IMPRESSED BY THE KNOW-HOW - IMPECCABLE PERSONAL CHEMISTRY - After working closely with the Østensjø management, we are impressed by the know-how we’ve observed. The personal chemistry between us is perfect, and a mutual trust and openness is very much present. Most of our meetings had to be done via Teams, but still, through the regular discussions underway, most of the pieces have fallen into place, says senior vice president industrial investments in the Wilhelmsen Group, Jan-Eyvin Wang.
I asked investment director Wang how the investment deal in Edda Wind between the Wilhelmsen Group and the Østensjø Group had been received within his company. Two months earlier, Johannes Østensjø and Thomas Wilhelmsen signed the contract securing Wilhelmsen a 25 percent stake in the subsidiary, with an option on an additional quarter of the shares. He begins his answer by explaining the background for making the investment. - We have said for a long time that we want to enter the renewables economy. Moreover, we’re going to do it in a way that enables us to get in front of the technological advances that the maritime sector is bound to undertake. Wilhelmsen is already involved with the maintenance of wind farms, and we’ve been following projects working on hydrogen as a vessel energy source. After some deliberation, we’ve decided this is where we must enter. And we need to do it in a way that lets us play a defining role in this exciting part of the journey, together with someone we trust, he says, and eagerly continues: - Many in the Wilhelmsen management team know the management at Østensjø and what they stand for. However, in our worldwide organisation few are familiar with the Haugesund-based shipping company. As we’ve spoken increasingly within our organisation about the agreement between us, our employees now realise that we’ve made a strategic investment with a company equally committed to green shipping. They see now that our collaboration with Østensjø is in line with our strategy, that we’re doing what we’ve been saying we must do. The agreement has been very well received throughout our company, and our people are proud that we’re now seriously entering a segment with a large potential for growth and innovation.
INCREDIBLY KNOWLEDGEABLE
- What attributes and qualities did you find with the Østensjø Group that has made cooperation attractive for you? - Wilhelmsen have been around for over 160 years, and the Øs 30
ØSTENSJØ REDERI
VP Industrial Investments Jan-Eyvin Wang, Wilhelmsen Group
tensjø family can trace their family traditions back to the maritime industry of the early 1900s. What characterises shipping companies like ours is incredible levels of know-how. Østensjø are always looking for improvements, while remaining able and willing to adapt according to circumstances. They are able to evolve along with an ever-changing world and market. This is the reason these two shipping companies have thrived for so long. Østensjø are utterly professional, with high levels of competence in every relevant field, and retains a management, an administration and a crew that never stops wanting to improve. At Østensjø, we find the same qualities that we nurture ourselves. It is the only way for us both to survive long term. There’s no other way than to deliver at the highest level, keep improving and keep anticipating what will keep us afloat 10-15 years in the future, reasons Wang.
SYNERGIES ARE KEY
- Compared to the Wilhelmsen Group, the Østensjø Group is financially the little brother. Do the employees at Østensjø and Edda Wind have reasons to fear playing second fiddle if the Wilhelmsen Group uses is option to gain 50 percent ownership? - Before the contract was signed, we sat down with the management at Østensjø. I asked them whether they were worried we
