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Hurtigruten, investors inject NOK300 million in Kleven Group

Hurtigruten, the Norwegian expedition cruise and coastal passenger shipping company, has taken a stake in the Kleven Group, whose shipyard in building two expedition cruise ships for the company.

Hurtigruten has become a partner in a new investment company together with TDR, the UK based capital fund that controls Hurtigruten and an investment company of Petter A. Stordalen, the Norwegian hotel owner billionaire that also has a stake in the expedition cruise company.

The investment company has injected cash into the privately owned Kleven Group and become its biggest shareholder with a stake of 40%, Hurtigruten said in a statement. In all, the Norwegian shipbuilder received NOK300 million in new equity.

"Kleven is one of the foremost examples of Norwegian shipbuilding industry in world class. Now we join forces to develop further that unique competence, secure new local jobs and create growth in the group that is building ships of the future,” said Daniel Skjeldam, CEO of Hurtigruten, in a statement.

Other investors that also inject equity into the Kleven Group include Lurssen, the privately owned German builder of megayachts, plus Norwegian investors.