The transaction comprises six industrial properties located in Risavika totaling 110,000 sqm of land and 12,000 sqm of facilities, as well as several large tank-farms. Tenants include the oil service companies Asco, Ferguson, Halliburton and Westco, as well as the LNG producer Skangas (owned by Gasum and Lyse). The properties are let to strong credit counterparties with a long-term and strategic perspective on operations in Risavika. The weighted average lease term is approximately 15 years.

Risavika is located outside Stavanger and is one of the most important offshore bases in Norway with about 130 international service firms located at the base, employing more than 5,000 people. Risavika harbor is the supply and logistics base for both new offshore fields like Ivar Aasen and Edvard Grieg, and more mature fields like Ekofisk.

In addition to supply and logistics services for the oil & gas industry, Risavika is a regional logistics terminal and international ferry terminal. The Skangas LNG liquefaction plant offers quayside LNG bunkering services for marine transportation. In 2015, more than 35,000 tonnes of LNG was delivered to LNG powered vessels at Risavika.

The sale of properties is a key element in the planned restructuring of the ownership of Risavika Havn AS. The local municipalities, through Stavanger Region IKS will over the next three years buy out the minority shareholders and become sole owner of Risavika Havn. The transaction frees up financial capacity and provides a benchmark for demonstrating the market value of the harbour.

Steinar Madsen, CEO of Risavika Havn, states that, “there was large interest for the properties and we are excited that the buyer was an industrial company. ABP has a clear strategy to own and manage oil & gas related properties and we look forward to a close co-operation going forward in developing Risavika Havn as the region’s most attractive harbor and industrial hub. This transaction frees up financial capacity to facilitate the planned restructuring of ownership in Risavika Havn, as well as increasing the ability to invest in the future development of the harbor.”

William Wittusen, CEO of Asset Buyout Partners, adds that, “this transaction is in line with our strategy to invest in mission critical assets on long terms leases with solid counterparties in the Norwegian oil & gas sector. Risavika harbor is one of the most important offshore bases, strategically located close to the most important oil fields on the Norwegian Continental Shelf for decades to come. This acquisition will secure ABP a position for further expansion in the coming years.”