Aquaship | Intership acquires FSV to drive shared growth, development, and innovation in Norwegian and global aquaculture. Together, the companies boast cutting-edge technology, a fleet of 60 vessels, and 1,000 employees.

KRISTIANSUND, HAREID, and MOLDE: Aquaship AS | Intership AS (“Aquaship | Intership”) through its majority owner, funds advised by American Industrial Partners (“AIP”) have acquired FSV Group AS (“FSV”). Together, the companies form the world’s second-largest maritime service provider for the aquaculture industry, offering a comprehensive suite of services and vessels tailored to meet the industry’s evolving needs, including transportation, treatment, feed distribution, harvesting and site services.

“We are an excellent match as our companies share a similar mindset and are built around a culture of innovation, creativity, and solving real-world challenges and opportunities for the industry. At the same time, we each specialize in different segments of the service industry and global markets. Now combined, we are able to deliver even more vessel types and services while maintaining the same high quality,” says Ole Peter Brandal, CEO of Aquaship | Intership.

The merger brings together three companies with market-leading expertise, unique resources, and advanced technological solutions for the aquaculture industry. The group will maintain its main bases in Hareid, Molde, and Kristiansund, located in Norway’s Møre og Romsdal region.

The combined companies will operate a fleet of 60 vessels, with eight additional vessels currently being built. More than 1,000 employees will work across Norway, Chile, the United Kingdom, Ireland, Canada and the Faroe Islands.

“We are positioning ourselves for growth across the full spectrum of innovative technology and know-how across each of the critical services that the aquaculture industry increasingly demands worldwide. With global innovation hubs continuing to develop solutions to improve aquaculture vessel operations and resulting farmer production volumes and yields, but now with one of the industry’s largest network of vessel types and geographies to collaborate across, we will keep striving to anticipate and exceed customer expectations. This combination moves us still farther ahead of the curve,” says Arild Aasmyr, CEO of FSV.

FSV has developed a new groundbreaking concept for premium service vessels and operates a world-class, modern fleet. Intership has built one of the world’s most advanced wellboat fleets and has positioned itself as an innovative player through the use of fish-friendly freshwater treatments for sea lice and gill diseases. Aquaship, which merged with Intership just a year ago, is the only company today owning and operating

vessels across all four main segments of aquaculture services with global presence.“Over the past year, the team at Aquaship and Intership have worked closely to deliver exceptional service for our customers. Now, we look forward to collaborating with the FSV team to create a highly complementary combination that will enable us to further support our customers as a key infrastructure partner in all manners of their aquaculture operations. This is an exceptional global platform in a rapidly growing and evolving industry,” says Alex Schukin, a partner at AIP.

Per Olav Myrstad, Chairman of FSV and co-founder of the company alongside Endre Brekstad in 2011, expressed great satisfaction with the combination.

“We have grown to a size where taking the next step requires even greater resources, capacity, and expertise. After thorough evaluation of different options, we believe this is the optimal way to offer our customers an even broader and better range of services while ensuring our employees have exciting career opportunities and room for growth,” says Myrstad.

Ole Peter Brandal will continue as CEO of the group, while Aasmyr will remain CEO of FSV. The three companies are actively seeking more employees, both onshore and at sea.

“There are synergies and economies of scale that strengthen our competitiveness. But this isn’t about reducing headcount. Quite the opposite—we need more people both in Norway and globally. The main reason for joining forces is to provide customers with a better offering. Additionally, this creates many more exciting career opportunities for our employees,” says Aasmyr.

Arctic Securities has acted as financial advisers to the sellers.
DNB Markets acted as financial advisor to AIP in connection with the transaction.

Contact Information

Aquaship/Intership
Ole Peter Brandal, CEO, Aquaship AS and Intership AS
Phone: +47 959 12 216 | Email: ole.peter.brandal@intership.no

FSV Group

Arild Aasmyr,CEO FSV Group
Phone: +47 997 10 626|Email: arild.aasmyr@fsvgroup.no

About AquaShip | Intership:

AquaShip | Intership is a global shipping company specializing in aquaculture, headquartered in Kristiansund and Hareid. The company provides a comprehensive range of maritime services to some of the world’s largest salmon farmers and operates a diverse fleet covering all key segments within aquaservice. With approximately 700 dedicated employees and a modern fleet of 36 vessels, the company offers services through live fish carriers, feed carriers, harvest vessels, service vessels, and utility vessels.AquaShip | Intership has a strong presence in Norway, Scotland, Chile, Canada, and Ireland, with a strong goal of being a market leader in fish welfare. Through a high-tech fleet equipped with

innovative and modern systems, the company delivers safe, environmentally friendly, and sustainable services. AquaShip | Intership’s combination of technology and expertise makes it a trusted partner across the entire value chain.

About FSV Group AS

FSV Group was founded in 2011, with its headquarters in Molde, Norway, and is now a leading player in premium service and process vessels. The company operates 23 vessels, has five under construction, and employs 280 people. FSV operates vessels in Norway, Eastern Canada, Scotland, and the Faroe Islands. The company has also taken a leading position in hybridizing its fleet, with over 80 % of the fleet set to be hybridized upon delivery of the latest vessels in its construction program. Since launching its first vessel in 2013, FSV has achieved organic growth within the aquaculture services segment, built on close and long-term relationships with all major salmon producers. For more information, please visit www.fsvgroup.no.

Before the acquisition, FSV Group AS was owned by the following entities: Lapas AS (33.5%), Holta Invest AS (33.3%), Pexmar AS (17.4%), Other shareholders (15.8%).

About American Industrial Partners

American Industrial Partners (“AIP”) is an industrials investor, with approximately $17 billion in assets under management. AIP is distinctively focused on industrial businesses across end markets that include: aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals & mining, and transportation, among others. AIP looks to generate differentiated returns by investing in quality industrial businesses with strong management teams and working with those teams to implement comprehensive Operating Agendas to build long-term value. Current AIP portfolio companies generate aggregate annual revenues of approximately $26 billion and employ approximately 74,000 employees as of September 30, 2024.

www.americanindustrial.com

Aquaship/Intership continues its commitment to growth. The company has contracted a new battery-hybrid wellboat, equipped with high-tech solutions to reduce emissions and ensure gentle and efficient fish handling.

“This boat will be a fantastic addition to what is already one of the world’s most modern fleets,” says Ole Peter Brandal, CEO of Aquaship / Intership.

Aquaship / Intership has 700 employees, with operations in Chile, Scotland, Ireland, Canada, and Norway. The company has its headquarters in Kristiansund and Hareid.

The new wellboat, with a capacity of 4000 m³, will be the 41st vessel in the company’s fleet. The wellboat will be a battery-hybrid, with a significant battery pack, and will be equipped with a specially designed reverse osmosis system.

“We see and hear what our customers need, and we invest in boats that meet both today’s and tomorrow’s demands. There are new and ever-increasing requirements for fish health, fish welfare, and environmental and climate emissions. I am proud that we are investing in the best wellboats on the market that deliver on these aspects,” says Brandal.

The boat is designed by Norwegian Salt Ship Design and built by the Spanish shipyard Zamakona in Bilbao, which has previously built two wellboats for Aquaship / Intership. MIL Shipping has facilitated the contracting.

“It requires a great deal of knowledge and experience to build state-of-the-art wellboats. We work with partners we know well and who we know deliver the best available technology on the market. The boat will also have lots of Norwegian equipment ” says Brandal.

Focus on Fish Health
Aquaship / Intership has been a leader in the development of freshwater treatment for lice and AGD (amoebic gill disease) using reverse osmosis for many years. The company has accumulated extensive operational experience from freshwater production and treatment. The new boat will have a large reverse osmosis system with a capacity of 10,000 m³, as well as being prepared for combination treatment.

“With this system, we can fill the boat with self-produced freshwater in half a day. The treatment scores very well on all welfare indicators, and the fish start feeding immediately after treatment. This provides economic, welfare, and environmental benefits,” says Brandal.

The battery-hybrid technology ensures optimal energy efficiency, significantly reducing both the carbon footprint and environmental impact.

“These are important advancements and investments to make now. To deliver the best possible services to our customers for many years to come, we need to cut emissions faster and better,” says Brandal.

Investment with New Owners
The new wellboat is the first to be contracted in the industry since the company last contracted two boats in 2022. Recently, it was announced that Aquaship / Intership is purchasing another state-of-the-art wellboat, “Bjørg Pauline,” from Nordlaks. This expansion comes after Aquaship / Intership merged in December and brought in American Industrial Partners (AIP) as the largest owner.

“We have a clear growth strategy in Norway and internationally. For us, it is both necessary and important to continue investing to deliver on what the market needs ahead. Therefore, we depend on investing in the best boats and the very latest technology. We are very pleased to have owners who make this possible,” says Brandal.

About Aquaship/Intership:
AquaShip / Intership is an aquaculture service conglomerate with headquarters in Kristiansund and Hareid, offering a comprehensive set of maritime services to the world’s leading salmon farming companies. With a fleet consisting of 40 different vessels, including wellboats for live fish, support vessels, harvesting boats, feed boats, service boats, and three new boats under construction, the company has a significant presence in Norway, Scotland, Chile, Canada, and Ireland. The company aims to be a market leader in fish welfare, offering services throughout the entire process from smolt to grading, treatment, and harvesting. Through its high-tech fleet, equipped with innovative and state-of-the-art systems, AquaShip / Intership ensures safe, environmentally friendly, and sustainable handling and transport of live fish.

Aquaship/Intership purchases the state-of-the-art well-boat MS “Bjørg Pauline” from Nordlaks. The vessel is leased back to Nordlaks, and all employees are offered continued employment.

Intership, held a naming ceremony for one of the market´s most advanced well boats “Inter Scotia” on Saturday January 27. The well boat is the second of two newbuilds from Zamakona Yards Bilbao. “Inter Scotia” is designed by Salt Ship Design, is a battery hybrid vessel and has a well capacity of 2,500 m³.

“Inter Scotia” is designed with a focus on promoting good fish welfare, fish handling and biosecurity. The fish handling system is provided by MMC First Process and the vessel is equipped with a high capacity freshwater production system, capable of producing 5,000 m³ of freshwater per day, for fish treatment.

In conjunction with the naming ceremony, Intership invited locals and visitors to an open vessel, with great success. There were guided tours on-board “Inter Scotia”, brass-band music and gifts for the children. The vessel´s godmother is Juliana Brandal, who is the wife of Intership´s CEO, Ole Peter Brandal.

Following the naming ceremony, invited guests were taken aboard “Inter Scotia” for a short voyage, and afterwards, the vessel went directly to Myklebust yard for installation of the latest delousing system, FLS Caligus R600. The combination of freshwater bath and flushing fish through the FLS system is a very efficient and gentle way to remove sea lice and gill infections in the same operation.

“This is the second naming ceremony we have arranged in less than a year, and we are delighted that we have had the opportunity to hold both at our “home ground”. The importance of showcasing our boats and talking about our operation to the local community around us is substantial. Naturally, it is a great pleasure that the “open ship” led to several hundred people coming aboard to look at the boat, the equipment, and to talk with the crew and staff. As I have mentioned many times before, our region is world-leading within our segment and it is important for us to create awareness around this, highlighting the opportunities that lie within the well boat industry and the aquaculture industry in general,” says CEO Ole Peter Brandal.

The last week, Intership has been part in organizing an Innovation Camp for 10th graders in Hareid. This is part of the learning and industry project under the auspices of Vekst i Hareid.

The students have been divided into groups which, during a school week, are challenged on innovation and future scenarios.

Intership together with Hareid ungdomskule, Ungt Entreprenørskap, Hareid Group and Dimo and Hareid kommune, the Innovation Camp is carried out as part of the learning and industry project under the auspices of Vekst i Hareid. 

All companies have challenged the students on different topics and we wish to thank them for the good collaboration during the week and for the good presentations!

Team Intership would like to wish all of our employees, customers and partners a Merry Christmas and a Happy New Year. All the best for 2024!