John Fredriksen’s SFL Corporation has sold its stake in ADS Maritime to a unit controlled by ADS chairman Bjørn Tore Larsen.
ADS Shipping, a company controlled by Larsen, bought around 4.03m shares in ADS Maritime from SFL. The value of the deal is around NOK6.93m ($820,000).
In the meantime, John Fredriksen-controlled Golden Ocean has appointed Larsen as a board member.
ADS Maritime was established in 2017 as a ship investment company. It sold all three VLCCs in its fleet last year.