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Feed barge maker targets land-based aquaculture with BMO acquisition

From left: Øivind Horpestad, chairman of Endúr ASA, Jeppe Raaholt, managing director of BMO Entreprenør, and Vidar Pettersen, majority owner and founder of BMO Entreprenør. Photo:  Endúr/BMO.
From left: Øivind Horpestad, chairman of Endúr ASA, Jeppe Raaholt, managing director of BMO Entreprenør, and Vidar Pettersen, majority owner and founder of BMO Entreprenør. Photo: Endúr/BMO.

Norwegian industrial group Endúr is to buy marine infrastructure maintenance provider BMO Entreprenør in a deal which it says makes it a more complete supplier to the aquaculture industry and allows it to pitch for land-based projects.

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As well as barges made by Endúr Sjøsterk AS at Stamsneset by Grimstadfjorden, south of Bergen, Endúr’s aquaculture division supplies other floating concrete structures, such as work rafts, post-smolt facilities, and storage and service rafts.

“BMO Entreprenør complements Endúr within maintenance and rehabilitation services,” said Endúr chief executive Hans Petter Eikeland.

“Through combining our competence and capacity, we will be able to take on much larger marine construction projects, for example facilities for growth segments such as land-based aquaculture and public marine infrastructure including harbours and quays along the Norwegian coastline.”

A feed barge produced by Endúr Sjøsterk.
A feed barge produced by Endúr Sjøsterk.

Niche competence

In a press release, Endúr said BMO Entreprenør is a market leader within maintenance of critical marine infrastructure such as quays, harbours, dams, bridges and other specialised concrete and steel projects to public and private customers in the Norwegian market.

Headquartered in Kongsberg, Norway, with regional offices in Askøy and Ålesund on the west coast of Norway, BMO Entreprenør employs approximately 150 employees. In 2019, the company had revenues of NOK 480 million.

“BMO Entreprenør is a well-run business with niche competence that complements Endúr’s current marine services portfolio. Particularly its specialist services within quays and harbours, including associated underwater services, are an excellent complementary fit,” said Eikeland.

Accretive acquisition

Endúr supplies products and services to the areas of energy & industry, maritime, defence, access technology and aquaculture.

In June this year, it announced an ambition to build a NOK 2-2.5 billion revenue company within the next two years through accretive acquisition and sector consolidation.

Land-based growth

“Endúr’s ambition of creating the leading marine service provider in Norway is something our entire team has bought into,” said Jeppe Raaholt, managing director of BMO Entreprenør.

“We believe our marine infrastructure competence will prove particularly useful for the strong growth we are witnessing within land-based aquaculture and the expected increase in public sector investment to close the current maintenance gap at Norwegian ports and harbours.”

BMO Entreprenør will continue to operate in the market under its current brand name.

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