Revealed: reason behind GripShip and Johnson Marine’s service boat joint venture

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A planned move into international markets is behind the new partnership between service vessel companies GripShip and Johnson Marine, Salmon Business can reveal. 

The pair announced they are to combine their wellboat businesses through a jointly held parent company, AquaShip on Monday.

Pushed by SalmonBusiness to explain why two rivals have decided to unite, According to Sverre Taknes, Managing Director of Gripship, said:  “We have known each other for a long time. The way the companies and the market have evolved, it was natural for us to take a big step forward.”

Taknes said the goal is to raise NOK 225 million, around around 23 million euros, and the financing process will be led by Sparebank 1 Markets. According to Taknes, the owners will own a large portion of the shares in AquaShip.

AquaShip will boast a fleet of 18 wellboats and will cover The Hebrides, Shetland, Orkney Islands, Ireland, Iceland, Spain and Chile.

“In addition, the new company seeks expansion in existing geographic markets and within different service segments. With access to the capital market, the company can also seek positions in Norway, and not least within other segments such as feed transport or other areas of growth,” concluded Taknes.