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FORESHIP TO EXPAND UNDER NEW OWNERSHIP

Friday, October 11, 2019 

Finnish ship design and engineering company Foreship has a new owner and investor, in the form of private equity investor Vaaka Partners, which has become the majority shareholder.

With headquarters in Helsinki, Finland and more than 100 naval architects and marine engineering experts on board, Foreship is a market leader in cruise ship design, refits and ship life-cycle projects. The company offers a range of engineering solutions that include project coordination and management, classification design and engineering, as well as drydock and ships-in-operation services.

“Foreship has achieved exceptional results in establishing itself as the leading ship design and engineering company in the cruise ship and marine market and beyond. The company's reputation as a value-adding service provider and attractive employer has also played a key role in our investment decision,” said Ilkka Pentikäinen of Vaaka Partners.

“Foreship has a good global footprint and excellent references from some of the biggest players in the cruise line and newbuilding businesses,” said Lauri Haavisto, Foreship CEO. “The new ownership arrangement with Vaaka Partners is therefore an excellent opportunity to maintain Foreship as Foreship, while benefiting from the skills and resources of an established private equity investor. We will be better able to expand our market share globally, serve all our customers more effectively and strengthen our position in the rapidly growing cruise ship refurbishment and upgrade sector. The best way to move forward is to work with people who know how to navigate the international waters of business.”

There will be no changes to the company name or contact details, and discussions are already underway for Foreship to add new international locations to the company’s current offices in Finland (4), Estonia and the USA (2).

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