.
The transaction is subject to customary closing conditions, satisfactory due diligence, and final transaction documentation. Closing of the transaction is expected in June 2023.
(ENDS)
For further information, please contact:
Gunnar Larsen, CEO
gunnar.larsen@havgroup.no
+47 901 05 694
About HAV Group | www.havgroup.no HAV Group and its subsidiaries (together: “HAV Group”) is an international provider of technology and services for maritime and marine industries. HAV Group has several decades of industry experience, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions. HAV Group ASA is listed on Euronext Growth under the ticker code HAV.