NORWAY - HitecVision in NOK 347m bid for Grenland Group

The offer price of NOK 13 per share represents a 33% premium to the average volume weighted share price during the last three months.

Skogen currently holds 39.2% of the company, and pre-acceptances have been received from three other major shareholders, bringing Hitec's and Skogens' combined stake to 70.1%.

Grenland Group was founded in 2004 following the merger of Grenland Offshore Holding, Karmøy Stålindustrier and Hitec Framnæs. An engineering, procurement and construction company within the oil & gas and process industry, the company now employs 1200 people. It was listed on the Oslo Stock Exchange in 2005. Last year, the company recorded revenues of NOK 1.8bn.

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