Bergen Group ASA, the listed Norwegian shipbuilding, offshore and services group, says it entered into a share sale agreement for the its shipbuilding division with the owners of JSV Zaliv Shipyard, which is one of the leading hull yards in Central and Eastern Europe. The new, international owners will purchase 51 % of Bergen Group's Shipbuilding division, for $18.22 million, the company said in a statement.

Bergen Group Fosen is building two large ropax ferries to Fjord Line, a domestic owner. One of these has been delivered, while the delivery of the second vessel is due to take place early next year. Both ships are behind schedule.

“Bergen Group is pleased to be able to lift the Group's Shipbuilding activities to a higher level. The new constellation brings in a strategic partner, which strengthens the entire value chain significantly - from basic design, detailed design and hull construction to final completion of the ships,” Asle Solheim, CEO of Bergen Group said in the statement.

“We have reason tombelieve that this new shipbuilding company gets a solid position with strengthened international competitiveness and basis for future growth. At the same time it provides us with access to supplementary competence in the work towards securing a significantly better profitability in the completion of the existing shipbuilding projects, “ Solheim said.

The new shipbuilding company has already secured $40 million in financing commitments for new hull projects, as well as NOK 50 million in working capital once the purchase agreement with Bergen Group has been finalised around the end of 2013 or beginning of 2014.