Pioneers from Hålogaland join forces with the venerable shipping company to create the world’s first methanol-powered hybrid vessel for offshore wind and subsea operations. This collaboration has the potential to generate numerous new jobs for the green offshore industry in Northern Norway.
(PRESS RELEASE)
“This is a testament to the quality of our initiatives and confirms that we are on the right path. We will now continue to build a Northern Norwegian offshore environment, and the second vessel will not be the last,” says Mats Nygaard Johnsen, CEO of Agalas.
On Monday, the news was announced in a stock exchange release from Eidesvik Offshore that the company is becoming an equity partner in the new vessel. This adds a fourth partner to the ownership trio of Ytterstad Fiskeriselskap, Kransvik Kystfiske, and NSK Holding.
Agalas emerged a year and a half ago and ordered its first newbuild desember 2022. Last summer, the company announced another vessel – this time a EUR 81.5 million investment in a new vessel for offshore wind and subsea operations.
Eidesvik Offshore is now contributing equity to this vessel and will operate the new vessel in collaboration with Agalas.
A strong partnership
For the Northern Norwegian partners, this is excellent news. Financing through SpareBank 1 Nord-Norge is in place, and the construction process at Sefine Shipyard in Turkey is underway.
“By partnering with Eidesvik, we combine the strengths of two Norwegian shipping companies, creating a world-leading vessel that integrates functionality, green technology, and highly skilled personnel,” says Mats Nygaard Johnsen.
The partnership and ambitions do not end with this vessel. Good timing and bold choices have provided Agalas with very favorable conditions at the shipyard.
Agalas and Eidesvik Offshore have four options for additional vessels:
“We will work hard to realize these options together based on our shared expertise, still with Northern Norwegian capital and knowledge. This is how we will continue to build a Northern Norwegian offshore environment, in close collaboration with our valued partners,” says Nygaard Johnsen.
Venerable Shipping Company
Eidesvik Offshore is a venerable West Coast shipping company headquartered in Bømlo, with roots dating back to 1965. The company is listed on the Oslo Stock Exchange and reported a solid quarter before Christmas with revenue of NOK 204.6 million and an operating margin of 51.4 percent.
The company has been a leader in modernization and emissions reduction in offshore operations for several decades. This aligns well with Agalas’ ambitions and concepts. The partnership is driven by a combination of expertise, experience, and favorable options, says CEO Gitte Gard Talmo of Eidesvik:
“Moreover, both people from the north and the west are operational people with a very similar mentality. We are constantly looking for growth opportunities and long-term partnerships in sustainable shipping solutions,” says Talmo.
The goal of the partnership is also to develop the Northern Norwegian offshore industry, creating new jobs:
“The vessel has room for up to 100 people. We will operate the boat, and on the maritime side, there will be nearly 50 jobs on two shifts. This, of course, provides opportunities for Northern Norwegian seafarers.”
Revolutionary Combination Vessel
When Agalas partners took the leap a couple of years ago, they secured very favorable contracts and options at Sefine Shipyard in Turkey. Now, as the market and demand for subsea vessels soar, these options have become even more attractive.
The new vessel is designed by NSK Ship Design in Harstad, Northern Norway, and will be a Construction Support Vessel (CSV) at 99.9 meters in length, 21 meters in width, featuring cutting-edge design, comfort, and functions – including a 150-ton wave-compensating crane and 900 square meters of deck space.
Within its operational areas, the vessel will be the world’s first to be delivered with both a hybrid battery system and dual-fuel engines – capable of running on both methanol and diesel. This can reduce emissions by 70 percent compared to equivalent vessels.
The vessel is now being built for delivery in early 2026. Upon delivery, the ship will enter into a contract ranging from three to five years with the publicly listed offshore services company Reach Subsea.
The vessel will be owned by the company Eidsvik Agalas AS, where Eidesvik holds a majority stake of 50.1%. The remaining shares will be owned by Agalas.
For more information:
- Mats Nygaard Johnsen, CEO Agalas: +47 971 61 973 / mats@agalas.no
- Gitte Gard Talmo, CEO Eidesvik: +47 915 23 245 / gitte.gard.talmo@eidesvik.no
- Marius Ytterstad, Chairman of the Board Agalas: +47 995 89 550 / marius@agalas.no
About Eidesvik Offshore:
Eidesvik Offshore ASA owns and operates a worldwide fleet of custom-built vessels, offering services to the supply, subsea, and offshore wind markets. The company specializes in advanced offshore vessels and operates globally, with a focus on environmental sustainability and high operational quality. Eidesvik’s headquarters are located in Bømlo, between Haugesund and Bergen.
About Agalas:
Agalas is a Norwegian shipping company founded in 2022, headquartered in Harstad. The company specializes in the development of modern, environmentally friendly vessels for the upcoming green industry and clients worldwide. The company’s clear strategy is to grow within the offshore support vessel markets. Agalas is owned by NSK Ship Design, Ytterstad Fiskeriselskap, and Kransvik Kystfiske.
