Norwegian Statnett renews frame agreement with Dovre Group. Statnett, the system operator in the Norwegian energy system, has selected Dovre Group as a supplier of project management personnel to their major investment projects. The frame agreement is valid for 2 years, with an option for two one year extensions. Statnett has an impressive portfolio of ongoing projects both within Norway with several upgrades in the national grid and across borders, including, for example, the NordLink interconnector, connecting the Norwegian and German national grids, and the NSN Link interconnector connecting the Nordic electricity market with the UK market.
-We offer management and project management services for the development and execution of major investment projects. Our clients include both private companies and public organizations. We operate in Finland, Norway, and Sweden, says CEO Carl Patrick Joacim von Essen to Nordic News.
-We provide owners and management with corporate level advice on risk management, project portfolio management, project development model and decision gate requirements, project management office, supply chain management, corporate project execution and contracting strategies, project governance principles and project reviews, market analyses, cost-benefit analyses, sustainability and financial viability and more. We also provide advice on project or contract level on execution and contract strategies, project execution plan, project organization, benchmarking, project control basis, cost and time management, risk management, expectation management and more.
Merger this year
The merger between Dovre Group Plc (Dovre Group) and Norwegian Petroleum Consulting Group AS (NPC), announced on March 4, 2015, has been completed May 28, 2015. As a result of the transaction, Dovre Group has received 100% of the shares in NPC in exchange for 36,453,018 new shares (Consideration Shares) in Dovre Group and a cash component of EUR 410,300 paid to the sellers. The original cash component was adjusted down by EUR 64,700 based on NPC’s audited financials for 2014. The Consideration Shares are subject to a three (3) year lock-up commitment from the date of issue and a total of 3,000,000 Consideration Shares has been accepted as pledge against the fulfilment of the terms of the contract. The Consideration Shares will be entered in the Finnish trade register on June 4, 2015. Dovre Group will publish a prospectus required for listing the Consideration Shares at a later date in connection with their
listing.
Consultant Experience
Patrick von Essen has been Dovre Group’s CEO since April 1, 2014. He has more than 20 years of experience in consultancy and the energy industry. Prior to joining Dovre Group, he served in several senior management positions at Fiskars Corporation, Neste Jacobs Oy and Pöyry Group Oyj. Patrick holds a M.Sc. degree in Technology and Business Administration.
CEO Auke Lont in Statnett has been manageing director for the consulting firm Econ in Norge, merging with finnish Pøyry. Lont has worked in Statoil, and has more than thirty years of experience from the energy sector . Auke Lont is chairman in the Norwegian Institutt for Energiteknikk.
Extra Dividend Paid.
As part of the transaction, an extra dividend of EUR 0.06 per share will be paid to the shareholders of Dovre Group. The dividend is paid to a shareholder who, on the dividend record date September 23, 2015 is registered as a shareholder in the Company’s shareholder register maintained by Euroclear Finland Ltd. The dividend will be paid on September 30, 2015. The Consideration
Shares are not entitled to the extra dividend.
NPC is a Norwegian privately-held company providing staffing services to the oil & gas industry. An award-winning growth company, NPC has operations in Norway, South East Asia, the US, and the UK. In 2014, NPC recorded net sales of NOK 577 million (around EUR 67 million) and an EBITDA of NOK 18.5 million (around EUR 2.2 million) excluding non-recurring items. NPC’s audited 2014
financials are attached to this bulletin. NPC has around 350 employees.
Synergies of the merger are estimated to be around EUR 1 million annually in value. The full effect of the synergies has been estimated from 2016 onwards. The merger involves also non-recurring items including restructuring costs which will be reported in connection with the Group’s next interim reports.
New Excecutive Team
Following the completion of the merger, the Board of Directors of Dovre Group has appointed a new Group Executive Team effective as of May 28, 2015: Patrick von Essen, Chief Executive Officer Heidi Karlsson, Chief Financial Officer Stein Berntsen, President of Business Area Consulting Frank Ween, President of Business Area Americas & EMEA Arve Jensen, President of Business Area Norway, Ole Olsen, President of Business Area Asia Pacific
-We are all very enthusiastic about the merger, comments Patrick von Essen, Dovre Group’s CEO. “There are obvious synergies; a much larger global footprint, market leadership in Norway, a more complete offering, significant cross-selling opportunities, cost savings as well as improved economies of scale. Integration planning is progressing according to plan, and we can now start the implementation, he writes in a press release, according to Nordic News
