Liseberg Expects Oceana to be Completed in 2026
Photo: Courtesy of Liseberg
(eap) Liseberg’s Board of Directors has now formally decided to rebuild the indoor water park Oceana. After the water world was destroyed by a fire in February (see EAP news of 12 Feb 2024), it has been cleared in recent months so that reconstruction can begin this fall.
Photo: Courtesy of Liseberg
The formal decision has been made based on extensive investigations on the future of Oceana. “We believe we now have sufficient data to be able to make a formal decision on the rebuild. Based on the various scenarios we have developed, there is really no alternative to completing the project. This applies both to Liseberg, and Gothenburg as a tourism destination,” says Andreas Andersen, CEO and President of Liseberg.
The investigations showed that reconstruction is economically more reasonable than demolition and starting with an alternative project. In addition, a complete overhaul would entail high write-offs and would also not be justifiable from a sustainability perspective. Oceana is now to be rebuilt in line with the original main principles, with some changes being made. The water park is currently expected to be completed in 2026.
The results of the ongoing investigations into the cause of the fire are expected in spring 2025. As long as the cause of the fire has not yet been fully clarified and there is still no clarity on the terms of compensation, the project must be bridge-financed by Liseberg. This will initially be achieved by reprioritizing Liseberg’s investments and cash flow. In addition, further financing from Liseberg’s owner, the City of Gothenburg, may become necessary.
“We have good hopes of covering the costs of rebuilding Oceana, but the process is complex and long, perhaps several years. A lengthy process can jeopardize the future of the project, and in all likelihood increase the cost of the same significantly. Furthermore, the large residual values in the project must be protected,” explains Andersen. ■
