Norwegian maritime services company Wilhelmsen has taken its shareholding in supply company NorSea up to 99% after exercising a share purchase option.

Wilhelmsen has purchased an additional 24% of the company for NOK 500m ($53m) in a deal agreed on in 2017.

The remaining 1% of the company is held by NorSea employees after former owners Eidesvik Eiendomsinvest AS and Simon Mokster Eiendom AS sold out of the company.

Wilhelmsen has been building up its shareholding in NorSea since 2012.

“Our partnership with NorSea and other shareholders has developed and strengthened over many years, across numerous projects, joint ventures, and indeed shared ambitions,” Wilhelmsen group chief executive Thomas Wilhelmsen said.

“Eidesvik and Mokster have been instrumental in helping to build this connection and we remain immensely appreciative of their efforts.”

Wilhelmsen said the company is attractive because much of Norway’s current offshore industry and future renewable energies sector are focused in geographical areas where NorSea owns and operates its bases. This will provide an opportunity for NorSea and Wilhelmsen to become part of the supply chain.

Jan Eyvin Wang, executive vice president of the New Energy division at Wilhelmsen, said: “Wilhelmsen’s increased ownership of NorSea will be a catalyst to ensure that we continue to build a sustainable supply chain for the oil and gas industry, as well as expand our business portfolio into new activities that support the energy transition.”