HitecVision's NSSI acquires 10% stake in Kværner

NSSI is a newly incorporated investment vehicle set up and wholly owned by HitecVision, which will hold 11.1% of the shares in Kværner following the deal. The vehicle's remit is to acquire minority stakes in the oil and gas sector and sub-sectors.

The acquisition of 26.9 million shares is the first made by NSSI, which is chaired and operated by Frode Sigurd Berg, and came following an auction process run by Arctic Securities.

Kværner's share price has been trending downwards since its five-year peak of NOK 17.48 per share in January 2013.

Company
Founded in 1853, Kværner is an Oslo-headquartered engineering, procurement and construction company. The business is listed on the Oslo stock exchange and employs a staff of 3,200.

People
Frode Sigurd Berg is the chair of NSSI.

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