News / Merger enables expansion of Johnson Marine
SHETLAND’S largest fish carrier and workboat company is to merge with a Norwegian counterpart – a move that will eventually see the parent company listed on the Norwegian stock market.
Vidlin based Johnson Marine has become a major success story in the aquaculture service sector operating wellboats (fish and smolt carriers), harvest vessels and workboats with 105 employees in Shetland, Scotland, Iceland and Spain.
It will merge with GripShip AS to form AquaShip AS, but both companies will continue to operate independently with the Johnson Marine head office remaining in Vidlin.
The merger will go ahead after 3 July following completion of a capital raising process, with the proceeds going towards expanding the combined company.
AquaShip will have a total of 18 vessels with GripShip’s three large fish carriers operating in Norway, Ireland and Chile. Combined, the merged companies’ vessels are valued at about £66 million.
Johnson Marine managing director Ivor Johnson will be part of the board of the new firm along with Johnson Marine co-founder Angus Johnson and financial officer David Leask. GripShip managing director Sverre Taknes will be chief executive of the group. Also onboard will be GripShip chief operating officer Gunnar Brekstad.
Speaking from Bergen on Tuesday, Ivor Johnson said: “Ultimately it is two small companies going together to leverage finance for going forward.
“The company that we have gone together with is a privately owned company of similar size and a good fit – so it just made sense.”
Johnson said the company was looking to invest in new and larger vessels as there was still a lot of growth potential, mainly abroad in Iceland, Spain, but also in Chile and Norway.
Johnson Marine is currently serving clients like Grieg Seafood, Marine Harvest, Scottish Salmon Company, Cooke Aquaculture, Loch Duart, Culmarex, Laxar, Ice Fish and Arnarlax.
Johnson added that locally nothing would change, as Johnson Marine was to continue to operate from their headquarters at Vidlin’s Marine Park.
Last month, the company announced that it had ordered a new 15 by 10 metre service vessel from the Norwegian shipyard Moen Marin AS to service the aquaculture industry in Iceland. The vessel is due to be delivered in spring next year.
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