Panalpina acquires Norwegian Overseas Shipping Group

OSLO, Norway — The global transport and logistics group Panalpina has acquired the Overseas Shipping Group its longstanding agent for the Nordic area based in Oslo.

Panalpina says the takeover of will enable it to further boost its presence in the international oil and gas industry.

Overseas Shipping AS was founded in 1976 and offers air and sea freight forwarding, liner shipping, time- and voyage chartering from their offices.

The company generated a turnover of 137.1 million NOK (25.6 million CHF) in 2004 and has a staff consisting of 36 employees. S

everal major oil and gas producing and exploration companies are included among the top customers of Overseas Shipping. The Overseas group also has considerable experience in worldwide project logistics.

Panalpina will take over the existing staff of Overseas Shipping, as well as members of senior management. Overseas Shipping will form part of Panalpina’s Nordic Area; Tore Ruud will continue to act in his capacity as Managing Director.

Both parties have agreed not to disclose the purchase price.

The transaction (with retroactive effect from 1 January 2005) is subject to the approval of the Norwegian Competition Authorities.

.