NorSea and Stangeland acquire major facility in Dusavik
NorSea and Stangeland Gruppen are making one of their largest investments ever as they jointly acquire the new state-of-the-art facility under construction for Baker Hughes.
“This is an excellent project that has matured over time. The tenant is Baker Hughes, with a lease term of 15 years. It demonstrates confidence in the energy industry, the region, and Dusavik. In addition, we have had very positive experiences working with NorSea. This is one of the largest investments we have made, and the largest in real estate,” says Olav Stangeland, CEO of Stangeland Gruppen.
He smiles, as do John Stangeland, CEO of NorSea, and Pål Njærheim, General Manager of the real estate company K2 Stavanger AS, in which Stangeland Gruppen is a co-owner.
The reason for their optimism is the property in Dusavik, which will change ownership upon its completion.
Nearly Unthinkable
Oil service giant Baker Hughes, with approximately 60,000 employees in 120 countries, has signed a lease agreement from 2025 to 2040 for the modern facility.
“A lease of this length from an oil service company would have been almost unthinkable just a few years ago. It reflects both the current state of the oil and gas industry and our belief in the long-term strength of the energy sector in our region,” says John Stangeland.
Construction is well underway on the property. The development area spans approximately 47,000 square meters, with plans for 20,000 square meters of industrial, logistics, and office space. An additional 5,000 square meters may be added in the future. Around 450 employees will work in three large halls, a combined office and service building, and a specialized logistics facility.
The developer and seller of the property is Dusavik Utvikling AS, co-owned by Stangeland Gruppen and NorSea. The facility is scheduled for occupancy in December 2025. The development cost is around 750 million NOK, though the parties have not disclosed the sales price.
“We are excited to gain facilities optimized for our operations. Today, our activities in Dusavik are scattered across various locations. This demonstrates our commitment to and belief in the oil and gas industry while building for a future that naturally includes the green transition,” says Tom Huuse, Director of Baker Hughes Norway.
Longstanding Relationships
“Baker Hughes has been our customer for many, many years. The company is a global leader in oil and gas technology. Their technology is also invaluable for other industries in the future,” says John Stangeland, who is pleased to see Dusavik being revitalized.
Projects of this magnitude require close collaboration with many parties. Pål Njærheim of K2 commends Stavanger Municipality for their role.
“This facility is part of the revitalization of Dusavik as an industrial area, not a standalone project. It will strengthen the area as a central base for the region’s energy sector. At K2, we are proud to have been part of the process, working closely with Baker Hughes as the tenant, Stavanger Municipality, Stangeland Maskin, Totalbetong as the main contractor, and other key contributors to the project,” says Njærheim.
Real Estate and Operations
A key aspect of the project is that NorSea will play a central role in the facility’s operations over the next 15 years in collaboration with Baker Hughes.
NorSea owns and operates over 700,000 square meters of base area in Dusavik and Tananger, two of the seven bases the company manages in Norway. Stangeland Gruppen has previously collaborated with NorSea on multiple projects, including Risavika Harbor.
“NorSea is local, solid, well-managed, and large. An excellent partner for us, as we focus on profitable and long-term ownership,” says Olav Stangeland.
