Veidekke acquires Båsum Boring AS

Veidekkes subsidiary Kynningsrud Fundamentering has signed a letter of intent to acquire 73% of the shares of Båsum Boring AS from Krøderen in Buskerud and Trondheim. "Båsum is Norway's largest player in well and geothermal drilling, and a very well-run company. This acquisition will strengthen us in energy and environmental solutions and supplement us with new services in the construction market," says Managing Director Dag Andresen with Veidekke Entreprenør.

Since being established in 1952, Båsum Boring has developed into a Norwegian leader in drilling services for geothermal/water wells, laying foundations, tunnelling and unblocking and the rehabilitation of pipes without digging. The company's annual turnover is around NOK 150 million and it has 52 employees at Krøderen and 8 in Trondheim.

"I believe that linking Båsum Boring to Kynningsrud Fundamentering and Veidekke will be a good thing in order to further develop our business. Additionally, we will now become a part of a large and competent contractor and will have the strength to compete for larger and larger contracts in the Norwegian construction market. I fully support this," says general manager Trond Båsum with Båsum Boring AS.

"Båsum Boring will provide us with new business areas and strengthen our ability to perform and our competitiveness. It is a very healthy company with a good reputation that we are looking forward to bringing on board," says general manager Erling Omre of Kynningsrud Fundamentering AS.

It is expected that the final contract will be signed at the end of September, subject to approval by the Norwegian Competition Authority.

For more information, contact:
General manager Trond Båsum of Båsum Boring, tel. +47 913 75 100, trond@båsum.no
General manager Erling Omre of Kynningsrud Fundamentering, tel. +47 90 54 08 69, erling.omre@kynningsrud.no
Head of department Nils Hæstad with Veidekke Entreprenør, tel. +47 97 68 97 91, nils.hestad@veidekke.no
Communications Manager Helge Dieset of Veidekke Entreprenør, tel. +47 90 55 33 22, helge.dieset@veidekke.no

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Veidekke is one of Scandinavia's largest construction and property development companies. The company undertakes all types of building and construction contracts, maintains roads and produces asphalt and aggregates. The company's operations are characterised by involvement and local knowledge. Revenue is NOK 30 billion (2016), and half of the 7,400 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange and has always posted a profit since it was founded in 1936.