Secora

Secora AS was a Norwegian maritime construction and infrastructure company focused on the development, maintenance, and improvement of water-transport facilities. Its work centered on maritime infrastructure such as sea lanes, harbors, and ports, placing the company within the engineering, construction, and public-infrastructure services sector rather than the consumer-brand market. The company was headquartered in Svolvær in northern Norway and operated primarily in Norway, while also developing a Nordic presence through a subsidiary in Gothenburg, Sweden, serving customers and projects in Sweden and Denmark. Secora was established in 2005 when the construction and maintenance division of the Norwegian Coastal Administration was separated into an independent company. Its original ownership remained with the Norwegian state through the Ministry of Fisheries and Coastal Affairs. This origin gave Secora a close connection to public maritime infrastructure and to the operational knowledge accumulated within the national coastal administration. The company’s activities included practical construction and maintenance work associated with navigable waterways and port environments, although the available reference material does not provide a complete catalogue of its contracts, equipment, or service lines. The ownership structure changed over time. By 2011, ownership had passed to the Ministry of Trade and Industry. That year, the Norwegian Parliament approved the sale and privatization of Secora. The transaction was completed on 16 November 2012, when Torghatten acquired the company for NOK 45 million. At the time of the sale, Secora employed 112 people. The acquisition placed Secora alongside related Torghatten interests, including Maritime Venture, which operated in a similar sector, and a majority holding in Seløy Undervannservice. Secora’s reported revenue rose from NOK 150 million in 2005 to NOK 233 million in 2011. The company later experienced a substantial deterioration in its financial position. Revenue declined to NOK 120 million in 2018 and NOK 83 million in 2021. Secora recorded a loss of NOK 10 million in 2020 and a loss of NOK 35 million in 2021. Torghatten sold the company to Leknes-based Gerd Stensen on 31 March 2022. The company had approximately NOK 65 million in outstanding debt and was unable to recover financially. Secora filed for bankruptcy on 22 September 2022 and is therefore considered defunct. The available material does not identify a successor brand or a continuing operating entity using the Secora name.

Secora originated within the Norwegian Coastal Administration. In 2005, the administration’s construction and maintenance division was separated and established as Secora AS, creating an independent company dedicated to maritime construction and water-transport infrastructure. Its activities focused on practical works affecting coastal navigation and port environments, including sea lanes and harbor infrastructure. The company was based in Svolvær, reflecting its northern Norwegian maritime setting. At its creation, Secora was owned by the Ministry of Fisheries and Coastal Affairs. The company also pursued activity beyond Norway through a subsidiary established in Gothenburg, Sweden. That subsidiary operated in the Swedish and Danish markets, giving Secora a Nordic footprint while its principal base and core activities remained in Norway. The available reference material does not specify the full range of contracts, assets, or named infrastructure projects undertaken by the company. Secora expanded financially during its early years. Its reported revenue increased from NOK 150 million in 2005 to NOK 233 million in 2011. By 2011, ownership had passed from the Ministry of Fisheries and Coastal Affairs to the Ministry of Trade and Industry. The Norwegian Parliament subsequently approved the company’s sale and privatization. On 16 November 2012, Torghatten acquired Secora for a reported NOK 45 million. Secora employed 112 people at the time. Torghatten already had related interests in the sector, including Maritime Venture and a majority stake in Seløy Undervannservice. The private ownership period did not produce a lasting turnaround. Secora’s revenue fell to NOK 120 million in 2018 and then to NOK 83 million in 2021. The company reported a loss of NOK 10 million in 2020, followed by a loss of NOK 35 million in 2021. These figures indicate a significant decline from the company’s earlier revenue peak and a worsening financial position. Torghatten sold Secora to Gerd Stensen, based in Leknes, on 31 March 2022. At the time, Secora had approximately NOK 65 million in outstanding debt. The new ownership was unable to restore the company’s viability, and Secora filed for bankruptcy on 22 September 2022. The company is consequently a defunct maritime infrastructure contractor. No reliable reference in the supplied material identifies a successor organization operating under the Secora brand.

• 2022

  Secora was sold to Gerd Stensen

  [1]Secoraen.wikipedia.org

  Torghatten sold the financially distressed company on 31 March 2022.

• 2022

  Secora entered bankruptcy

  [1]Secoraen.wikipedia.org

  The company filed for bankruptcy on 22 September 2022 after accumulated debt and losses could not be resolved.

• 2012

  Torghatten completed the acquisition

  [1]Secoraen.wikipedia.org

  Torghatten acquired Secora on 16 November 2012 for a reported NOK 45 million.

• 2011

  Ownership moved to the Ministry of Trade and Industry

  [1]Secoraen.wikipedia.org

  By 2011, Secora was under the ownership of Norway’s Ministry of Trade and Industry, and Parliament approved its sale and privatization.

• 2005

  Secora was established as an independent company

  [1]Secoraen.wikipedia.org

  The Norwegian Coastal Administration’s construction and maintenance division was spun off to create Secora AS.

A specialist maritime infrastructure contractor serving public and commercial water-transport needs in Norway and neighboring Nordic markets.

• Maritime infrastructure services · 2005

  Sea-lane construction and maintenance

  Secora’s core work included construction and maintenance associated with sea lanes and navigable coastal routes. These services supported water transport by improving or maintaining maritime infrastructure used by vessels. The supplied reference material does not identify specific techniques, vessels, or named projects.

• Infrastructure construction · 2005

  Port and harbor infrastructure

  The company worked on water-transport infrastructure in port and harbor environments. Its offering was directed toward construction and maintenance requirements for maritime facilities rather than standardized physical consumer products.

• 2022

  Torghatten sold Secora to Gerd StensenM&A

  Background

  Secora was experiencing declining revenue, substantial losses, and significant outstanding debt.

  Action taken

  Torghatten sold the company to Leknes-based Gerd Stensen on 31 March 2022.

  Aftermath

  The new ownership could not restore the company’s financial viability, and Secora filed for bankruptcy later in 2022.

  Outstanding debt at sale. NOK 65 million (31 March 2022)

  Source

• 2012

  Torghatten acquired SecoraM&A

  Background

  The state-approved privatization created an opportunity to transfer the maritime infrastructure contractor to an industrial owner with related sector interests.

  Action taken

  Torghatten purchased Secora on 16 November 2012 for a reported NOK 45 million.

  Aftermath

  Secora became part of a group with related activities through Maritime Venture and Torghatten’s majority stake in Seløy Undervannservice.

  Acquisition price. NOK 45 million (16 November 2012)

  Source

• 2011

  Government approved privatizationStrategy

  Background

  Secora had been a state-owned maritime infrastructure company, with ownership transferred to the Ministry of Trade and Industry by 2011.

  Action taken

  The Norwegian Parliament approved the sale and privatization of Secora.

  Aftermath

  The approval led to Torghatten’s acquisition of the company in November 2012.

  Source

1. 1Secoraen.wikipedia.org