IKM buys Karsten Moholt AS and Aquamarine AS

IKM Gruppen AS has signed an agreement with Remold Invest AS on the purchase of 100% of the shares in Moreld AS with subsidiaries, including Karsten Moholt AS and Aquamarine AS.

Ståle Kyllingstad
Photo: Jon Ingemundsen, Stavanger Aftenblad

After the sale of several businesses and a restructuring, Moreld AS has been transformed into a holding company that owns the companies Karsten Moholt AS, Aquamarine AS, Teknisk AS, More Holdco KM AS, AO Holdco AS and More Asset AS. These companies had a turnover of NOK 470 million in 2023 (unaudited figures).

Karsten Moholt AS is a recognized maintenance supplier that specializes in the maintenance and repair of electromechanical equipment such as electric motors and generators. In addition, the company provides services for the condition control of electrical rotating machines and the installation and repair of electrical equipment. The company has approx. 194 highly qualified employees and are located in Askøy, Stavanger and Harstad.

Aquamarine AS supplies engineering, fabrication, maintenance and repair within drilling and subsea equipment to the energy industry. Aquamarine has its own products, including the AQ ConClamp. The company has approx. 41 highly qualified employees and is located in Jørpeland outside Stavanger.

"With this acquisition, IKM will strengthen its position in the market within, among other things, rotating equipment and related maintenance, and will further expand the range of products and services to our customers. The purchase gives IKM new expertise and exciting development opportunities. We look forward to an exciting ownership with many talented employees on board," says CEO Ståle Kyllingstad

"With this transaction, Moreld AS and its subsidiaries will gain an industrial owner with a long-term perspective and become part of one of Norway's largest service companies in the energy sector. Together with IKM, the companies will be able to develop the products and services and expand their markets both in Norway and internationally, and not least be able to deliver wider deliveries to customers," says outgoing CEO Jan Erik Rugland.

"Remold Invest is satisfied that the remaining companies in Moreld will now be continued in IKM, which in the fourth quarter of last year also took over Flux Gruppen from Moreld. We are sure that this will be very positive for customers, employees and the companies," says outgoing chairman of Moreld, Jone Skaara.

IKM Gruppen AS employs 3,300 people across 48 companies in 15 countries. IKM consists of two legal groups, IKM Gruppen AS and IKM Invest AS, and has a budgeted turnover for 2024 of NOK 7.5 billion.
Completion of the transaction is subject to approval from the Norwegian Competition Authority.