Liseberg is rebuilding Oceana waterworld – expected to be completed in 2026

By | July 18, 2024

Liseberg’s Board of Directors has July 17 made the formal decision to rebuild Liseberg’s indoor water park, Oceana. The water park, which suffered extensive damage in a fire in February this year, has been cleared over the last few months, and reconstruction will start in the fall.

In recent months, Liseberg has completed extensive investigations as basis for a formal decision on Oceana’s future.

“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 have determined that it is more economical to complete Oceana than to demolish and restart with an alternative project. A complete overhaul would entail write-downs of large values, and is also not justifiable from a sustainability perspective.

The starting point is that Oceana will be rebuilt according to the same main principles as in the original project, but some changes will be made.

Several investigations into the cause of the fire are still ongoing. The results of these are expected to be presented in the spring of 2025.

Until the cause of the fire has been definitively determined and clarity has been reached on the conditions for compensation, the project needs to be bridge-financed by Liseberg. This will initially be handled through re-prioritisation of Liseberg’s investments and cash-flow. Further bridge-financing from Liseberg’s owner, the city of Gothenburg, can 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,” says Andreas Andersen.

With the formal decision behind us, important steps forward are now being taken in the rebuild of Oceana and the water park is tentatively expected to be completed in 2026.