News - 10.01.2022

Herkules IV completes partial exit of PSW in connection with industrial merger between PSW and Scana

On 15 December 2021, the shareholders of PSW Holding I (“PSW”) entered into an agreement to sell 100% of the shares in the company to Scana ASA (“Scana”), as part of an industrial merger. Scana is a listed provider of equipment and services to the maritime industry, with a market capitalisation of NOK 195 million.

PSW is a multidiscipline service and solutions provider to the oil, gas and renewable energy sectors, with a global reach.

Post listing, Herkules IV will hold 30.78% of the outstanding shares in Scana.

Herkules IV’s post-listing shareholding is subject to a customary 6-month lock-up. The investment team will continue to work closely with PSW/Scana after the transaction and Morten Blix will represent Herkules IV on the board of directors. Fredrik Bysveen will join the nomination committee.

During Herkules IV’s ownership period, PSW has grown revenues from NOK 178 million in 2013 to NOK 623 in 2021. In this period, the company has experienced two major industry downturns and a global pandemic that has had material negative impacts on the company.
PSW has successfully used the downturns to transition its business from oil and gas towards renewable energy and energy efficiency. A key factor in this transition has been the establishment of PSW’s shore power business and the company is now the market leader in Norway. Norway is a large and growing frontrunner market, and the company is now seeing an even larger European market unfold. The company has already won several contracts outside of Norway.

The company has also used the downturn to introduce new solutions and technology products within its legacy oil and gas refurbishment business. PSW now has an established position in both oil and gas and renewable energy markets and is well positioned to continue its energy transition strategy.