Eimskip acquires all shares in Seatours

Monday, May 4, 2015

Eimskip has acquired all shares in Seatours (Sæferdir ehf.) in Stykkishólmur, Iceland. Seatours offers sea-related tourist services and operates the boats Baldur and Særún in Breidafjördur. By the acquisition, Eimskip is taking steps in further strengthening its sea-related tourist services, but the company has in recent years operated the ferry Herjólfur on a time charter for the Icelandic Road and Coastal Administration (IRCA), serving sea transportation and tourism between the Westman Islands and the main land.

In 2014, Seatours invested in a new and larger boat which enlarged the capacity for passengers and vehicles and increases the company's opportunities for further growth. The company's total revenue in 2014 amounted to ISK 560 million, corresponding to EUR 3.6 million.

The acquisition is subject to approval of the Icelandic Competition Authority.

Gylfi Sigfússon, President and CEO of Eimskip

I am pleased to have finalized the negotiation of acquiring Seatours, a company with great future opportunities in tourism and transportation in the western part of Iceland. Eimskip will ambitiously do its best to continue to further improve both transportation services to the residents of the area and the tourist industry in good cooperation with the local people and will continue providing outstanding services to the company's customers.

Páll Kr. Pálsson, Chairman of Seatours

We are pleased to sell the company to Eimskip. Seatours will without doubt continue to grow and prosper in the hands of the new owners since both companies have a strong group of employees.