Milestones

Maritime safety equipment manufacturer and global service provider VIKING Life-Saving Equipment A/S has announced it has acquired Norsafe, the Norwegian boatbuilder whose lifeboats are used throughout the world. The acquisition is in line with VIKING’s long-running strategy of putting the customer’s needs and priorities first.

Established in 1903, Norsafe produces a full range of free-fall lifeboats and fast rescue boats with davits and have supplied over 28,000 lifeboats to the global ship market over the years. Its advanced lifeboat products are manufactured in accordance with the latest SOLAS requirements and approved by national and certifying authorities for both ships and offshore use.

VIKING consistently puts the customer first, ensuring the company’s products and services are a close fit to the market and the acquisition is yet another step forward for thousands of VIKING customers around the world, who now stand to benefit from the world’s most complete range of lifeboat, hook and davit products. And it is the strongest signal to date that VIKING is firmly committed to provide a complete safety offering that also includes the best range of lifeboat products and services – a focus that initially saw VIKING acquire the company behind the innovative and now widely installed Nadiro lifeboat Drop-in-BallTM hook, now known as VIKING Nadiro.

The synergies behind Norsafe’s entry into the VIKING group are plain to see, and not just because both companies are Scandinavian-based. In fact, they share virtually identical missions, both aiming to keep people safe and leading their respective markets through constant innovation.

“This is a very close operational and cultural fit,” commented VIKING CEO Henrik Uhd Christensen. “Like VIKING, Norsafe has been family-owned for generations, which creates strong and lasting relationships with customers – and it places the same emphasis on quality, on the use of advanced materials and on technological innovation as we do.”

With the Norwegian manufacturer’s 24/7 service network providing lifeboat maintenance from over 300 ports worldwide, the Norsafe acquisition adds further fuel to VIKING’s focus on answering new demands for full-scope solutions by providing the world’s most comprehensive safety solutions, encompassing everything from products and services – including long term Shipowner Agreements - to design, installation and training. And VIKING expects new efficiencies to be won not just from integrating the two companies’ product lines and widening customer choice, but also from leveraging complementary supply chain and production capabilities.

“Adding Norsafe’s current network to VIKING’s extends our already impressive global reach,” says Henrik Uhd Christensen. “And on the training side, with Norsafe’s specialized centres in Norway and Greece offering product and STCW courses, VIKING’s training arm will also receive a boost to its ability to help vessel and offshore asset owners manage crew competencies.”

Norsafe’s CEO, Dag Songedal, is looking forward to becoming part of the VIKING group. “Under the VIKING umbrella, we are creating a more robust and more capable business model that will ensure we can continue to advance our ability to protect people at sea with compelling lifeboat solutions. The safety equipment industry is consolidating to offer shipowners and offshore asset owners greater economies and efficiencies of scale.”

The parties have agreed not to disclose the sales price, and closing is expected October 1, 2018.