Norway's Wilhelmsen group has unveiled a "redesign" of its organisation as part of a $500m drive to move further into renewables and decarbonisation.
The idea is to intensify growth of both its maritime services, shipmanagement and insurance division, and the renewable energy and decarbonisation arm, which will be called New Energy.
A board meeting was held in Oslo on Wednesday to finalise the details, with Jan Eyvin Wang, currently the senior vice president for strategic investments, confirmed as the leader of New Energy.
Group chief executive Thomas Wilhelmsen told TradeWinds that the $500m figure is "a target range for potential investments going forward".
He added that the cash could be spent over the next five years, both "on our own, together with partners", and/or using capital markets.
"Our strategy is very clear," Wilhelmsen said. ""We will contribute to the energy infrastructure transition and be an active player in decarbonisation.
Shifting from oil and gas
"In addition to accelerating the transition of our existing businesses, we will invest in new businesses with the long-term aim of shifting from mainly oil and gas-related activities to mainly activities related to the renewable sector."
New Energy is described as a continuation of several years of exploring renewables opportunities.
This includes the ongoing transformation of oil and gas logistics company NorSea, the establishment of offshore wind activities through NorSea Wind, Edda Wind, and Elevon, autonomous shipping through Massterly, and decarbonisation solutions through RaaLabs and Ivaldi.
There is also the Topeka project, which aims to develop the world's first zero-emission hydrogen vessels.
Wilhelmsen said that over the next few decades, the speed of change and the investment needed requires a dedicated focus to capitalise on the opportunities that will arise.
Maritime services will be headed by Bjorge Gimholt, who is the president of Wilhelmsen Ships Service.
Expansion planned for maritime services
The plan now is to explore "organic and horizontal" growth of marine products, ship agency, and shipmanagement over the next three to five years.
The final segment — strategic and financial investments — includes shareholdings in car carrier owner Wallenius Wilhelmsen and South Korean shipowner Hyundai Glovis, Australian logistics company Qube and the group’s liquidity portfolio.
The first-quarter report will reflect the new organisation.
Wilhelmsen said: "What makes Wilhelmsen unique to me is our ability to continuously adapt to our surroundings, whether that is because of customer needs, new regulatory requirements, or technological opportunities — and that has enabled us to thrive for 160 years."
