John Fredriksen’s Hemen Holding has ditched almost all of its shares in Norwegian offshore vessel owner Solstad Offshore leaving the shipping tycoon with just 0.14% stake in the company.
Hemen Holding transferred just over 6.91m shares in Solstad as settlement for a share loan agreement with compatriot lender DNB in July last year. Following the transfer, Fredriksen holds 106,040 shares in Solstad Offshore.
Fredriksen has been reducing his stake in Solstad Offshore over time. He recently sold 65,000 shares in the company slashing his ownership to just under 10%.
Solstad Offshore recently reported a loss of NOK144m ($16.3m) in the third quarter. The company is in the process of trimming its fleet to a core of 90 vessels, with 37 older vessels to be sold or scrapped.
