Wilhelmsen has established its New Energy business segment as part of plans to intensify its growth in renewable energy and decarbonisation.

Jan Eyvin Wang, who currently serves as senior vice president for strategic investments, will head up the New Energy business segment.

“Our strategy is very clear, we will contribute to the energy infrastructure transition and be an active player in decarbonisation,” said Thomas Wilhelmsen, group ceo. “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.”

He said that the company expects to invest up to USD500 million in new business activities related to the renewable segments over the next five years.

Thomas Wilhelmsen continued: “In the next few decades, we will see a tremendous shift from oil and gas to renewable energy. The speed of change and investments needed, requires a dedicated focus to capitalise on the opportunities which will arise.

“We will obviously build on our existing competencies, in-depth knowledge of the maritime industry, and what differentiates us from many players in the market, while exploring new opportunities and new partnerships. We want to establish a strong growth platform for solutions that will contribute to decarbonise our industry.”

Bjørge Grimholt, current president of Wilhelmsen Ships Service, will head up a maritime services segment that aims to grow the group’s of marine products, ship agency, and ship management services over the next three to five years.

“We also foresee substantial investments in this segment to truly live up to our mission as the enabler of sustainable global trade,” added Thomas Wilhelmsen.

A third business segment – strategic and financial investments – includes shareholdings in Wallenius Wilhelmsen, Treasure ASA/Hyundai Glovis, Qube and the group’s liquidity portfolio.