Fredriksen ups stake in Solstad Farstad

Fredriksen ups stake in Solstad Farstad

John Fredriksen’s private family investment vehicle Hemen Holding has bolstered its stake in new merged OSV firm Solstad Farstad.

Hemen has bought 1.5m shares for $1.7m taking Fredriksen’s stake in the venture to 17.2%. Fredriksen is the second largest shareholder in the company, which launched last month and is the result of the merger of Solstad, Farstad and Fredriksen’s own Deep Sea Supply.

Norway’s biggest maritime magnates first announced this dramatic merger in February this year.

Aker tycoon Kjell Inge Røkke and John Fredriksen agreed a restructuring plan of beleaguered Farstad Shipping as well as inking plans to merge their own OSV entities with Farstad to create one of the biggest fleets in the sector with Røkke’s Solstad as the lead stakeholder.

“As repeatedly expressed by a range of industry experts, the fragmented Norwegian OSV industry requires consolidation,” the three parties said in a release when first announcing the merger.

The merger has created the largest company in the high-end global OSV industry with a fleet of 154 vessels.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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